Why is it so important to show return on investment from our events? Simple. Because we get to do it again, and again.

We all need to show the different stakeholders why investing in events is important and the easiest way to do this is through ROI. When we become successful at showing ROI,  it becomes easier for future funding approvals which means business units can spend their time focusing on other important matters. When measuring ROI for an event, it’s important to be as comprehensive as possible to get the most accurate picture of the event’s impact. 

1. Set SMART goals: SMART goals are specific, measurable, attainable, relevant, and time-bound. When setting goals for an event, make sure they meet these criteria. For example, a specific goal could be to generate 50 sales leads, while a measurable goal could be to increase revenue by 10%. Attainable goals are realistic, while relevant goals should be aligned with the overall business strategy. Finally, goals should be time-bound, with specific deadlines for achieving them.
2. Use technology: There are many tools available that can help you track and analyse data during and after an event. For example, event management software can help you track attendee registration and engagement, while social media analytics tools can help you track social media engagement. You can also use surveys to gather feedback from attendees and other stakeholders.
3. Consider all costs: When calculating the total cost of an event, make sure to consider all expenses, including marketing, staffing, catering, venue rental, and any other costs associated with the event. This will give you a more accurate picture of the investment required to host the event.
4. Use metrics that matter: When measuring the impact of an event, make sure to use metrics that are relevant to your goals. For example, if your goal is to generate sales leads, measure the number of leads generated at the event. If your goal is to increase brand awareness, measure social media engagement and website traffic.
5. Analyse the data: Once you have collected data from the event, use analytics tools to analyse it and identify trends and insights. This will help you to determine the success of the event and to identify areas for improvement.
6. Create a post-event report: After the event, create a report that summarises the results and the ROI. Include data on attendance, engagement, revenue, and any other relevant metrics. Use this report to communicate the success of the event to stakeholders and to make recommendations for future events.

By following these tips, you can capture a more comprehensive ROI from your event investment, which can help you to make more informed decisions about future investments and to justify your event budget to stakeholders. And sometimes, it just about having fun and increasing staff morale where the sky is the limit.