Get a more holistic understanding of your event ROI
By: Guest Author
An article written by Omar Rahman, the president of Top Gear Promotions (TGP) in Dubai, discusses the importance of measuring event ROI (return on investment). Rahman moved to Dubai in 1991 and four years later he started TGP with his partner, Alexander Maddock. TGP is now the region’s leading design and production company.
More than two thirds of respondents to a recent survey by Meeting Professionals International reported favourable business conditions for the meetings and events industry, and the same survey predicted an increase in total event spend of nearly 2% in 2016. But at the same time it’s a competitive market, and continuing price increases mean event budgets are always under pressure. So it’s really important to be able to calculate the return on investment (ROI) from your events as accurately as possible. Unfortunately this isn’t something we always do well as an industry. According to two market studies done in 2015, around one quarter to one half of all event marketers believe they can’t measure their event ROI – at all. This is surprising when you consider the total size of the meetings and events industry and the millions of dollars invested in it every year. Source: Are you measuring your event ROI properly? |
The groundwork for calculating your event ROI must be laid out upfront because you need to know what you’re analysing. By linking your goals to the outcomes of your business you will be able to easily translate them into metrics.
When effective budgeting is practiced you can easily plan for any potential hidden costs and account for them. Keep this principle in mind when it comes to post-event analysis because you need to understand what it is you’re measuring.
When upfront activities fall by the wayside, effectively measuring the ROI post-event will never work and this will impact your long-term goal of being able to justify the events budget you need in the future.
If you want to improve your event ROI, hire a professional to minimise poor upfront planning. Eventerprise.com provides you with a wide variety of industry specialists to help you.