Identifying the factors that make an event successful and measuring its return on investment (ROI) are two of the biggest struggles our industry professionals are facing. Surely you can go ahead and measure tangible and quantifiable results, such as sponsorship or attendee revenue, the number of participants or sponsors and potential new leads; But, what about the data for which it is harder to put a number on?
Placing values and measuring ROI on intangible results, such as the quality of interactions among participants and speakers, the amount of time attendees spent in sessions or even the level of their overall satisfaction, requires the employment of different tactics. This is another strong indication of our industry’s need to push for incorporating more digital elements to the available tools and strategies for proving the event value to the stakeholders involved.
Looking closer, what exactly qualifies as a ‘successful event’? Even though the first thing that comes to mind is revenue, attendee satisfaction can not be overlooked. To that extent, a recent survey indicated that 84% of respondents place attendee satisfaction first and event revenues second. This further supports the argument that understanding and meeting your attendees’ expectations is a focal point for measuring ROI and increasing their engagement.
Here are 2 of the most effective and widely known types of online measurement that further support the claim that intangible results not only exist in the M&E sphere, but should be considered as highly important:
Post – event survey
Sending an online questionnaire soon after the end of your event is one the most effective ways to get a clear idea on your attendees’ satisfaction level. Understanding their behavior and perception, as well as collecting key data about their overall preferences, is a true gold mine of information. This substantial knowledge can be used for improving the production and overall flow of your next events and towards elevating their future experiences.
Social Media Monitoring
Press mentions, social media shares and word-of-mouth create remarkable opportunities for evaluating audience engagement and satisfaction. For keeping track of this type of intangible results, it is important to use powerful tools, which enable event professionals to measure what is happening on the show floor and offer deep insights on the attendees’ likes or dislikes, expectations and other variables included in the overall event experience. In this case, it is paramount to leverage the power of social media through the extraction of these valuable information and more importantly by interacting with them. The direct feedback you can obtain by monitoring social media platforms and looking through online discussions, comments and shares, is highly effective as it can reveal different scopes of your event’s success that will ultimately help you measure its impact on your attendees.
Event professionals are under increasing pressure to prove the ROI of their events. That’s why at MCI we do not only assist companies prove their events’ value, we go one step further and help them identify the key improvement areas to ensure the success of their next events.
For more information on how we can help you create immersive experiences, leverage event technologies and optimise engagement with your audiences visit us here.