Every venture is an investment intentionally set up to make a profit or perform optimally, therefore to evaluate the efficiency of the investment or interest ROI comes in handy.
ROI also known as Return on Investment is a financial term used to measure performance. It may seem confusing and complex to some especially for those not in the financial sector. However, you cannot completely do without this reality. In the other hand, events can absolutely impact greatly on the ROI of your organization. Find below interesting factors on how you can use events to enhance the ROI of your organization.
Determine your ROI
The first step is to determine what your ROI is expected to be. ROI can mean different things to different people or group. To the non-profit organizations (NGOs) it could be a measure of high impact and influence on the behavioural change of a certain target audience. For a service organization, it could be the amount of many more customers that have demanded their services at a particular time of review. While for others it could be how much returns monies they have gained over the last period of investment. For whatever model, it is important to be realistic, and specific.
ROI may not be a static value, but understanding the range of what the expected is will go a long way. Scholars have also fashioned a mathematical formula for the calculation for ROI which can help to get a standard value. Further research will help you to understand the use of the formula.
Create the event
It is time to create an event that will directly impact on the ROI that has been set above. At this stage, it is time to carefully look at your audience or customers, understand their interest and behaviours, some will call it psychographics demographics. These are essential metrics that will determine what type of events you will need to create. It will also determine when, where and how you want the events to be. At this stage also certain objectives will have to be drawn in connection to the ROI determined above. You may likely want to involve an experienced or top event manager in the business of events planning and management to bring in their expertise in order to reduce the risk involved. A one-off event may not give you results, but a constant consistent event may get you to that destination.
Events are undoubted, an absolutely sure way of exposing and promoting your brand to a certain public. It also helps to remind and or keep your brand on top of your audience mind in relation to other brands that keep competing with relevance and space.
Use your tape
The major reason for setting objectives for the event is to measure compliance or level of attainment of the set goals at the end. As mentioned above evaluating every event will help to adjust and re-adjust inputs needed to facilitate attainment of the goals. Realistic, specific and measurable goals are the only sure way of getting true results. A Post event survey will do a good job to fetch the essential information needed for a decision. In other terms, you may check the numbers of sales experience after the event etc.
Re-launch into the deep
One cap may not fit all. While it is quite a difficult task to study the psychographic demographics of your audience in order to know what works for them, it is not out of place to try and try again using various indices in the event of not getting what is needed at any instance. Getting results must be the mindset of the team and therefore no quitting no matter the frustration. Every event may be unique in style and delivery but should carry a consistent message at each instance.
Mfonabasi Udoh Barry is a PR professional, a communications and social media strategist. He works with DOXA DIGITAL NIG.