How do you measure Return on Investment?

Positive ROI can be achieved once you know what the meeting objectives are and how they can be met. So, when you’re planning an event you need to understand why it is being held. All events should have a measurable aspect, otherwise what is the point of holding them?

Whether the objectives of the event are to increase sales, spread knowledge, improve productivity, promote brand awareness, reward clients, motivate staff, promote best practice; there is still a goal.

Here are some points to think about when planning, to make sure you get the best results:

• Identify key stakeholders and what they want
• Delegates
• The budget holder
• The venue
• Suppliers
• You, the organiser
• Sponsors, speakers, content providers

Questions to ask in your organisation

• What should be achieved from the event?
• How is the success going to be measured?
• What is the profile of the attendees?
• What is the delegates’ current understanding, knowledge and awareness of the issues to be discussed at the meeting?
• Can you conduct pre-event research to verify this?
• Can you conduct post-event research to measure learning, application and business impact following the meeting or event?
• Who needs to know how effective the meeting has been?
• Who is going to produce the meeting report?
• What is needed from the venue/location?

Questions to ask the venue

• Would the venue include any extras to improve the experience?
• Can the venue add any value to support the objectives?

Listen to expert advice

You don’t have to take it, but it could be useful. So, who can you talk to:

• Venue Finding Agencies
• Event Management Companies
• Production Companies
• Destination Management Companies
• Venues

Research Companies can help with questionnaire design, response analysis and report writing. Why they will add value to your event:

• This is their core business
• They are professionals in their own field
• Their experience should save you time and money
• Their expertise will provide a professional and smoothly run event

The success of an event lies in the importance of not losing sight of the big picture – which is to achieve the organisation’s strategic objectives while reducing costs and controlling spending. Always follow the event with a questionnaire and then you’ll be able to judge whether the messages were communicated successfully. If you can measure activity or actions in the workplace as a result that will be a clear indicator that the event was a success.