The business world is committed to staging events as one of the most effective ways to drive business. But figuring out the return on the time and money invested? That’s hard to determine, says an article from Skift:
Holding events has become more expensive in recent years, and corporate spending has remained high regardless. Events work for generating buzz and stronger business outcomes, even if enterprise brands aren’t sure of the exact return they get on their investment.
A survey of more than 700 business executives conducted by Harvard Business Review Analytic Services for Splash’s The Event Marketing Evolution research report found that hosting and sponsoring events are major priorities for companies both large and small.
There is a major issue, however, of tracking return on investment; while 52 percent of respondents said event market drives more business than other channels, only 23 percent of those polled say they can calculate return on investment for the events they organize.
“Why the ongoing infatuation with events, which consume significant amounts of time and resources in an age increasingly dominated by digital marketing strategies?” posits the report. “Intuitively, corporate marketers and their C-suite colleagues believe that events work. Fifty-two percent of survey respondents say event marketing drives more business value than other marketing channels, while just 8 percent say it drives less.”
Here are three takeaways from the report …. Skift