Seasoned event professionals already know the value of planning an event with a positive ROI (return on investment). This means your event is generating more (monetary) value than it costs, which is always a good thing in business.
What then, is ROO? And should it matter to event planners?
ROO is your event’s Return On Objectives, and it’s a crucial measurement to accurately access if an event has met its business objectives.
Step 1: Set your objectives
Before you can measure anything, you’ll need to know what you want to measure – and to do this, you’ll need to set your event’s objectives.
Some examples of event objectives can be:
- Attendance numbers
- Participation rates (i.e. How many percent of your attendees participated in selected event activities?)
- Sales made at the event
- Publicity gained from the event
- Audience feedback (i.e. Did you get valuable feedback from your audience?)
Gathering these results can be a hassle if your team is doing it manually. We recommend enlisting the help of an easy-to-use tool, such as the PowerVote Mobile Event App, to make results-gathering a breeze.
Step 2: Measure your return on objectives
Now that you have the results, it’s time to calculate your return on objectives.
- Which objectives did you hit, and which did you miss?
- If an event missed any of its objectives, why?
- If possible, calculate the value of the objectives an event has accomplished
Weighing your results against the amount of time, money and effort invested into the event will give you good insight into the quality and effectiveness of this particular event.
From there, you can decide if it will be worth it to repeat the event, tweak it for even better results in future, or discard it and take a different approach next time. For help with improving your event’s ROI or ROO (or just to make it more interesting and effective in general), contact your friendly PowerVote consultant. We’re always happy to help.