For a business, running events can be a great way to increase engagement, boost awareness of products, and help answer customer questions about products and services. Of course, determining the success of the event is part of any business’s marketing strategy. When business owners consider metrics to assess the performance of a particular event, it is easy to focus on return on investment. Sometimes, it makes more sense to look at return on objectives, or a combination of the two. Here are a few ways to look at it.
What Is ROI?
Most business owners have at least a passing familiarity with return on investment. Simply put, ROI is the benefit that the business gets in exchange for the investment, usually in monetary terms. It’s an attractive way to measure event success because many ROI metrics relate specifically to increases in sales, upselling, or revenue. As a measurable set of objectives, however, ROI can be quite limited. Business owners who focus too much on ROI may end up shifting their marketing strategies in a way that promotes quick sales to the detriment of building or maintaining a satisfied customer base.
How Does ROO Differ From ROI?
In comparison to ROI, return on objectives is a set of measurables that don’t emphasize revenue more than other metrics that show greater engagement or interest in a product or service. ROO can be tied to numerical values, such as the number of participants in an event or the number of leads generated as a result of the event. ROO might also be more difficult to assess, such as an increase in customer understanding or an improved opinion about the company.
Choosing Measurable’s for Event Planning
In most cases, a combination of ROI and ROO will provide the best way to determine how well an event achieves the goals of the company. When developing an event content strategy, it may be practical for business owners to come up with a set of realistic objectives and set goals that can be measured using ROI or ROO. ROO often provides an immediate assessment of the event, with ROI to determine long-term financial success.
Events are important tools for businesses to increase sales and cultivate a loyal customer base. By considering metrics that measure ROI and ROO, business owners can gain a comprehensive knowledge of the success of their events.
