B2B events continue to command a significant portion of Chief Marketing Officer (CMO) budgets, often accounting for upwards of 30% of program spend. This substantial investment necessitates a clear demonstration of return, making ROI a top priority for event teams, according to Forrester. The tech and research firm’s Q1 2024 State Of B2B Events Survey revealed that proving ROI is the foremost concern for event teams over the next 12 months. However, quantifying the value derived from events remains a complex undertaking, fraught with numerous obstacles.
Key Challenges to Effective Event Measurement
The Forrester survey identified five primary hurdles hindering effective event measurement:
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Lack of clear, measurable goals: Many event teams struggle with goal setting, often treating it as an afterthought. This leads to vague, high-level objectives that fail to align with broader business and marketing goals, making it difficult to determine what to measure. As one industry leader noted, “event measurement becomes about justifying existence versus showing impact.”
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Focus on logistics, not business outcomes: A prevalent issue is the event team’s primary concentration on event execution and logistical details. This can sideline the team, relegating them to operational tasks while strategic decisions are made elsewhere, resulting in a disconnected approach to goal setting and event evaluation.
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Misaligned event stakeholders: Large-scale, tier-one events typically involve multiple stakeholders, each with differing perspectives on the event’s primary objective. Achieving consensus among these stakeholders presents a challenge, leading to a lack of alignment, conflicting goals, and uncertainty regarding the appropriate metrics for evaluation.
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Complexity of calculating event ROI: The intricate nature of the B2B buying cycle adds complexity to ROI calculations. Judging an event attendee as the sole source of an opportunity is often inaccurate. Multiple decision-makers are typically involved, and enterprise opportunities may require years to generate revenue. This makes in-year ROI calculations challenging and potentially inaccurate in representing the true event value.
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Siloed and unintegrated event technology: Effective measurement requires seamless data flow from event technology platforms into the Customer Relationship Management (CRM) system. However, Forrester data shows that only 21% of enterprises have fully integrated their event platforms into their tech stacks. This lack of integration impedes access to the necessary data for effective measurement.
The Forrester Aligned Measurement Process
To overcome these challenges, Forrester recommends using the Aligned Measurement Process. This process provides a seven-step framework that enables teams to produce reporting deliverables closely aligned with business objectives and tailored for key event stakeholders. Forrester clients can access the new report, “Mastering B2B Event Measurement,” along with an accompanying event metric template that provides a wide range of example metrics for various event types. Clients can also request a guidance session to review their event goal setting and learn how to apply the Aligned Measurement Process to demonstrate the value of their events.
