Measuring ROI in strategic events
The presence of an indicator of the effectiveness of the event is one of the pending subjects that professionals of the events sector, face. 1 year ago, our CEO Angeles Moreno travelled to London to obtain the Event ROI Methodology Certification for the European ROI Institute.
A Method, that we, at the Creative dots, have consolidated, using it in our consulting services, with the aim of giving strategic value to the event, not logistical, in the Customer Centric Strategy which measures the Customer Experience.
There are many aspects from an event that are not measured, other than the result of in sales. When a company wants to measure the customer's experience, the first question is: how do we measure emotions?
The Customer Experience is generated from all the interactions with the brand. Therefore, the starting point is the implementation of agile and excellent procedures, and the creation of appropriate communication channels.
The ROI Methodology, developed by Dr. Jack Phillips as well as its application in the meetings and events planning, aims to design events with strategic value in order to obtain the highest profitability.
The ROI Methodology of the event is based on a basic principle: Create value for all stakeholders.
It is important to know that events do not create value by themselves. It is necessary that the different departments involved in the event management, define their role in it and work aligned. Therefore, the ROI Methodology of the event considers this first strategic phase, a fundamental step to determine what role the event has for each area.
Once this context is analysed, it is necessary to define objectives that are SMART. The ROI Methodology of the event establishes the objectives and measures the results in six levels, from Level 0 to Level 5.
- Level 5: ROI. ROI, the way to express the contribution to the benefit that an event makes to the company.
- Level 4: Business impact. What value generates the event at a business level? For a final customer, the impact is usually the increase in sales. For an internal event, it is normally organizational effectiveness, measurable through employee satisfaction surveys.
- Level 3: Behaviour. What is the exit behaviour that you want to generate with the event for each of the stakeholders? The measurement at this level is not quantitative; the most effective measurement is via a mystery throughout the event celebration, after having established some KPIs and delivered a conclusions report including the entry behaviour versus exit behaviour of the stakeholders.
- Level 2: Learning. What have the participants learned during the event? To measure the results at this level it is necessary to carry out a data collection prior to the celebration of the event, which allows knowing the level of expectations, for example. After the event, another data collection can be carried out, with a subsequent comparison of data, establishing this way, if the objective for this level has been achieved.
- Level 1: Environment. At this level, the establishment of objectives is based on a study of the needs and expectations of the stakeholders at the logistical, technical and content levels. The method of data collection are mainly the satisfaction surveys with the space, the speakers, the content...
- Level 0: Target Audience. The segmentation of the target audience and its respective analysis will determine the establishment of the rest of the objectives in the following levels.