The rapid return of in-person events makes the ROI and risk management components even more important for planners to manage. Photo Credit: gettyimages/tumsasedgars
The pandemic has spurred the popularity of events with virtual,
hybrid, live and micro formats. Here are four ways to maximise your
return on investment, whichever the format.
What’s in it for me?
Fredrik Hermellin, senior
global sales director at CWT Meetings & Events says that with large
events coming back at a rapid pace, the ROI and risk management
components have never been more important.
”You need to know your audience and your objectives well - your
attendees will only come if they feel there is something in it for them
and that they are invited to an event that is safe,” he says.
“Micro-events are different and will always be part of the scene. The
objectives are more intimate and play an important role in getting
small groups of selected attendees, investors, VIPs or clients together.
The cost-per-person is often much higher as there has to be a larger
impact on each attendee.”
Up close and personal
Micro-events allow for that
highly personalised feel that humans crave for, so personalisation is
key for maximising ROI. “Treat your guests like ‘VVIPs’ to lure them
back as a ‘sticky’ audience,” suggests Tay Ling, vice-president, TBA,
Hong Kong.
“Just like in the online world of performance marketing, offline data
is very critical to performance. At Pico, we have Experience Pulse,
which is our advanced data analytics that allows us to maximise audience
engagement and ROI. Data learning, collection and analytics have to be
done experientially, with all five senses of the audience activated,”
adds Tay Ling.
Set your target pre-event and follow up during the event
Calculating
the ROI is an exercise that always comes down to your target, goal or
objective, which must be converted into a monetary value. When you have
the target and the value, you can look at getting the right audience, at
the right location with the correct message.
“During the event, you need to know if you are doing well or not,
your follow-up process starts then,” says CWT’s Hermellin. “As your
audience is leaving the event, you need to understand if you were
successful. Then follow up on your investment until you have reached
your ROI.”
A wider reach does not necessarily equal a more substantial ROI
By
hosting a hybrid or virtual event, you can accommodate a greater number
of delegates. But it can be harder to convince attendees of the value
of a virtual event and it’s far easier for them to literally switch off.
Investing in content is key - not only can you use it to engage
audiences at the actual event, but it can be repurposed post-event to
help attract new leads.