Measuring ROI in events is crucial for demonstrating the value of events to stakeholders for continued investment. It is an essential skill for event leaders to master to achieve their goals and ensure the long-term success of their event strategies. In this week's episode of #GreatEvents, I sat down with Brad Gillespie, VP and GM of Cvent Consulting, to discuss ROI in events. Here are the main takeaways: 1. The importance of ROI in event programs: Understanding and quantifying events' impact on stakeholders is crucial. Program leaders are often tasked with providing clearer numbers and stories to defend or expand their programs, and ROI plays a crucial role in substantiating these claims. 2. The ROI equation: The ROI equation consists of income minus expense, divided by the cost, multiplied by 100. This equation helps calculate the ROI percentage for events, providing a measurable value for the benefits generated. 3. Quantifying benefits for internal events: While quantifying ROI may be more straightforward for commercial events, there are still challenges in measuring benefits for internal programs. Brad suggests focusing on objectives and metrics tied to engagement, retention, and other relevant factors to demonstrate the value and justify the ROI of internal events. Curious to learn more? Click the link in the comments.
ROI is key, thanks for sharing
Director, Market Strategy & Insights, Cvent Consulting
9moCheck out the full episode here: https://utm.io/cvent-great-events-podcast/event-roi