How to increase ROI (Return on investment) factor of event

How to increase ROI (Return on investment) factor of event
 

ROI means “return on investment”. It’s a calculation of single investment or number of investment to calculate what gained in end or what was the profit.

Formula to calculate ROI is:

Gained investment – total investment/ total investment

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ROI is a profit calculation ratio. High ROI means gain in investment and lower ROI means loss in investment. There are number of tradition with the help of which planner can increase ROI factor of an event. Even if the budget is limited and tight good planner increases the profit gain. Following steps will be helpful for you to increase ROI.

Objectives and goals:

Set your objectives and goals at initial step of event planning. You have to give valuable thing to client, sponsors and attendees. Satisfying the customer is important measure to increase ROI. You can satisfy customer with wide range of variety of food, venue and decorations.

 

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Concentrate on quality:  

Plan a good eminence event and make it worth seeing for audiences. Customer and client will be really satisfied and happy with good class of event. Create a good balance between your busniess, money and entertainment. Good quality and rank of product will increase the ROI of you event and attract more and more audience to attend it and you will gain income in end.

 

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Technology:  

Use hi tech technology according to the needs and requirement of today’s world to increase ROI factor. Wise use of technology and cut your other costs like printing. You can send invitation online by any social networking sites. But everything should be done for the value and benefits of your customer.

 

Learning and handout: 

Again maintain balance between money and entertainment. Attendees should enjoy the event comfortably and learning aspect should be higher. If they won’t able to learn anything then you will be at loss. Provide them with friendly handouts to takeaway, this will attract them again to approach event and your ROI will be maximum.

 

Success Level:

Now you have done all things to maximize you ROI but how you will measure it in the end. Get feedback. Check two things. One is performance and other is affect. What was the effect of event on audiences at the end? Give them online survey and polls and get feedback on it and make assessment report. Basic ROI of event is its value not the cost. Making a value of event will indirectly provide you profit and increased ROI factor. Check whether you got big ROI directly from your event or with some external bids like marketing and advertising. Don’t spend too little to get valuable ROI. Be wise in spending and using all forces at right time and right areas, over use of money at unwanted areas or spending too little will generate negative ROI. Don’t use any risk to pull your event in danger and risky condition. Make schemes and methodologies prior to event to increase the chances of ROI factor.