The challenge – how do we measure this?
As an event planner, understanding the strategic value of an event and how to measure its return on investment (ROI), will set you apart and position you as more than just an event planner.
If your event is set up exclusively for sales, it may be as simple as income less expenditure. But there is so much more to ROI than just profit. Measuring profit alone may overemphasise the value of money and overlook many of the actual factors that made it successful.
True success in events is measured by its ability to generate more value for the organisation than what was spent on it.
There are many more metrics to consider if you want an event that will grow year by year. In today’s digital age analytics are no longer a nice to have but expected. Guess work can be eliminated when using the right technology. For example, event apps offer a number of detailed analytics which can be used for reporting. You can measure progress in real-time.
Start by considering each stage of the event: