How do you measure the ROI of an event? This article will look at an event ROI methodology. It will also look at how meetings and events create value.
Event ROI Methodology
Events And Meetings Create Value
Events and meetings create real value by influencing the behavior and actions of the people participating. That is the sole way that they do that. However, if the event doesn’t make the participants want to do something that they otherwise would not have done, then there is no value whatsoever. Only actions count. That is one of the most important principals of ROI methodology.
Measurement And Planning
The most important use of the ROI methodology is for planning events and meetings to give you the best possible ROI and outcome for your event. In essence, every event or meeting can be planned based on this model, and there is no other alternative. If you don’t do this, then you will lose the potential value of an event.
The ROI methodology was initially only used as an evaluation tool, but it is quite clear to see how it became a model for planning at the same time. In order to measure the results, there have to be measurable and clear objectives, because the measurement would be meaningless without it. How can you tell if results would be bad or good if there are no objectives?
Everything else is just human nature. When we have measurable and clear results, everyone will do their utmost to achieve them. The majority of events fall well below their potential value because it was not clear at all what they were trying for.
Different Stakeholders Go For Different Values
Events on their own have no measurable value. You cannot measure an event’s value without pointing out a stakeholder. There is usually a primary stakeholder, but this certainly isn’t the only person. Exhibitors and sponsors are also stakeholders, and the participants are too. Contributors, speakers, and venues are also stakeholders. Anyone who has a financial interest in the event is a stakeholder.
There is usually a primary stakeholder who will be responsible for dealing with the goals of different stakeholders.
Once you know who the stakeholders are, then you can start measuring the ROI for each stakeholder individually. An event on its own means nothing from a ROI perspective. Feeling and thought are irrelevant. What matters is if actions are taken that lead to real value or change.