Events are a considerable undertaking. They’re a significant investment in time, energy, money, and resources. However, measuring ROI isn’t always just about profit; it’s also a way to measure experience.
Why Are We Here?
The only way to know if your event is a success is to first define what success looks like.
- What are the goals and objectives for your event?
- What outcomes are you aiming for?
Determine both measurable, hard metrics (leads, sales, new vendor accounts, etc.) and intangible outcomes or soft metrics (awareness, social media growth, training outcomes, relationships, etc.). Whatever results you want to prioritize will determine how you structure, create, and facilitate your event.
Know Your Numbers
Track every expense associated with the event. Use your financial software, spreadsheets, or project management tools to log everything from speaker fees and venue expenses to marketing, lead acquisition, salaries, time, swag, shipments, and more.
Where Will Event Revenue Come From?
How are you recouping the costs and turning a profit for your event? Track every dollar and cent that comes in from ticket sales, new accounts, sales, brand merchandise, auctions, sponsorships, advertising, drawings, etc. If you can’t predict enough revenue channels for revenue to cover the costs and still come out profitable, create new ones!
Get Feedback From Attendees, Vendors, and Partners
Collect feedback, reviews, and highlights from everyone connected to your event. Make it easy for them to participate (QR codes, simple forms, etc.) to encourage participation. Ask meaningful, open-ended questions in addition to multiple-choice and scale rates that help you make better decisions and drive change in future events.
Monitor Engagement Levels
Are you offering what your audience is looking for? Engagement is the best way to tell. However, engagement looks different for every event. Track how many people get involved and how effective their participation is. Think of speaker sessions, break-out rooms, social mixers, surveys, networking opportunities, vendor engagement, post-event interaction, etc.
Run The Numbers
If you’re aiming for financial profitability, the ROI calculations are simple: Event revenue minus event costs. However, your return on investment can also look like intangible things like engagement, networking, training, etc., which are more difficult to measure.
Analyze The Big Picture Results
When you put all the data together, what story does it tell? How much value did you get out of the event in comparison to what you put in? Is there traction in the right areas? Are the right people eager to be involved again?
If you’re planning an event and you’re not sure how to get the most out of it, we can help. Reach out today and let’s create something extraordinary together!