Seasoned Marketer: The Importance of Post-Event Surveys in Gauging ROI for Industry Conferences and Networking Events

Accounting firms rely on industry conferences and networking events as an integral part of the marketing mix. These events are important opportunities for the firm’s professionals to grow their network, develop referrals, learn about the latest industry trends and relate the firm’s brand to its unique service offerings. But not all events are created equally. To understand the value of these events, and have the ability to determine which are worth the time and budget, firms need to measure their Return on Investment (ROI). One way to do that is through a post-event survey.

Why are post-event surveys important?

Post-event surveys are typically used to gather valuable insights and feedback from event attendees. Asking key questions internally can help you determine whether it is worth doing again and/or adjusting the approach. Once you have an understanding of the quality of the event, including the value of the educational sessions, the level of networking opportunities and the overall experience of your attendees, you have actionable data on follow-ups and opportunities for improvement.

This internal feedback is invaluable. Captured while their experience is still fresh in the attendees’ minds, marketing departments can better measure whether the event was a valuable use of their time and resources.

Key Questions to Include in Post-Event Surveys

To effectively measure the success of an event you need to ask the right questions.

Key questions may include:

• Who did you meet? This helps you gauge networking opportunities and determine if new connections were made as well as follow-up action plans.
• Were there any educational opportunities that would benefit others in the accounting firm? This allows attendees to identify valuable sessions, workshops or presentations that should be shared with their peers.
• Should we attend again next year? This analyzes the overall attendee interest and perceived value of the event.
• Was our investment level appropriate? This allows you to assess whether the resources allocated for the event or conference matched the benefits received.

Analyzing the Survey Results

Collect the survey data from any event attendees and analyze it to find meaningful and actionable insights. Start by scrubbing the responses to remove incomplete or irrelevant responses. Once your data is clean, sort it into relevant topics or themes based on your survey questions. Tools like Microsoft Excel or specialized analytics software can aid this process. This should highlight trends or patterns and provide a clearer understanding of whether or not the event was worth attending.

The next step is even more valuable because you can begin to calculate the ROI of the event. The ROI is determined by comparing the costs associated with the event with the benefits gained. These benefits may include new connections made through networking at the event, knowledge gained through educational sessions and leads generated through business development efforts. Quantifying these benefits helps to determine if the event yielded a positive ROI. Use the information to justify future investments in the same or similar events, modifications to your level of investment, or determining additional or different attendees. Marketers now have valuable data to drive the decision about resources that may be allocated for future events.

Utilizing Key Performance Indicators to Measure the Success of an Event

Measuring the success of an event can be difficult and even subjective. However, setting Key Performance Indicators (KPIs) will help. By comparing your event metrics against industry standards, you will have a better gauge for the success of the event and identify areas for improvement.

Examples of KPIs may include:

• Net Promoter Score (NPS): Measures the overall satisfaction of the attendees and the likelihood they will recommend the event in the future
• Engagement Rate: Used to track the level of attendee participation in sessions, workshops and networking activities.
• Lead Generation: Tracks the number of new contacts or potential clients acquired during the event.
• Session Ratings: Uses the attendee feedback to evaluate the quality and relevance of the individual sessions or seminars.
• Cost per Lead: Calculates the cost of each new lead generated by attending the event.
• Conversion Rate: Measures the percentage of leads converted into clients or business opportunities.

Example of How This Works

Let’s review an example of how post-event surveys can help you measure the ROI of an event.

Your firm sponsored a table in the exhibit hall during an annual healthcare association conference. You sent three professionals, one principal and two mid-level staff members. Your professionals attended educational sessions and networked with attendees in the exhibit hall between sessions.  The next day a survey was sent to the event attendees to gather information about the value of the educational sessions, the overall conference experience, and leads gathered at the conference.

After reviewing data collected from the follow-up surveys, you conclude that the material covered in educational sessions was focused more on healthcare providers. Based on this observation, you make a note to focus on spending more time networking and engaging with attendees in the exhibit hall. You decide to send higher-level professionals next year to focus on networking opportunities. You also add a to your CRM to remind Tom Smith to follow up with Bob Jones about submitting a proposal for additional advisory services.  Overall, the event yielded a positive ROI and should remain in the marketing plan.

Conclusion

Post-event surveys help accounting firms evaluate the value of the time and resources allocated to conferences and networking events. These surveys provide valuable insights into attendee engagement and the overall sentiment of the event, enabling firms to make informed decisions about future investments. Feedback gathered through the surveys can lead to post-event follow-up tasks for attendees, leading to new business development opportunities for your firm. By implementing post-event surveys, accounting marketers can ensure that events the firm chooses to attend are worthwhile, ultimately leading to higher attendee satisfaction and a better return on investment.