Why measure the ROI of events
In times of recession, event budgets are cut because managers are not sure if the value delivered is greater than the cost. It is of little use to tell meeting owners that if they will only approve the budget, you can tell them afterwards if the money was well spent. You need to explain in advance how the meeting will deliver high ROI, maybe even provide a ROI forecast.
The ROI Methodology is first and foremost an event planning methodology. Even if you don’t plan to measure results at all, you have to plan for the best possible outcome, and your plans must convince budget holders that the meeting or event will deliver more value than the sum of its costs.
But you should measure results as well, and if you use the ROI Methodology for planning, measurement is easy. You don’t have to measure ROI for every event, there are many levels of measurement before you get to ROI. You don’t need to be an expert to measure a lot more than just participant satisfaction.
The ROI Methodology is becoming an industry standard based on thousands of ROI impact studies in many different industries and types of applications.
By using the ROI methodology, or asking a certified consultant to do it for you, you will be able to:
– Convince your company’s CEO or financial director that the event investment will provide a positive ROI
– Plan meetings and events which achieve much better results than the industry average
– Evaluate any kind of event against objectives at different levels
– Make a really useful and very different evaluation for your next event
Pidelaluna is a certified events ROI consultant.
(The ROI Institute)