3rd September 2019
That age old desire to demonstrate the net value created minus costs (or ROI*) from events is still the most important thing to brands. With 96% of events still being considered revenue focused it is understandable why quantitative data is still king.
I would however argue that there needs to be a balance. We need to understand and value emotive feelings. Although technology is giving us more and more tools to evaluate the human outputs (changes in behaviour), it's not a perfect science. Yes, we can ask 'did something make you feel engaged, happy, sad, excited etc' but everyone's perception of what this means is different.
Is it possible to measure ROI with any consistency and independently? In my view when the ROI is transactional, the answer is yes; when the ROI is emotional – we're not quite there yet.
However, as we live in a world that demands us to combine both the ‘ones and zeros’ with ‘being human’ it is possible to use performance (changes in KPI’s) or impact (changes in knowledge/skills) data as ways of evaluating ROI - ie what has changed when comparing like for like data pre and post event. For a customer event this could be the number of leads/sales, or for an internal event this could be productivity.
*ROI (return on investment)
Image: Courtesy of OCD Media