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April 29, 2024 Audrey Kearns

The Event Impact Equation

Measuring What Matters

Do you ever wonder about the true impact of your event experiences? It’s worth considering. 

Measuring results to demonstrate your event has met its objective and financial goals is the responsibility of every event professional. Leveraging this data proves your value within your organization, helps sell event strategies to decision-makers, and makes the case for continuing or expanding your event with bigger budgets. Measuring success is the ultimate pillar of Smart Experience Design.

Smart Experience Design is a strategy born from the desire to make experiences better by pushing boundaries while respecting budgets. It’s the collective wisdom gained from decades of delivering high-impact experiences that people love. BeEvents delivers this strategy through a process that optimizes budgets, measures success, and is the most fun you have at work.

Tracking results includes setting objectives, identifying benchmarks for success, and spending strategically. 

The Solution Lies Within Your “Why”

There is no one-size-fits-all approach to measurement. Each project requires its own strategy and measurement plan tailored to your project’s unique objectives. Begin by naming why your group is gathering, then establish the benchmarks and tools necessary to demonstrate success. Once identified, set specific measurements to track against those outcomes. 

Pro-Tip: Focusing on the “why” behind each project ensures that measurements are meaningful and directly tied to event-specific goals. Establish the objectives and measurement plan from the outset to avoid last-minute adjustments. An event designed to deliver on your objectives will leave a lasting impression.

The Complexity of ROI

Return on investment (ROI) is a top metric to track, especially when reporting back to the C-suite. Not only does it help to evaluate the profitability of their investment, but it also guides decisions about resource allocation in the future. Tracking ROI is typically more straightforward in B2C scenarios, as sales figures can oftentimes link back to specific touchpoints, but in B2B settings, success takes on a different form. Instead, it may involve changing perceptions, improving relationships, or boosting internal employee satisfaction.

Pro-Tip: There is a subjective and fluid nature to experiential results. It is important to be thorough and adaptable when both tracking and reporting outcomes. By effectively communicating even the more nuanced outcomes of your events, you will demonstrate your value and impact.

Demonstrating Wise Spending

Event professionals play a crucial role in being good stewards of the money entrusted to them. Responsible spending could be measured in terms of improving access, process efficiency, and resource savings. There are opportunities beyond ROI. Showcasing data points on the positive impact of sustainability, diversity, and accessibility proves responsible spending. In the spirit of positively impacting communities, these are standard measurements for BeEvents.

Ready to justify your role and show superiors a tangible return on their investment? Whether in terms of sales, community impact, or improved employee satisfaction, with Smart Experience Design measuring results comes with ease. Partner with BeEvents to receive the results you’ve always been looking for.

(This article was created in partnership with BizBash, here.)

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