The success of a B2B event lies in how effective the sales meetings turn out. In the past, companies have focussed on events as a brand building platform and not on the number of deal closing conversations happening at these events. With the evolution of smart event technologies, it has become possible to access meetings data in a new light. Sales and Marketing teams can now evaluate the effectiveness of the meetings with prospects and customers. Meeting metrics can help them gain an analytical overview of the sales process.
In this blog, we discuss the role that analyzing meeting statistics plays in increasing event ROI.
In a decentralized environment, it is impossible to determine if your brand message is effective or not. Analyzing meeting metrics can determine how the meeting was conducted and what areas require more focus in order to advance deal discussions. Furthermore, maintaining a data-driven process can go a long way in understanding how can you better your approach and set quantifiable goals. Mobile scheduling apps can deliver a host of structure and stats that can advance sales and develop effective pipelines. Here are a few specific meeting metrics and how they can help marketers get the most out of their events.
Recent trends show that more and more meetings are getting scheduled at events. Sales representatives need to schedule a certain number of meetings at events for the event to be a successful venture. The number of meetings accepted or rejected tells the meeting manager how effective their target strategy has been and how they can improve on specifically targeting customers that are more likely to invest in the product. The more relevant meetings scheduled, the more the chances to convert them into opportunities.
Collecting attendee information can assist sales professional in getting prepared for the sales pitch to be made. This can be done at the time of event registration. It becomes easy to segment and target audience based on the organization profile and the details they fill out. It also tells the marketer which SME will be best suited to answer the client’s questions.Additionally, marketers can produce a crisp follow-up process by reaching out to customers after the course of the event to find out the individual experience of the meeting.
Average time spent on meetings:
The average time spent on meetings is a critical statistic to understanding issues that hamper sales efforts. A typical sales meeting can take anywhere between 31 minutes to well over 2 hours to conclude. That’s a lot, considering that time is the most valuable resource to sales reps. Customers often do not have the time to sit through long meetings. Analysing this metric tells you if the sales representative assigned is finding difficulties in locating resources or specific content during meetings.
The ultimate aim of any meeting is to generate revenue by creating pipelines. Events require a significant investment and measuring resource expenditure against the return on investment tells the event marketer how much the event has scaled in terms of yield. Meeting managers are better equipped to understand what works and what doesn’t so that they can make strategic changes within event strategy. Keeping an eye on this metric tells you how to effectively set objectives and how to go about planning for future meetings.
The size of deals most obviously determines the success of an organization’s sales framework. It has been noticed that a large number of meetings scheduled does not necessarily mean higher revenue generation. Keeping a tab on the average deal size tells marketers to focus on more important opportunities that are more likely to bring in a larger chunk of revenue. Analysing the deal size can also streamline the lead generation process by targeting deals that are more profitable to the organization.
The win rate is the number of opportunities that have been successfully converted to customers. Closing deals is a substantial chunk of sales functionality. The win rate highlights which sales reps are successful in different stages of the sales cycle. Moreover, by analysing the win rate, you can understand a representative’s strengths and weaknesses and train or reassign him to handle a different phase of the sales cycle.
There are many factors that contribute to the success or failure of events. No-shows and last minute cancellations can be troublesome to deal with. Using a meeting scheduling app can effectively reduce these mishaps. Furthermore, they can diminish the possibility of double bookings and time zone errors. Ensuring the right personnel is present during these meetings is also something that needs attention. The availability of subject matter experts can be a decisive factor in closing deals and addressing customer expectations. Easing the check-in process can also eliminate the pain of standing in long queues at events.
Meetings are changing rapidly. With more and more of them being scheduled, it is crucial to understand the importance of meeting statistics and implement the inferences of these metrics while planning sales advancement meetings.
For more information on how sales meetings fared at events in Q1,2016, you can download our quarterly report here.