Planning company events can be a labor-intensive process, and as event planners we want to make sure that we are getting a solid return on our investment, as business meetings and corporate events are big investments in both time and money. Thus, you should, indeed, keep track of whether they are serving your objectives and your bottom line. If you organize the team-building events for your company, how you can measure the success of such events?
Measuring Event ROI and ROO
If tracking the success of your events is a relatively new task for you, don’t worry. You can employ a few simple guidelines to determine whether your efforts are successful.
First, you should always keep event or meeting return-on-investment (ROI) in mind during the planning stages. This will help to yield a positive outcome overall. Also, you should expect to experience a “return on objectives” (ROO). Just as you want to see quantifiable results for your time and money investment, your less measurable objectives like collaboration and morale are also important.
If you have planned an offsite team-building event, for example, your main goal may be to improve productivity levels overall by fostering deeper engagement. You might track the results of this objective by viewing productivity analytics before and after the event, or running employee satisfaction surveys.
If your top objective is to profit from a corporate seminar for your clients, you focus on how many sales or accounts result from the event. You can keep a spreadsheet that tracks how much you spent on the seminar versus how many sales you were able to secure. To ensure an accurate figure, you may need to track the resultant sales over a period of weeks or months after the event.
As an event planner for your company, you might be primarily concerned with minimizing the costs of offsite meetings. One way to accomplish this is by booking a venue that arranges food and entertainment for you. You can measure the cost savings by comparing the total cost with the fees charged by other venues that require you to arrange your own outside catering and entertainment.
Measurable Success in Event Planning
When you have clear expectations and goals in mind, you really can measure the success of your event planning efforts. It is important to remember that the ROI or ROO for company meetings and other events takes time to develop. By maintaining a ledger or spreadsheet of sales, survey results or other measures for tracking purposes, you will be better equipped to measure the outcome over a longer period.
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