10 Key Metrics CMOs and CROs Prioritize for Event Success

Edwards Deming once said, “Without data, you're just another person with an opinion.” Deming developed the Deming Theory and the System of Profound Knowledge, which focuses on a holistic approach to management and promotes transformation through an outside lens. It’s easy to form opinions around data that reflect our own thoughts and beliefs. While opinions are valuable, they represent only one perspective—that of the person holding the opinion. But what if we could present a holistic, unbiased view through data by looking through a completely different lens? This is exactly what your CMO and CRO are seeking. Naturally, they each have different expectations and views on what success looks like. We can use data to craft an unbiased story that satisfies each of our key stakeholders. Let us show you how...

Before diving into the key metrics and their importance, it’s essential to understand the differences between the key stakeholders and their main objectives. We can all agree that revenue growth is a top priority for every leader, and it can serve as the north star for each event and its stakeholders. However, unlike the CRO, the CMO isn’t solely focused on revenue growth. The CMO is also responsible for establishing your company's competitive advantage and elevating the brand—both of which are extremely difficult to measure through events.

Finally, what is data if it doesn’t paint a picture for your key stakeholders? It is crucial to set up a dashboard with all relevant data to showcase the metrics below. Salesforce is an excellent tool to demonstrate how all marketing efforts relate to events.

Without further ado, here are the metrics—some obvious and some not-so-obvious:

✤ Overall Revenue Impact for the Event: 

This metric calculates the amount of revenue closed minus the final cost of the event. It’s a classic metric, always asked for but often overlooked because it cannot be measured until several months after the event. If your sales cycle is long, it could take years to determine ROI, as this metric only accounts for closed-won opportunities. You may consider opportunities created (rather than closed-won opps) to make a more short-term judgment on your ROI.  However, it’s crucial because it provides a blueprint for determining the event's success and whether or not the event should be on the calendar next year.

✤ Pipeline Sourced 

This is the dollar amount of opportunities generated directly from the event. Like ROI, this is a valuable metric for evaluating the success of events. Additionally, it allows us to be more strategic in aligning our event schedule with the marketing funnel. If you have high sales goals for Q4 and know that XYZ event in Q1 historically generates X amount of pipeline, you can plan accordingly and set realistic sales goals with key stakeholders and the board.

✤ Pipeline Influenced

This metric measures the dollar amount resulting from marketing efforts that contribute to prospects moving through the sales funnel. You can tie a specific event to an opportunity or track multiple marketing touches associated with that opportunity. Opportunities may be touched several times during their journey through different marketing channels, especially if the sales cycle is long (attending an event, participating in a webinar, viewing content, etc.). This metric allows key stakeholders to align the current pipeline with the event schedule.  Alignment on “influenced” is key here - all teams (events, marketing, sales, operations, etc) should be on the same page about how we measure influence - and how & when it’s reported.

✤ Closed-Won

This is the dollar amount secured by sales that can be directly attributed to an event. It’s the easiest metric to make your CRO and CMO happy because it ties actual sales directly back to the event, providing a historical data point on what to expect for future events.

✤ Net New Leads

This metric tracks the number of new leads generated from a specific event. It’s especially crucial for companies with smaller target audiences. For example, some companies target only top Fortune 500 companies. Net new leads are extremely important because expansion within the accounts require new leads within the same organizations.  It’s important to define “leads” in this scenario, since within each event there can be a general list of attendees, those you engage with, or event leads to attend an ancillary event.  This metric is hotly debated these days, but regardless of opinions on how important it is, it should be measured. 

✤ Cost per Lead

This metric is calculated by dividing the cost of the event by the number of leads. It's an excellent way to compare how specific events perform against other demand generation activities. Some organizations utilize this metric heavily to allocate their budgets and determine where to put additional marketing funds.

✤ Onsite Meetings

This is a mutually beneficial metric for both the CRO and CMO. Onsite meetings at an event are just as important as offsite meetings. They provide the sales team with the opportunity to present and address objections in real-time. It’s much easier to convince the CRO to pull the sales team out of the field for an event when they have the opportunity to meet with key decision-makers from their target companies at the event itself. It's also an excellent way to connect with potential partners.

✤ Target-Accounts Engaged

A powerful metric, one that the more targeted marketing teams can use, Target-Accounts Engaged (TA-E)  is a way for you to analyze your events from a ABM or account-specific perspective.  For example, if you have a target accounts list of 750, you would measure each event as a percentage of those accounts that were at each event.  This works well for trade shows where the audience is everything.  If you have a 30/750 (4%) TA-E  the event may not be a good fit or may not be small enough to encounter the right people.  If your score is 600/750 (80%) - this is a show that is probably one you should continue to invest in.

✤Reputation Management

Another extremely hard-to-measure metric, but crucial for the CMO, whose efforts focus on elevating the brand and ensuring the company maintains a competitive advantage. One way you can measure this is through a quick two-question survey as people exit the booth: 1. What is your experience with company XYZ? 2. How likely are you to recommend it to a friend or colleague over another company? Responses are rated on a scale of 1-5. This provides direct feedback for the CMO on whether their efforts to establish a competitive advantage are succeeding.

✤ Brand Awareness:

This metric is calculated by dividing the cost of the event by the number of leads. It's an excellent way to compare how specific events perform against other demand generation activities. Some organizations utilize this metric heavily to allocate their budgets and determine where to put additional marketing funds.

It can be overwhelming to stare down a budget with so much else to do in the planning process. However, it will make your life SO MUCH easier if you can establish a budget and come back to it periodically.  The more you know about how to make your budget your friend, the easier it will come to you.  You’ll be able to bust those budget myths with the best of them!

What other budget myths have you encountered when planning an event?