5 Tips to Measure Event ROI for Event Managers
It is not easy to determine or measure the emotional ROI of the brand event. If you think that deploying latest technology at your event is enough to measure the ROI, you are wrong. Many factors play in enhancing the overall ROI of your brand event.
If you want to get the most out of your brand event, you must look at post campaign numbers in order to know the event’s impact on audience engagement, brand perception, and memorability. Along with standard ROI, brands must consider whether the strategies are bringing the target audience and moving a stronger and long lasting connection with them.
If you are new to event management and never heard of measuring brand ROI, let's have a look at the guide to assist you in creating brand experiences with a much broader impact.
Have Clear Goals in Mind
If you are going to launch a new product and perceiving it as having an impact on the audience, you might need to think deeper. For generating better brand ROI, make sure to have measurable goals along with a commitment to follow them religiously gives your event team a checklist for actions. In result, you will get a strategic program along with smoother post-event evaluation process.
Think out of the Box
The traditional return on investment is opposite to event ROI. It is, in fact, the most effective when you foresee the usual metrics. Generally, every brand experience is unique and there is no such thing as a benchmark that needs to be followed and looked after.
If you go for out of the box attitude during the planning stages, you can consider the brand experience in a unique way. Exceeding the old and traditional metrics that can affect the impactful brand event will result in an impactful brand event.
Clear Difference between Emotional and Objective Indicators
As mentioned earlier that you cannot ensure how appropriate the particular information can be when trying to measure the event ROI. Make sure to follow the numbers and choose what percentages or rates will determine your success. However, when considering emotional indicators, you must be extra vigilant, as they can be exaggerated.
It is, therefore, necessary to come up with a unique scale of interpreting emotional indicators. For instance, you can see how your attendees felt about the brand experience at the end of the event. Moreover, what were the reactions on social media will also help you evaluate the ROI of your event.
Digitize the Whole Process
When you are clear, what you want to measure and what indicators you are focusing on, it is necessary to automate the whole process. For example, by using NVOLV, you can have access to a dashboard that collects and presents the number of attendees who registered and overall sales revenue.
Spend Time on Analysis
Numbers are a great way to understand the success level of your event. However, you need to dive deeper into a clear picture. It is true for emotional indicators. For instance, if you want to judge the emotional state of attendees, you may need to conduct qualitative interviews with few guests to comment about your event.