The success of any event depends on different parameters that are based on the purpose and nature of the event. However, not all events are linked with the generation of revenue opportunities. ROI is very important for measuring the overall performance of the event with respect to different aspects.
This blog will tell you about the importance of ROI for measuring event success and how to measure ROI for any event. This will broaden your exposure to the fundamental functionality involved in the backend of an online exhibition platform.
What Is ROI For Events
The return on investment for the event is basically the total profit earned by hosting the event. According to the calculation, it is the total profit earned minus the cost of hosting the event. There are many parameters on which it depends, including the media, word of mouth, advertisements, sponsors, and much more.
This is an extremely important factor to consider when creating an event budget because simply selling tickets will not yield much profit. The event ROI can also be measured after the event gets over, as there is no other way apart from waiting for the event to get over.
How To Measure Event ROI
The measurement of ROI is very difficult. It depends on the objectives of the session and the perfection of the execution strategy for any particular event. However, here are a few ways that can help you in dealing with the situation in the best possible way –
Keep Tracking Everything
Without tracking anything, you’ll not be able to identify the loopholes in your event ROI. Keep tracking the audience engagement during the session, the attendee count, and the user data for your events.
In addition to this, there are different tools available in the market, like Google Analytics, Survey Monkey, and others, that will reduce the burden of event monitoring analytics and provide accurate and feasible results. After all, accuracy is very important for doing analytics.
Event goals are of prime importance when thinking of measuring the ROI of any event. For starters, it can be the development of brand awareness for businesses among their target audience. Second, the sponsors may consider creating a pipeline for sales leads as well as revenue generation. It’s possible that holding a virtual or hybrid event is solely for financial reasons. If this is the case, calculating ROI is simple: just deduct the cost of hosting your event from the money you earn from selling tickets, securing sponsors, using online exhibition platform, etc. Then multiply the result by 100 and divide this amount by the overall expense of your event.
KPIs Are Important
KPIs will let you know which segment has worked well for you. These trackable metrics can be easily compared with your event objectives. Let’s say the motto behind hosting any event is to make a good amount of money. Then you can track the number of tickets sold to your virtual or any other online event. In addition to this, you can also track crucial KPIs, including the number of new leads and customers you bring in, their happiness level, the number of free trials and/or samples your team offers, and individual event survey replies.
Measuring Overall ROI
Here are a few points which will precisely define this section –
- It starts with the calculation of the cost of hosting the event. It sums up the inclusion of cost for the venue or any online event platform, duration of the content creation, staff involved, and much more.
- Make sure to analyze your results from quantitative as well as qualitative points of view. For measuring the results, customer engagement and relationship with the presenter is also important.
- ROI should be calculated in different stages after your event is over. As the calculation is not an instant process and takes time like 3-8 months before coming to any result or conclusion.
How To Make Your ROI better
Here are some of the important ways that can expand your event ROI in the best possible way –
This is one of the biggest advantages of hosting events digitally. The chances of attracting a global audience are quite high as compared to in-person events. In addition to this, you can also make strong connections with the help of service providers by dealing with the target audience in the most feasible way.
Content Is The King
This is a very crucial component of the events. The content can engage your audience for long hours and eventually make them your potential customers. In addition to this, the worst quality content results in a waste of time for the audience during the lecture. Try to research new topics that are quite relevant to your target audience’s expectations.
Try to make the right choice by choosing any service provider to interact with your audience with the inclusion of salient features like live polling, real-time feedback, handouts, comments, sending emojis, and much more. Engaged audiences are more likely to have fun, learn more from each session, and have a favorable impression of the hosting brand. If you want to increase ROI for your online and hybrid events, you must do all of these things.
Setup Everything Online
Here, “online” means trying to set up the whole event process in a digital way. Right from the venue selection to the ticketing process, you can rely on professional service providers for the best results. In addition to this, you can also create customizable landing pages for the collection of the user’s data before the start of the event. In fact, you can also add a little description for your event. With the help of an affordable online exhibition platform, you can manage everything with ease.
Events are an integral part of the brand promotion activities, along with their recognition. With the help of a successful measurement of event ROI, you can track the success of your event. The achievement of success in all aspects and on all parameters. With proper optimization of your strategies and the selection of online exhibition platforms, you can easily clarify the impact of events on your potential audience.