Event Return On Investment
Measuring Event ROI - Prove Event Return And Secure Event Budgets
Budgeting is continually listed as one of the top challenges meeting and event planners face. Securing sufficient funding for corporate meetings and events is a one of the first planning hurdles to overcome.
The issue of event budgets is actually a symptom of a much larger problem: the failure to position events as a revenue-generating program versus an expense-only program for your company. When annual company budgets are created, the leaders responsible for making the tough decisions on allocations will naturally give priority to proven revenue centers before other programs. If executives don’t have evidence that events are bringing value, those budgets can be slashed or even eliminated.
To break the cycle of shrinking budgets, and turn your event into a proven value-delivering machine takes effort and time. You may feel overwhelmed at the thought of taking on the challenge to develop a plan to set objectives, determine appropriate measurements, and then calculate the return on investment of your event. But the pay-off is worth it if the outcome places your events on the revenue-producing side of the equation. We have a framework to achieve exactly that for your events.
Results And How We Help
The heart of our mission is to deliver radical return for meetings and events. We are uniquely qualified to do this. First, we are students of The ROI Institute Inc., a firm that created the gold standard that organizations across the globe employ to evaluate the success of programs, including the financial return on investment. Second, we speak the language of both business and event professionals. Our leadership team held careers in corporate marketing before beginning to work on the event agency side. We know the struggle of financial management, budgeting and demonstrating value with your programs.
We simplify the steps required to begin proving the value of your events by reducing the process to a manageable level. For most events, some level of measurement is already taking place. Tracking and reconciliation of the event budget is a common cost measurement and is used to gauge the “success” of the planner. Participant surveys are another common measurement tool. All too often however, the measurement begins and ends with a reaction survey given to the participants. Great food, fantastic entertainment, fun activities and engaging speakers will invariably garner high satisfaction ratings. Measuring the enjoyment of the event audience has merit, but may lead to a feedback cycle that rewards the planner for an enjoyable experience. If planners are rewarded for those high marks the focus becomes the business of entertainment instead of true outcomes like learning and value-creating change that achieve business goals.
Steps To Proving Return For Your Events - The ROI Model
The Plan to Evaluate
Start with “why” to align the event with the business
Develop evaluation plans and baseline data
Collect Data During and After
Reaction to the event, learning that occurred
Application and implementation of learnings
Convert the data into monetary value
Calculate costs of the meeting
Calculate return on investment
Include intangible benefits
Report and optimize results
Reach conclusions and generate report
Communicate results to key target groups
The Good News
In recent years, the meeting and event industry has begun to capitalize and publicize the value of meetings. The “Meetings Mean Business” program and the establishment of Global Meetings Industry Day have brought facts and data to the forefront about what meetings can contribute to the companies that conduct them – and to the global economy as a whole.
Now is an excellent time to catch the wave to prove the impact and revenue return on your meetings and events investments.
We are your partners to lift you and your events to a new level of value at your company.