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The ROI of Meetings and Events
From registration to post-event behavioral change. Event ROI metrics can be difficult to identify when there is so much that could be measured. The reality is that the right event ROI metrics to collect will always depend on who you’re collecting them for.
Front line staff will find information around the onsite experience and short-term reactions to be most valuable. Management wants to know if people learned something and how they plan to apply that learning. Senior management care about consequences and dollar ROI.
PortMA works with you and your event team to identify who we are collecting data for and exactly what we will do with the data once it’s collected. This process is often executed by the following five steps:
- Identify the Stakeholders
- Complete Stakeholder Interviews
- Develop Methodology and Brief Team
- Facilitate Data Collection
- Analyze Data, Write Report, and Brief Team
Step 1 – Who Are We Measuring For?
PortMA works with the project team to identify the stakeholders and managers that have a vested interest in the experience, impact, and value of the event. Politics are discussed.
Step 2 – Interview Stakeholders for Priorities
PortMA then interviews the relevant stakeholders to develop a set of metrics that define each person’s learning objectives. This process is organic but the research team is often looking for six potential areas of interest:
- Inputs/ Indicators: # of meetings, audience, costs, and efficiencies
- Reactions/ Perceived Value: satisfaction with experience, environment, content, and perceived value of meeting
- Learning: meeting take-aways, information, knowledge, skills, and contacts
- Application & Implementation: progress after the meeting; use of information, skills, and contacts
- Consequence: business impact in terms of improved quality, time savings, evolved services, acquisition, cost savings
- Return-on-Investment: Compares the revenue realized and/ or costs saved to the meeting budget
Step 3 – Methodology Briefing
Based on the outcomes garnered from the interviews, the PortMA team designs a data collection and reporting methodology for the event and presents this plan to the full project team for input and approval.
This includes a brief survey to be completed by meeting participants during or immediately after the event.
Step 4 – Facilitate Data Collection
The PortMA team works with the event team to collect data from meeting participants. The exact data collection method is worked out during the methodology briefing (Step 3) but can include a survey completed by participants during the event, on their smartphones, and/ or a follow-up survey sent via email invitation immediately following the event.
Step 5 – Post-Event Round-Table Briefing
The resulting data is analyzed and compiled into a comprehensive event recap report that aligns with the key measurement objectives. This report is presented to the full team in a round-table type briefing with a focus on implications and recommendations.
While rooted in methodology and a process based on a history of success, the PortMA team lets the specifics unfold based on stakeholder feedback and needs. This ensures a truly custom solution without risking success.