Event ROI: How To Measure Sponsorship ROI?
When sponsors invest money and time into your event, they expect to get the value for it in return as it relates to brand awareness, reach to new leads, increased revenue, and more. As per data from Eventbrite, brands wish to earn double, triple, or even 4 times the investment from the event they have sponsored. Hence, it is imperative for hosts and organizers to make good on those expectations. 40 percent of event sponsorship professionals mention that measuring & assessing event ROI is among the biggest challenges that they face.
Now and again, measuring event ROI can be pretty straightforward. Assuming that your sponsors pay for selling items at your event, they can easily contrast their sales with the booth costs. Feedback is also quite prompt and simple to get. In a lot of cases, however, the connection between the expenses and value of the sponsorship packages. You'll need to go further to offer a better understanding of ROI to your sponsors.
Three steps to measure event ROI
1. Understand what sponsors value and collect data accordingly
The first step to measure ROI is understanding what is important to your stakeholders, including sponsors. Understanding what they value and how that is measured will enable you to collect the correct data to prove the success of their investment. This may include:
- How many participants engaged with their content?
- What is the click-through rate of the special offer?
- How many people completed the experience?
Engamio’s gamification solutions have been designed to incorporate analytics and metrics. These analytics not only drive leads & brand awareness but also help track event performance effectively. Besides, this also provides detailed reports that event organizers can easily download and share with stakeholders and sponsors.
2. Comprehend the event ROI objectives of your sponsors
Nowadays, it isn’t enough for sponsors to simply have their brand logo highlighted in your event. They want the attendees to develop meaningful connections with their company and try their products/services. At the least, they expect your event to generate sales and leads for them and add to their revenue stream.
Therefore, before the event planning is in full swing, you must take the time to understand sponsor goals and objectives. Doing so will offer you a better understanding of what the potential sponsors will value. It also enables you to prepare a sponsorship prospectus that will match their investment budget and ROI expectations.
3. Conduct a post-event meeting to share final results and feedback
All analytics would have been collected at this stage. An internal post mortem of the event execution is summarized, including the successes and opportunities. It will be essential to highlight the success metrics gathered from the managed analytics. The post-event meeting will help engage the sponsorship and show value for their experience and partnership in contributing to the event and delivering key objectives and values.
The gamification packages of Engamio ease the process of sponsor ROI calculations using efficient metrics and analytics data and thereby simplify the task of creating suitable reports.
Reach out to our team at Engamio to learn how our solutions can help enhance the value of your sponsorship packages and active additional revenue streams.