Every company needs to know if their events will bring benefits or lead to losses. ROI (Return on Investment) determines whether an investment has been profitable, and it can be applied equally to the organisation of events.
Working out the ROI of events
In determining whether an investment is providing dividends, we should look at certain key performance indicators, or KPIs. Specifically, some of the most significant include the impact on social media, the use of technologies, surveys and the end sales of products or services.
1. Impact on social and mass media
The first thing to do on assessing the ROI of events is to ascertain their impact both in social media and in the mass media. If your event is not promoted on Facebook, Twitter and Instagram—to name just a few-- or isn’t featured in the mass media, it will simply have no visibility.
The upside is that there are tools for measuring impact on social media, and these show the real reach of an event on the digital ecosystem. Impact on traditional channels –TV, radio and the press—is easier to measure because it’s usually companies themselves that send press releases to the media, or, in the best of cases, invite reporters to cover the event and showcase it.
2. Making use of technology
It’s important to bear in mind that technologies bear a decisive influence on budgeting for the event and therefore on calculating ROI. For instance the cost of organising an online seminar may vary with respect to holding an in-person event.
The internet has made it easier to hold events that formerly would not have been feasible. On calculating the ROI it’s therefore important to consider what technologies you’re going to use to ascertain the total cost and what you expect to get back in return.
Surveys are a useful way of gaining more information on the participants, and of finding out whether we have generated leads through the investment we made, or if we attracted them through channels other than those we used to promote the event. This provides a greater degree of accuracy and will give us very valuable information with which to take informed decisions in future.
On carrying out a survey, we recommend using methods that will make it easier for recipients to answer. Email marketing is an excellent option, since you can programme email delivery for contacts to receive them at certain times to make it easier for them to answer and provide feedback.
4. Effective sales
This is the supreme test. It’s also the easiest way of finding out if the client is interested in purchasing your product through the actual event. If so, then your investment has shown a return and is worthwhile.
Events are extremely important for companies, since they’re one of the best ways they can offer their products and/or services to their end customers. If you want a good return on your investment, holding your corporate event in a strategic venue is essential, and WTC Barcelona is just the place you’re looking for, not just because it houses 4,000 square metres of event faciities facing the Mediterranean, but also because it means your event will be managed by an experienced team of professionals who will always be on hand to ensure its success.