ROI and ROX with Corporate hospitality
Corporate Hospitality events are expensive to host. As with any marketing activity it needs to be able to demonstrate that it's worth the investment and achieving the desired result for the business.
When it is done well it can be a memorable experience for your customers and one, they remember forever. It can also be a key reason why they continue to work with you.
There are only a limited number of tickets available to events, it's important that the right customers are invited and not ‘friends’ of the sales team.
The best way to measure corporate hospitality is through Return on Investment (ROI) and Return on Experience (ROX). Budgets are getting tighter and it's key that you can demonstrate the value of these events to your leadership team and ensure events are providing the desired financial return.
There are several key metrics that companies use to measure the return on investment (ROI) and return on experience (ROX).
Here are my top three:
Attendance Rate: Tracking the attendance rate of your targeted decision makers, which is the total number of attendees divided by the number of registrations. This helps gauge the popularity and success of the event. If there is a good attendance of key decision makers across your customers, this indicates effective engagement from the sales team in the lead up, marketing and event planning.
Customer Satisfaction: Gathering post-event feedback via surveys or feedback forms measures customer satisfaction to understand what worked, what didn't and how to improve future events.
Lead Generation: Tracking the number of new leads generated and the cost per lead at the event provides insight into the cost-effectiveness. Following the lead conversion funnel helps measure how well leads turn into customers.
Investing in high-quality experiences that reflect positively on your brand creates a strong emotional connection when done well. It's critical that after these events whilst everyone is high fiving at the success, that your sales team strike whilst the iron is hot. It's important that your employees that have the customer relationships maximise on the goodwill of the event and send a thank you email and schedule that next meeting. Nothing in life is for free and everyone knows this.
Next steps after a corporate event:
Follow up with a thank you email
Send out a post evaluation survey
Put a time in the diary for your next catch up
If revenue isn't generated between events, i.e. if these are annual corporate hospitality events, you really need to question if you continue to invite this customer.
What is the best corporate hospitality event you’ve ever been to? Need Help? Book a call.