Return on Investment vs Return on Involvement.

Happy guests stay a long time and write a “thank you” card – that’s the definition of a successful event. But how do you actually measure an event? How do you know when you’ve succeeded – when the cost has been translated into an investment? The path to a Return On Investment runs via commitment. Commitment in you and your employees. The commitment that you contribute as a leader is returned directly by your employees. The commitment that you contribute as a producer is returned directly by your customers. But what do you give to those who invest their commitment in your company?

 

SUCCESS?

The basic requirement for any measurement is that you know what you want to achieve. Is it about quantity or quality? Is the result to be measured in terms of increased sales, increased attendance at the event itself or maybe in fewer staff losses or a lower number of negative customer comments on the company’s website? The objective must benefit the business, but doesn’t necessarily need to be measured in pounds and pence. If you know why you organised the event, you also have the answer to the question of what you must measure.

Measure three times.

Start by identifying the expectations of the event. This gives you your starting point. Then measure the atmosphere on site using suitable interactive tools such as an audience response system, a dialogue-enabled computer or whatever suits your situation. Finally, take the temperature of the experience afterwards – digitally, through interviews or maybe using a questionnaire/competition.

Don’t be afraid to ask.

And don’t just ask the people at your table what they thought of the event.

Avoid a five-point scale.

In your average survey, nine out of ten will choose “three”, which basically tells you nothing more than that the event took place and that the person in question was there.

Relevance.

Emphasise the right evaluation questions. What scored higher, the conference or the lunch? What is more important to you?

WHAT DOES AN EVENT COST?

Even though the tired old cliché “how long is a piece of string?” may be relevant in this context, you will of course ask yourself the question: what does an event cost? The answer, of course, is difficult to give if you don’t know the needs and the objective. But we do know one thing. If you just think “cost” when you’re thinking about an event, you may as well cancel the whole thing. Spend the money on higher wages for your employees, more fruit in the office or a new printer instead. It’s only worth proceeding if you look at your event as an investment. An investment in internal or external relations to generate better business.

If you just think “cost” when you’re thinking about an event, you may as well cancel the whole thing…
– Trine Rygh Johansen, Inspiration Norway

What does an events agency cost?

Most of the costs of an event are factors that you can’t really influence: transport, accommodation, etc. If you engage an agency, make sure you know what the agency’s work costs, not what you have to pay for the agency’s subcontractors.

Projects have a tendency to grow.

Expect changes such as new joint ideas, changed circumstances or exchange rate fluctuations to cause the project and its costs to grow by 10-20% during the course of the process. If that’s too much – make it clear from the outset.

Volume discount?

It’s not guaranteed that all products in an event will benefit from volume discounts. When you’re booking flights and hotels, you realise that the opposite is true.

What is the value of the event?

In connection with communicating the message, can you educate, or conduct an employee survey or a customer satisfaction survey? Maybe there are other parts of the company’s budget that can be used?

Theme/Concept. Cost/Investment.

The difference between an event with just one theme and an event that reflects the company’s concept is significant, also from a cost perspective. Correctly interwoven with the company’s vision and concept, the event becomes a part of the shared journey ahead. Put simply, an investment. A party with just one theme becomes just a party. An expense.

Look for creativity, a holistic approach and transparency in the procurement process.

Don’t ask for the best price for a concept that you’ve dreamt up yourself. Ask for a concept and a cost for it. How, for example, does the events agency suggest that your company’s vision will be communicated during the event? If you like the concept – go out together and procure premises, speakers and entertainment. Transparency is the basis of a good relationship.

Be specific.

Explain the purpose of the event. To launch new products? To introduce a new manager? A company merger? Be as open as you can – the more the events agency knows, the better the ideas it will put forward.