10 Ways to Achieve ROO/ROI for Your Event (Part 2)
This is part two, for part one click here.
ROO (Return on Objectives) goes hand in hand with ROI (Return on Investment) when it comes to measuring the success of your event in the broader sense. ROO allows you to improve your event based on how successfully you met your objectives, while ROI indicates the financial value of your event. All analytics can be measured via an event app.
6. What do you Need to Measure?
Figure out what data points you need to accurately measure in relation to the goals for your event.
Everything you do should be part of building your road toward these goals. Take care of everything, of course, but focus most of your energy on the things that lead toward those goals.
Make a list of all the data you need to gather and how it ties back to your goals. This will help you calculate your ROI later.
Here’s a sampling of the types of data you might need:
Qualified sales opportunities
Event website referrals and conversions
Search ad impressions and clicks
7. How will you Measure?
Figure out how to measure all the data on your list. Your existing CRMs, analytics tools, social platforms and survey tools should have ways for you to see those statistics, but be aware of quirks! Some platforms only show data for certain time periods or only in certain formats.
The “how” should also include “how to get accurate data.” This means no clipboards full of paper forms for company reps to fill out and forget. We all know that info will never make it into your CRM.
Make life easier on you and everyone else by using an event app to make the whole process a lot less complicated. An event app will help you gather and measure data with ease through polling, surveys and analytics.
Analytics will show click-through rate on sponsor ads, how many attendees logged on and much more. As well as this you can quickly download survey results at the touch of a button. With an event app, no data is ever lost!
8. Identify the Benefits of your Event
Think about your organisation, how did your event benefit it? No matter how the attendees and other stakeholders reacted, it is important to remember the intangible benefits of your event.
A successful event can be great for staff motivation and direction. If they feel like they created something brilliant, and have shown the company in a great light, they will be inspired by the experience.
Marketing-wise, your event gets your company out there and is great for morale. No matter what your company will most likely feel united by the event experience, which bodes well for the future.
Your event will pose many new networking opportunities. Add delegates’ emails to your mailing list to update them with VALUABLE content, you don’t want them to unsubscribe. Most importantly, chase up anyone who you feel you made a strong connection with and could benefit your business in the future.
Be sure to consider these aspects of success when measuring ROI.
9. Planning Ahead
Calculating ROI and analysing data helps you understand how you performed at your latest event and how it stacks up to all of your events. Now put it into action. You’ll be able to plan your future events with a lot more confidence and less estimating.
Maybe the big event you thought was a “must” is really a “bust.” Maybe that small regional conference is an unexpected goldmine of leads and relationships. Maybe being the most-recognized big fish at a smaller conference means a greater awareness boost.
The point is, if you have the data, you’ll know what makes sense and why. If you’ve been calculating your ROI, you’ll know what’s worth your time.
10. Communicate Results
Sharing your feedback and overall take-aways from the event is so important. It is vital in ensuring further investments in events and a focus for achieving better results in the future.
All data is easy to download through your event app. Perhaps you could also consider sharing event app adoption rates as another success.
You’ve worked hard for this, now is the time to show off the data!