With tighter budgets and meeting approvals becoming more stringent, being able to prove the value of a meeting is more important than ever before. One way to do that is by measuring the return on investment (ROI) of your meeting spend. While it might seem overwhelming to figure out how to calculate ROI for meetings and events, we have our Meetings ROI Guide for you, and here are some basic steps to get you thinking:
- Determine what is important for your meeting program by making sure there are clearly defined meeting objectives and program goals.
- Figure out what data needs to be collected, such as engagement levels, attendee satisfaction, relationship building, or internal knowledge.
- Verify that you have the right tools in place to collect and track the necessary data. Make the most of live polling options and other attendee engagement measurements during an event and don’t forget the value of tried-and-true measurement tools such as post-event surveys.
- Lastly, start tracking your data now that you have the objectives set. Determine the metrics you want to collect and figure out how you will collect them. Just remember, if you are starting from scratch, it may take time to build up information to determine ROI.
How are professionals using meetings ROI metrics? To help understand how others are tracking meetings ROI, American Express Meetings & Events conducted a survey in June 2021 that asked clients to share their knowledge of ROI and how they were utilizing it in their meetings and events programs. The results show that while 70% said that measuring ROI for meetings and events is relevant for their organization, only 44% said they actively measure ROI for their events. Of those who measure, 100% focus on measuring attendee satisfaction while 47% are focused on measuring monetary value.
Measuring ROI for meetings and events might sound daunting, but it is a valuable tool to confirm that the meeting’s objectives are being met. Need help on what to look for, such as what metrics to use and when? Download our Meetings ROI Guide to learn the five most common metrics used and start tracking your meetings and events success now!