And here are 4 ways in which you can do so.
But first, you might be wondering exactly why you need to be measuring event ROI. You can revisit this infographic on why event ROI is important, but let’s dive into some more reasons:
- Focusing on and measuring event ROI from the start can help you improve your planning process. What worked and what didn’t according to your expenditure vs. earnings.
- Measuring event ROI can help you eliminate unnecessary costs. Lessons learned from events passed.
- ROI guides you to focus on translating your client’s business goals into event goals that make sense and are profitable.
Now onto the 4 ways you can start measuring ROI to prove event effectiveness and/or improve upon factors that did not work as well as you expected:
Event mobile apps collect an abundance of data while delivering an experience…
Encouraging your attendees to download and use your event mobile app is a must.
That app will turn into a library full of data by the time the event ends. If you keep some functions accessible after the event, like an embedded survey, you can continue to bring in valuable insights.
An app can then be improved upon according to what you have analysed from the collected data, and feedback from surveys, to be used in your next event.
Be present on social media pre-, during and after the event and listen to what your target audience is saying…
Are they talking about a speaker they attended? Is anyone complaining about cold rooms? How many pictures are they posting or sharing from the day (and of what)?
Looking into social media provides great insight since we live in a social world. Think about creating a unique event hashtag or two, and encourage your attendees to use it through your pre-event marketing and incentives.
Run a paid marketing campaign on your social channels and look at incremental revenue to calculate ROI. Your incremental revenue = your Actual Sales (with marketing) – Actual/Expected Sales (without marketing). This will give insight into what marketing campaigns are working, and if it makes sense to create one for your next installment.
Gamifying your event allows you to collect data while immersing your attendees…
A two-fold approach. Data collected from gamification will show you insight into how effective you were at engaging your attendees and exhibitors.
1. Who out of the crowd was really immersed?
2. What worked, and what didn’t?
On the flip-side, gamifying your event will add an extra layer of fun to get your attendees excited.
Use registrations and floor tracking to collect data about your attendees’ behaviour…
Tracking movement using RFID Technology (or radio frequency identification) in attendee badges is a great way to see where your attendees go during the event. Which exhibitions they visit, speaker engagements they attend or overall where more people are gravitating towards.
Do they take specific routes? This can help you evaluate what worked, what didn’t and then analyse why it didn’t by comparing it with event survey results.
Not only that, but think about analysing the data in parallel with external and/or environmental factors, i.e the climate of the room, the setting and more. See if there is any correlation. This provides good insight into what needs to be improved about the full experience.
Interested in discovering more analytical options? MCI can help you achieve your goals. Visit our website to see what we can do for you and contact Jakov Cavar, MCI’s partner FairControl’s Managing Director at email@example.com.