Your organizationâ€™s annual big event is over; the catering crew is packing up the buffet tables, the attendees are happily wandering back to their hotel rooms and airports, the dealmakers and networkers are busily adding business cards to their contact files and the event planners are toasting another successful event. Everyone involved agrees it was a smashing success…and then someone asks, so what was the return on investment for this shindig?
Measuring the return on investment (ROI) from a corporate event can pose unique challenges, not because returns are difficult to find (they arenâ€™t) but rather because there are so many returns – some financial, some intangible – and they are distributed among so many different people. Itâ€™s like finding a swimming pool full of nickels and dimes and quarters – you know thereâ€™s a huge amount of money in there, but totaling it up looks to be an equally huge job.
Experienced event planners, such as the expert teams from industry leaders like EVENTSRTIMELESS can greatly simplify the process of identifying and measuring the ROI on your company event if they are aware that measuring ROI is one of your key goals. Measuring ROI begins before the event itself. The most important thing from the event plannerâ€™s perspective is knowing what the sponsoring company is seeking from the event. New qualified leads? Evangelization of a new company policy? Increased employee satisfaction? Whatever the key metric(s) may be, the company needs to inform theÂ EVENTSRTIMELESS team in advance of the event so that the pre-event metrics can be measured, then later compared to post-event metrics.
There are many tools for measurement, but for many company goals (especially non-monetary goals) a survey is an effective and accurate metric. Acceptance of a policy, enthusiasm for an initiative, or even general measures such as employee happiness or customer satisfaction, can be evaluated at relatively low cost with a survey administered by the Plan Ahead Events team. During the event itself, knowledge of the companyâ€™s goals can help event planners prioritize activities and decision making. At the close of the event, another survey or set of surveys can be taken to give an end-of-event metric, which can then be compared with the state of affairs before the event. For example, the average employee satisfaction level on a scale of 1 to 10 before the company picnic might have been 6.4; the picnic was held at a cost of $5,000; surveys after the event showed that the average satisfaction was 7.4. The ROI for the picnic was thus 1 point of satisfaction / $5000 spent; your company can compare that number to other types of morale-boosters and determine which events provide the biggest return.
The expert event staff at EVENTSRTIMELESS are familiar with these and other forms of ROI measurement. By bringing in skilled and seasoned professional event planners, you can have a greatly improved event process, and also discover the true value of the event to your organization. Contact EVENTSRTIMELESSÂ orÂ call today at 1-831-222-0026 to see WE can bring your next event to new levels of measurable success.–