How to Get an ROI out of Live Events
Attending live events can be time consuming and expensive. Here's how to ensure you maximize the ROI.
Are live events worth the cost?
I’m writing this post on a Saturday night, 34,000 feet in the air, making my annual trek to Cannes Lions, with ROI being the top thing on my mind.
Of course, I’m thrilled to see my friends, clients, and colleagues, but like anyone who understands the magnitude of this event, attending Cannes is an investment, and if you don’t know how to capitalize on it, you shouldn’t be going.
Beyond managing my own business expenses, ROI is very top of mind for me these days because we’re seeing so many companies tighten their belts and question where dollars are being invested. Trips like these are expensive, and it is hard for any P&L owner to see such a large line item, for a week of networking, without a clear line of sight into how this will deliver against near-term revenue targets. Can’t you meet these people in NYC? Wouldn’t it be easier and more impactful to set up a 1:1 meeting in their office? What value does the company get from being there? Is attending these events a stroke of ego? Does money really get made? And are deals really being done?
The answer is yes to all the above. Events are not necessary to attend to grow your business, but if done right, they can be wildly successful and result in great outcomes for business.
How to get the ROI
Like most things, the amount of energy you put into it is how much you will get out of it. Attending events, without a clear plan, is a waste of time and money. While this may seem obvious, it is easy to let the days slip, and then post up at an event hoping a serendipitous connection will happen. But if you are looking to truly maximize ROI, here’s to activate at events:
Set measurable goals before you go: Too many people show up to events without a clear objective. Decide what success looks like before you buy the ticket. Success can be getting five new qualified leads, launching three new partnership conversations, or creating one press opportunity. Whatever your goals are, be clear about what you want to achieve, consider it can actually be done, and then prioritize your time to make it happen.
Plan in advance: Build a plan. Work the plan. Research who’s attending and look up every speaker. Use past attendee lists, sponsor rosters, and social media to identify people you want to meet. Reach out ahead of time and schedule a quick hello during a break. That 10-minute touchpoint often leads to the follow-up meeting, which is where you will get the return.
Listen more than talk: The best networkers lead the conversation by opening the door for others to talk. Too many people, especially sellers, overshare, over talk, and oversell. Instead of trying to get your message out, use networking events to learn about others, showcasing that you authentically care and want to build a lasting relationships.
Stay for the quiet moments: Everyone shows up for the headline panels and cocktail hours but the best relationships are often built in the early morning or at more intimate dinners. It is the unplanned conversations, when people are more relaxed, that the natural connections happen.
Be cautious of sponsorship: Logos on promotional materials are hard to justify. Branding only has value if you can keep the brand momentum going, after the event ends. If you don’t have the budget for an on-going campaign investment, sponsorship is likely not worth it. If you do decide to sponsor an event, make sure you get guaranteed access to your target customers and make sure to negotiate the heck out of the price.
Create content while you’re there: Posting before, during, and after the event is meaningful to everyone. Snap photos, capture speaker quotes, write quick insights. People love to be highlighted and posting while attending events shows you're plugged in and makes you more discoverable to others.
Follow up fast: Take detailed notes during and after the event so you can follow up with new connections, being reflective about the conversation and intentional about continuing the relationship. It is critical follow up happens within 36 hours of the event or the moment will be gone. Speed and specificity are everything.
Work the room: Most people, no matter what their tenure, are uncomfortable networking. It is a learned skill and it does require practice. The thing about event attendance is everyone is in the same boat as you, looking to make meaningful connections, and hoping to expand their networks. I’ve learned that people appreciate it when you make the first move, opening up the conversation, and inviting others into your circle. Learn how to magically work a room, spending small amounts of time, with as many people as you can. Although it is always comfortable hanging with your regular crew at industry events, you will get the most ROI by getting out of your comfort zone.
Build your own: Event investment is expensive and when you are one of many people in attendence, you are a raindrop in the ocean. Sometimes the better move is hosting a small, targeted experience, where you are the full owner. Fewer people. Deeper conversations. Better ROI.
Invest strategically
In a digital world, where hybrid work is still the norm, events will continue to be an important part of building business relationships. We will more events and event businesses launch which will become both a time and financial investment. Choose wisely how you spend your time and where to invest your dollars. Events can deliver a great outcome, if planned right, but if you have not fully designed your events strategy, you are not capitalizing on the best ROI.
Talent + Tech
A weekly roundup of leadership, tech, and talent
WHAT TO READ:
The Two-Hour Cocktail Party by Nick Gray is a great read for anyone looking to fire up smaller, more intimate events, which are my favorite investment.
WHO TO FOLLOW:
Scott Stedman is the CEO and Founder of The Imaginarium and the creator of Saturnalia, a community for creatives and marketers. He deeply understands what it means to network, the value building events, and the value of community. He curates and connects creative leaders through shared values, not surface-level exchanges. Whether hosting conversations in Cannes or cultivating culture through The Imaginarium, Scott shows how meaningful networking starts with purpose, curiosity, and curation.
START TO LISTEN:
This episode of the 10% Happier Podcast with Dan Harris shares smart tips from Jordan Harbinger about how to network without being gross. It’s a quick listen with some smart advice.