Measuring ROI in events is not a mathematical formula
The measurement of ROI in events has been a big unknown, until now. Last week MPI Iberian Chapter and the Creative dots offered me the opportunity to participate in the Workshop The Event ROI Methodology that took place in London, by Elling Hamso. Without a doubt, a unique learning experience.
This two-day workshop was presented in an unusual format, in which a group of seven professionals met in a London apartment to learn how to measure the Return on Investment of events in a very relaxed as well as slow learning environment based on the storytelling , practice and networking (we even cooked!).
The key to measuring ROI in events does not lie in basic formulas or laborious processes, but in defining in a very specific way the objectives that we pursue with our events in each of the different levels of the ROI pyramid.
Each of the levels has a relationship with the next one; and, beginning by the definition of objectives from the base of the pyramid towards the peak of it, they are linked in a totally logical and cohesive way.
Which is the trick to establish these objectives correctly? Keep a conversation with the event owner (and there we were all, speaking to ourselves, a curious image!).
The beginning of the practical part focused on the creation of a "Learning-Behaviour Matrix", in which the direct relation between levels two and three of the pyramid, was established.
To do this, using our own case study, we defined the behavioural objectives (horizontal axis) and the learning objectives (vertical axis) according to the different types of learning: tools, attitude, information and personal relationships.
Once the matrix was created, we established correlation values between the variables (objectives), as a step prior to establishing a concrete "criteria" which will allow us to establish tangible metrics.
In addition, during these days, we learned different ways of conducting surveys; tips to get up to more than 80% of answers; how to establish correlation matrices between the transformation of the behaviour of the stakeholders and the different types of learning; and correlation matrices between learning objectives and touchpoints; as well as much more.
Now I have 6 months of "training" in which I will practice this ROI Methodology in life events, in order to obtain the Event ROI Foundation Certificate and begin to make tangible the great value that the events represent in the strategies of the companies.