Successfully hosting a corporate event is not the finish line, but a checkpoint. The real triumph is in the tangible results reflecting in the company's bottom line. Here, we delve into the factors critical for measuring the return on investment (ROI) of your corporate events.
The first step towards estimating ROI is determining your event’s objectives. These could be:
When these objectives are clear, the task of measuring the outcomes becomes simpler.
ROI is a quantitative measure. Considerable attention must be given to arrive at the associated metrics.
The direct financial return can be ascertained from the ratio of revenue against the event cost. Depending on your business you should be considering everything in this calculation including:
One of the biggest costs to a business isn’t just in the money resources it takes to plan an event but the time. It can take anywhere between 60-180 hours to plan a half day seminar, so leveraging services that can take on board some of that load is paramount to ensure you can focus on the important tasks.
Consider leveraging a service like BizziEvents, which will help find, contact, compare and negotiate venues for you, meaning you can focus instead on other elements of your event and ensure your ROI increases.
Intangibles like brand image or customer loyalty are trickier. Surveys, interactions, and behavioural observations can assist in establishing these numbers.
The key formulas to keep in mind are:
A positive ROI indicates a successful event, while a negative one implies cost dominance.
Auditing the return is the first step towards optimisation. Fine-tuning elements like venue selection, tracking event metrics, identifying customer preferences, and assessing competitive approaches are invaluable in driving successful returns.
We hope this brief guide helps you grasp the ROI measurement process. When leveraged right, corporate events can emerge as a high-returning investment for your business and ensure you have a great talking point as to why you need that pay rise!