Gauging the return on your events can be complex. The traditional notion of Return on Investment (ROI) of net income divided by the original cost of an investment results in some percentage increase or decrease in the amount invested.
Let's apply that theory to events and meetings. Events such as trade shows and conferences generate direct revenue through ticket sales, paid sponsorship, and the sale of products and services. This revenue makes the "income" side of the equation easy to identify. Other types of meetings and events are not revenue generating. This makes the income side of the equation harder to identify.
Redefining Benefits
To truly capture the return on events, we need to look at the benefits beyond revenue/income. You need to begin by assigning a better value standard to the benefits they deliver that goes beyond dollars. For example:- Training Session: How can you measure the benefits of the learning delivered in a training?
- Executive Retreat: How do you quantify the return on this relationship-building, strategy development event?
- Product Launch: How do you gauge the value of creating brand awareness when you’re promoting the launch of a new product or service?
- Thought Leadership Workshop: If you invite a VIP speaker to share thought leadership content with your clients, how do you calculate its value?