From our Sales Manager Sjoerd Bakx
Challenge measure event roi Conference Compass blog
With an increasing amount of available data at events, the measurement of Event ROI should be easy. Reality learns however that although most event planners have a reasonable sense of how attendees appreciated their event, a lot of event professionals and their clients are still experiencing difficulty in collecting the really valuable data. Data that can be accurately translated into the knowledge that benefits them. Our Sales Manager Sjoerd gives some valuable tips that empower your ROI knowledge, starting with event goals.

Challenge
“Data collection is a nice technological extra for events, but the employment of data to significantly improve my event is limited.” For many event planners, this is the overall view they have on data and measuring event ROI. Fact is: measuring the right KPIs cannot just provide valuable insights, it can be one of the most important indicators for the success of your event and a basis for further improvement. By collecting the right data and translating it into knowledge, meeting designers can boost their events with more value for the same budget. By doing so they empower their future events.

Solution
Adequately measuring the ROI of your event comes down to collecting the right data in a constructive way and with the right tools. This all depends on one thing: the event goals and their translation into clear measurable objectives. The Event ROI Institute clearly states the importance of this as follows; “In order to measure results, there must be clear and measurable objectives, otherwise measurement is meaningless.”1.  So before you start measuring, first invest time in your objectives and get all the stakeholders of your event to agree on them. Event organisers have to answer the following questions: “Who is attending the events? What do you want to accomplish? And do you want the attendees to do something differently? If you want your attendees to do something differently, you have to ask yourself why the attendees are not doing it already?” 2 The goals of your event will differ depending on its context and nature. Corporate meetings will have different goals than knowledge based annual congresses of medical societies. Stemming from these goals the next step is to identify the Key Performance Indicators (KPIs) and be clear that they are strict to measure.2 Your KPIs, should keep the different stakeholders of your event into account, think sponsors, attendees, exhibitors etc.

Don’t overload on event KPIs but go lean and focus on the most important and relevant ones. This will ask for a good and in-depth cooperation with your board or client. Hard choices have to be made in order to get to the essentials. After you have established your goals and their KPIs, now you have to strategically plan their measurement throughout your event process. This means before, during and after your event. Don’t be afraid to put budget where your KPIs are. If you agree that the KPIs that you want to measure are essential for the quality of your event, you should invest not just time but also budget in adequate tools.

Tool
There are many tools available for measurement, think surveys, rating forms, Q&A sessions and lately even location based indicators and more. Picking the right tool should start with looking at the nature of your event and selecting suppliers that specialise in your field. You will most likely find that they offer the technology that best matches the KPIs set for your event. Event apps and their year-round counterparts usually incorporate multiple tools and features that assist in measuring. They often offer elaborate analytics in their back-office and CMS that you can directly access on a real-time basis. When choosing your tool, you should not just get a tool though. Your supplier should be able to advise you in the strategic planning of your data collection, working with you on getting the best event insights and optimising ROI. Conference Compass created their Society App specially to answer to the demands of associations and the app offers measurement features and analytics that can be employed on different levels and throughout the different stages of your event.

Interested in discovering more ways in which a Society App can empower your Event ROI measurement? Contact us for a free customised demo!

References:

1  Event ROI Institute, Ilka Dzeik: The Event ROI Methodology
2 The MICE Event Blog, Irina Trofimovskay: How to measure Event ROI