Calculating ROI and ROO Of events and Meetings

Calculating ROI and ROO Of events and Meetings
 

Each and every event planner while planning any event knows about the process, method and logistics control of the event. Many organizations, planning events make relationships with each other to enhance the elements of event. It’s very good step in professionalism.

Many event planners when come at the stage of executive duties feel very comfortable after the long life of struggle. Making a plan and implementing some business events is not the end of the story. Business events are usually investment of some group; you really have to estimate the value of the event through some calculated process.

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Catering plan for an event

ROI (return on investment) and ROO (return on objectives) may be new terms for some event planners. But the effort to calculate both values will tell their overall involvement and struggle in event.

Basics of Event Calculation

Measurement of the event program usually varies from company to company. Different organizations have different business models that are profitable and non profitable. So what way event planner should adopt to measure the event?

First of all if you will start calculating the financial issues of the organization then you will be able to get outcome of profits and savings. For example, while negotiating about the hotel room, hall and catering what was the saving?

Secondly if you will start working on the business issues of the event you will able to measure the overall contribution of business process and map. For example while conducting some educational seminar you will also contributing to launch some product. At the end you will check that will the event was planned within the budget? What was the profit? And client was happy with the organization of event or not?

Strategic Event Calculation

ROI can be viewed at two levels one is organization level and other is participant level.

  1. The organization will check ROI by adding all the values and comparing it with the estimated value of organization.
  2. At participant level ROI will be measured at work of each individual and check the value on per person basis.

Other important elements are as follows:

  • Detection.

    Event planners should involve the stakeholders to check participants, material and guests speakers. Make questions and give them to stakeholders about the strategic objectives of meeting.

  • Survey.

      Event planner should define some elements to measure ROO and ROI. Make different surveys and ask the invitees to fill them to identify different issues and problems.

  • 7 Basic Elements.

     Seven basic elements of attendees that should be covered are:
  1. Knowledge level
  2. Opinions and participations
  3. Feeling and attitude
  4. Skills and experiences
  5. Commitments
  6. Behaviors  level
  7. Business values of ROI and ROO

 

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Great Partnerships to plan Special Events

In the end planner should identify the main points and objectives of attendees and tell how the message will be presented. You have to calculate that program is delivered in the same way as the benchmarks were created by the help of pre-event surveys. Check the financial and non financial effects of program on attendee’s behaviors.