Strategies to transform your events to make more dollars & sense
It feels like a daunting task for event planners to put a number on what impact all those ‘magic moments’ had on event attendees. But it’s a necessary evil when you have to justify the expense on the AI magician or customised virtual reality headsets – the very things that everyone talks about long after the event concludes. This is why measuring Return on Experience is an essential metric when presenting your Return on Investment.
These dynamic metrics go beyond mere numbers, capturing the essence of event success and leaving a lasting impression on your C-suite, all without drowning them in spreadsheets or attendee tallies.
Return on Investment (ROI): Measures the financial gain or loss generated from an event compared to the amount invested in it. It helps determine whether the event was profitable and if the investment was worthwhile.
Return on Experience (ROX): Measures the value created by an event from the perspective of participants, sponsors, and organisers. It focuses on the qualitative aspects of the event, such as attendee satisfaction, networking opportunities, and overall experience. ROX helps assess the impact and effectiveness of the event beyond financial metrics such as feelings, thoughts and behaviours.
Together, these insights can:
- Demonstrate the financial success of an event and set you up for that “show me the money moment.”
- Provide stakeholders and sponsors transparency, delivering a measurable look at the value your experiences bring to the organisation.
- Serve as a cheat sheet on what worked and what to focus on to improve outcomes at future events.
- Help drive attendee engagement and satisfaction — the single most important key performance indicator (KPI) in whether an event was successful or not, according to the latest Planner Pulse
Why measure ROI & ROX?
Before diving into the how, let’s address the why. Measuring ROI and ROX provides invaluable insights into the effectiveness and success of our events. ROI helps us understand the financial performance of our events, ensuring that they deliver a positive return on the resources invested. On the other hand, ROX focuses on the qualitative aspects, such as attendee satisfaction, engagement, and overall experience. By measuring both metrics, we gain a comprehensive understanding of our events’ impact and identify areas for improvement.
Strategies to maximise ROI & ROX
Asking the right questions during the event planning process can help you identify opportunities where you can increase returns in each area.
Essential Questions
- What are the goals/objectives of the event?
- Who is the target audience?
- What is my budget?
- What are my event KPIs?
These questions will guide you in defining your event “goal posts,” so you can set an effective strategy. Let’s dive into best practices for your next steps.
Tips for delivering a high ROI
- Set clear objectives: Define specific and measurable goals for the event. Align objectives with the overall business strategy.
- Target the right audience: Identify and target the audience that aligns with the event’s purpose. Tailor marketing efforts to reach potential high-value participants.
- Effective budgeting: Create a comprehensive budget considering all aspects of the event. Allocate resources wisely, focusing on areas with the highest potential ROI..
- Optimise sponsorships: Forge strategic partnerships with sponsors aligned with the target audience. Maximise sponsor exposure through various channels.
- Maximise technology: Leverage event technology to track key metrics and set yourself up for stellar execution. This is a popular best practice: 83% of planners believe using technology that delivers immersive experiences enhances event ROI.
- Data analytics: Use data analytics to measure and track ROI metrics. Gather insights to refine strategies for future events.
Tips for Delivering a High ROX
- Attendee-centric approach: Understand the needs and preferences of attendees. Customise the event experience to cater to diverse participant interests.
- Engaging content: Curate relevant and engaging content. Incorporate interactive elements, workshops, and networking opportunities.
- Networking facilitation: Provide structured networking sessions. Implement tools, like the Chime Live networking features, to facilitate attendee connections.
- Tech-powered innovation: Introduce unique and memorable experiences. Consider incorporating technology and experiential elements that engage the senses to make your event unforgettable.
- Educational value: Ensure high-quality educational sessions and speakers. Encourage Q&A sessions and discussions.
- Experience feedback: Gather feedback during and after the event. Use feedback to make continuous improvements for future events.
- Community-building: Foster a sense of community among attendees. Encourage collaboration and shared experiences.
Combining these strategies can help ensure your event becomes a catalyst for long-term relationships, brand loyalty, and continued success in the dynamic world of event planning.
Choosing a full-service event production partner, like Encore, can be an invaluable part of this journey. Leverage the experts to help set your event strategy and deliver the end-to-end creative, production, and technology solutions that support your ROI and ROX goals.
We’d love to partner on delivering an event that makes both dollars and sense – that resonates with both your audience and your bottom line.
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