Reporting on the intangible moments that added to an event’s magic can feel daunting. What’s the best way to showcase impact to stakeholders who missed the electric buzz, participant excitement and quality connections? Enter ROI and ROE — your dynamic duo for capturing event milestones that impress your C-suite beyond spreadsheets and attendee counts.
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 organization.
- Demonstrate the financial success of an event and set you up for that “show me the money moment.”
- 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.
- Serve as a cheat sheet on what worked and what to focus on to improve outcomes at future events.
ROI (Return on Investment) measures the amount of money gained or lost from an event.
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ROE (Return on Experience) measures an event’s value from the perspective of participants, sponsors, and organizers. ROE tracks outcomes related to thoughts, feelings and behaviors.
ROI & ROE For Events: Master The Metrics
To accurately measure ROI and ROE, you’ll need to consider both tangible and intangible metrics. From financial returns to qualitative aspects, like attendee satisfaction, knowing what to track — and how — can bring the many facets of your event experience into focus.
Here are some common metrics your peers track for each category.
ROI Metrics
Financial Metrics
- Revenue generated from the event.
- Cost of organizing the event.
- Profit margins.
Lead Generation
- Number of leads generated during the event.
- Conversion rates of leads into customers.
Sponsorship Value
- Number of leads generated for sponsors.
- Estimated impressions of display advertising, considering foot traffic in the venue, visibility of the displays, and duration of exposure.
Cost per Attendee
- Calculating the cost incurred per participant.
Sales Metrics
- Increase in sales resulting from the event.
- Customer acquisition costs.
Marketing Reach
- Measure the event’s impact on brand awareness.
- Social media impressions and engagement.
ROE Metrics
Attendee Experience
- Satisfaction levels of participants.
- Feedback on event activities and content.
Networking Success
- Number of new connections made.
- Quality of networking opportunities.
Educational Impact
- Effectiveness of educational sessions.
- Knowledge gained by attendees.
Participant Engagement
- Interaction levels during the event.
- Attendee participation in discussions and activities.
Message Retention
- Surveys/post-event evaluations.
- Interaction levels during sessions.
Brand Perception
- How the event enhances the brand’s image.
- Perception of the organization’s values.
Community Building
- Growth and engagement of the event community.
- Long-term relationships fostered.
PRO TIP: New to capturing ROE? Most planners measure ROE through attendee surveys and attendance, according to the
latest Planner Pulse.
Show Me The Returns:
ROI-and ROE-Boosting Strategies
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 KPI’s?
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.
Sponsorship optimization
Forge strategic partnerships with sponsors aligned with the target audience. Maximize sponsor exposure through various channels.
Maximize 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 ROE
Attendee-centric approach
Understand the needs and preferences of attendees. Customize 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.
Post-event engagement
Continue engagement post-event through follow-up emails and surveys. Create a community platform for ongoing discussions and networking.
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 ROE goals.
We’d love to partner on delivering an event that resonates with both your audience and your bottom line.
Click here to schedule a free consultation!
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- From Planner Pulse Insights to a Senior Producer’s Real-World Experiences - January 27, 2023
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