ROI on Events - The Crucial Planning and Execution Phases Required to Maximize ROI on Events

If business is unable to demonstrate ROI on events, the question begs to be asked, "Why would they be held in the first place?" We know that well planned and well executed events add tremendous value and by removing them we would be perpetuating the very result we are trying to avoid, loss of market share and loss of revenue. Cutting out events is not the answer. Changing the way they are planned and executed is! In this article we consider the crucial planning and execution phases required to ensure ROI on events.

In support of the argument for well planned meetings and events, the survey results below outline the value derived from personal engagement with key stakeholders:

1. A survey of 401 executives at companies with more than $50 million in annual sales was commissioned by the U.S. Travel Association and conducted by APCO Insight in February 2009.

Some of the results were as follows:

• 81% believe that more client contact is necessary in a slow economy


• A strong majority (59%) strongly agree that in-person contact grows their business

"It's a classic trade off between short term cost-reductions and long term value," said Kellogg Business School Professor Daniel Diermeier. "During times like these, many companies will go too far, and actually cut back on the activities that would best position them to compete in the future."

2. The results of EventView 2009 North America, shows that event marketing accelerates and deepens relationships and is the marketing discipline that provides the greatest ROI.

The call for an athletic approach to the planning and execution of meetings and events

It is now common knowledge that top athletes depend more and more on mental agility to achieve record breaking results under current, unprecedented competitive conditions. By the same token, business leaders across all industries are being called upon to sharpen the saw, innovate, think differently and be totally focused on their goals. As a result, meeting and event planners need to be vigilant about ensuring a measurable ROI on events for their clients. The bar has been raised and the ability of an event planner to generate economic value through meetings and events has become an entry level requirement to succeed in the industry.

How do we maximize ROI on events?

Through a strategic but engaging process that incorporates the following planning and execution phases:

1.Trimming and Streamlining
Engaging with business heads to identify and plan only those business events that will contribute to the overall business strategy.

2. Strategic Focus

• Identification of the business objectives of each meeting or event


• Defining the business value or outcome that is required


• Setting measures that will determine whether the desired outcomes were achieved

3. Personal Engagement and Customisation
Personal and meaningful engagement with all participants before and during the event will ensure guests do not just feel like a number. Aspects of an event that allow for customisation to particular guest preferences will go a long way in making guests feel special.

4. Strategic and Creative Design Process
The design process comprises two elements:

• A strategic focus to ensure all the meeting or event objectives are met


• A creative process that ensures all the sensory aspects of the event meets and even exceeds guest expectations (i.e. innovative decor and entertainment, unusual setting or venue, exceptional cuisine, surprise elements etc.). Rather than bored meetings, a bit of creativity can inject inspired energy into the meeting process.

5. World Class Execution
World class delivery is so much more than ensuring logistics run smoothly. It means unprecedented service levels and the highest quality on all event elements. Over and above this, it means that great care has been taken to ensure the needs of the guests are met. This personal touch is often the differentiator from a guest's perspective and always leaves a lasting impression.

6. Delivering Results through Continuous Improvement
After the event, a thorough assessment must be conducted to gauge whether the objectives were met. This is a crucial aspect of the process as it enables reflection which leads to learning and continuous improvement. A well presented document that details your assessment of ROI and ROO will be well received and completes the event cycle.

The business landscape is changing and so are the rules of engagement. Meeting and Event Planners that respond appropriately and effectively will set the industry standards and ultimately capture market share.