In my last column I posed the following questions: Why is it taking so long to determine the Return on Investment, or ROI, metrics for meetings and events? Does the meetings industry have researchers trained in providing education about this important aspect of the business world to planners? Where are the economical training programs within the meetings industry for actually measuring and quantifying what we are doing? Are planners creating their own metrics and not sharing them?
While we wait for training and measurements, here is a “quick” process, or template, for determining ROI measurements:
Purpose of the Conference: To save money
- ROI Measurement: Create a chart comparing projected costs ($500,000) vs. actual costs ($300,000) for one meeting
- ROI Statement: $200,000 in savings, or 40% savings
Purpose of the Conference:
To save money
- ROI Measurement: Create a list of discounts you negotiated with vendors for services for the annual meeting
- ROI Statement: $35,000 in negotiated savings
Purpose of the Conference:
To increase sales
- ROI Measurement: Compare sales figures 12 months after the sales launch ($1.5 million in sales prior; $2.5 million in sales after; $500,000 total launch costs)
- ROI Statement: $500,000 increase in new sales ($2.5m - $1.5m = $1m - $500,000 = $500,000)
Purpose of the Conference:
To increase the number of leads
- ROI Measurement: Compare the number of addi-
tional leads (1,000) after the sales training investment ($250,000 in training costs)
- ROI Statement: 1,000 additional leads = $250/lead
Purpose of the Conference:
To maintain attendance competitive advantage within the marketplace
- ROI Measurement: Compare your competitor’s annual convention attendance (1,000) to your association’s convention (4,000); or compare sponsorship/exhibitor revenue
- ROI Statement: 75% competitive advantage in attendance
Purpose of the Conference:
To maintain advertising competitive advantage within the marketplace
- ROI Measurement: Compare competitor’s advertising revenue ($200,000) to your association’s ($1,500,000); or compare sponsorship/exhibitor revenue
- ROI Statement: 87% competitive advantage in advertising revenue
Purpose of the Conference:
To increase advertising revenue for annual convention
- ROI Measurement: Compare last year’s advertising revenue ($125,000) to this year’s ($150,000)
- ROI Statement: 17% increase in advertising revenue
Purpose of the Conference:
To increase brand-awareness of organization
- ROI Measurement: Tracking with pre-event survey and post-event survey on the emotional connection the attendees (2,000) have to the organization’s brand
- ROI Statement: 90% of participants are loyal to the brand
Purpose of the Conference:
To improve customer service
- ROI Measurement: Compare mystery shopper evaluations every quarter
- ROI Statement: Maintained an average between 4.75 and 4.92 on a 5.0 scale on customer satisfaction every quarter
Purpose of the Conference:
To increase number of volunteers
- ROI Measurement: Compare number of volunteers from last year (100) to this year (150)
- ROI Statement: Increased volunteers by 33%
