Conferences and events are often one of, if not the largest, financial line items in an organization’s annual budget. Hundreds of hours, dozens of resources, and even millions of dollars are spent to create amazing experiences and shows. Yet, many organizations lack proper Event ROI planning in order to report on their true event return on investment. Through years of experience, Paragon Events knows how planning ahead and trusting the right partners will help position your conferences and events for ROI success.
STARTING WITH THE CONFERENCE ROI BASICSAs with any plan or event, you want to begin with a solid framework. For ROI, this means reviewing the successes and failures of your past events. Analyzing past experiences will allow you to develop goals and identify the different metrics you wish to track. Past data will help you see trends, anticipate the future, and allow you to create attainable goals for growth. Paragon Events likes to begin this process by collaborating with our customers to set objectives and develop procedures for tracking progress during the planning process. Some basic metrics include:
- Attendance. Look at the total number of attendees and which demographics they fall into. For example: what percentage of your customer base do they represent? What category do they fall into as far as industry, title, decision-maker status, and geographic location?
- Sponsorship income. Sponsorships are a great way to reduce the cost of your event. Continue to review successful sponsorship engagements and provide your partners with new and innovative ways to engage with your audience. Elevated sponsorship opportunities will show your partners stronger ROI and benefit your events budget.
- Sleeping room utilization and attrition. Our team takes the time to review arrival and departure trends, room sharing tendencies, and more, to outline the best plan and contract to fit your event.
- Budget application. Understanding trends within your budget allows you to report your event ROI correctly. Did you come in under budget? Breakeven? It’s important to acknowledge the circumstances surrounding the actuals of each line of your budget.