Most startups and medium-sized businesses are concerned about ROI. With the audience’s gradual shift toward digital innovations, online event platforms are meeting a wide range of virtual audience needs. ROI means “Return on Investment,” and it directly relates to the website or service activity data during a specific period of time.
In this blog, you’ll find the significance of ROI for the success or failure of any type of event. In addition to this, we’ll also provide five pillars of success for making your event very effective in terms of audience count and revenue generation.
ROI For The Events: Measuring The Event Performance
There are internal events that are only thought of in terms of their societal impact. The company picnic or the Christmas party, for example. However, for all other events, both internal and external, the planning process should always be guided by specific goals and metrics that are connected to ROI.
It’s time to gauge the business effects of the events you plan if you’ve been largely concentrating on the creative parts of event design. Corporate events have a value that should extend beyond the immediate event. If you want to capture ROI, then you’ll need to start pinpointing the goals and objectives for your event and quantifying them.
How To Calculate ROI For The Events?
It is quite a simple process for the calculation of event ROI. All you need to do is simply divide the event profit with the cost of making the event happen successfully. In addition to this, you’ll get your answer in the form of a percentage or ratio. If the result is positive, your investment produced a profit; if it’s negative, your investment resulted in a loss. Let’s take the case of a mid-sized business that has opted to invest in new software in order to increase earnings.
It’s critical to account for less evident aspects when determining ROI, such as time, unadvertised prices and charges, and even psychological factors like stress. Your ROI may affect by all of these factors.
Which Are The Pillars Of Success For Maximizing Your Event ROI
It is important to consider the tips and tricks that are helpful in maximizing your event ROI. let’s have a quick look at some of them below –
- It starts with the selection of the right type of platform for your event. Here, the platform is of prime importance because it is the way of communicating with your target audience. If we closely look at the current scenario, there are lots of new platforms coming up every day. Furthermore, you have to rely on a platform that is well-established and credible in the eyes of your target audience.
- The next pillar includes the expertise you need to make a greater impact on your audience during the session. It involves the selection of immersive features for the session which ensures the active participation of your target audience. In addition to this, features like live Q&A sessions, polling, feedback, and others work in the creation of brand awareness for your audience.
- With the help of integrations with social media, you can do wonders with your event. All you have to do is post an event URL on social media platforms like Facebook, Instagram, and others. In addition to this, you can also share short stories, post-event teasers, and do lots of other stuff to grab the audience’s attention.
- Coming to the next part, not every task can be handled individually. You need a team who can work together and make things go smoothly. Online event platforms should provide dedicated tech support in case your event is struck by some glitches. Roles and duties controlled by a Run of Show or RACI chart assist in identifying accountability and confidence. A reliable partner will suggest the ideal team needed to perform a faultless event based on the scope and complexity of your event.
- All of us have been there. Two minutes remain till the start of your event, but something goes wrong. Working with a partner who will go above and beyond for you is essential. At the most crucial times of your event, having peace of mind can help you create a foolproof contingency plan or give your staff extra training time to boost confidence.
Top 3 Strategies to Boost Your Event ROI
Selection of the Speakers
Speakers are the main point of focus for the event attendees. With the help of inviting industry experts to your event, you can make your audience comfortable while they put up their queries and doubts. In addition to this, sponsors can also benefit your event in the initial days by keeping the budget on track and focusing on other targets to achieve.
Relying On Advertisements
The promotion of partners and sponsors at your event has no limit on many items. Your partners will value being in the spotlight all day long and the extra money you can make from selling advertising space at your event.
You have the chance to sell advertising space during the initial few seconds of a presentation if they happen throughout the day. Simply including the company logo on a slide might help attendees form a more lasting impression of the sponsor, which may persuade them to return to the exhibit or stall later.
Tracking Leads
Leads are the point of concern for the event sponsors. With the lead tracking tools, you can identify where you’re standing in front of your competitors. Try to get your leads fully converted into potential customers without letting them go cold. In addition to this, you can use social media platforms like Facebook, Instagram, and others to generate quality leads.
Let’s Wrap
To maximize the results, you have to select the perfect match for your event. With the creation of a model that includes every aspect and parameter related to your event, you can easily manage the complexities. For your ROI, event marketing also plays a very important role. With the integration of online event platforms with social media and other third-party apps, you can utilize your talent at the right time.