From the communities created and relationships forged, to the connections made and information shared, the benefits reaped from hosting live events and conferences seem undeniable – although, admittedly, we might be a little biased. Once you’ve settled on holding an event, it’s important to have a plan in place to accurately determine its efficacy and outcomes.
These outcomes are often centred on return on investment (ROI). However, as a recent piece published in the Conference and Meetings World (CMW) magazine argues, rather than just focusing on financial outcomes, value should also be attributed to engagement.
A balance of success measures
ROI has its strengths; it’s more straightforward than finding ROE, as it can be found using data such as number of tickets sold, booths used and how much revenue was raised. In a world where money talks, ROI is a powerful tool for convincing those who allocate your budget. While it’s an essential part of measuring success, short-term financial revenues can’t and don’t tell the full story.
Events can strengthen brand reputation, provide an unparalleled platform for product launches and offer excellent insight into the customer journey and experience – aspects that are often free from financial sums. As such, the article explains that the aim of ROE is to “determine the impact of the event on the brand strength in terms of audience participation, perceptual change or company visibility.” All these have an intrinsic value.
At first glance this may seem like a challenging task because of how tricky it is to quantify networking and conversation using normal measures and metrics. However, through the use of tech tools, event managers are able to collect and analyse audience engagement data compiled at the event.
Creating a positive environment
For instance, live polling and Q&As have been shown to create positive, collaborative and inclusive environments that encourage audience participation. They’re able to not just foster engagement, but secure invaluable data that can then be used within the conference as talking points.
Apps, like our award-winning event app Chime, clearly and simply harvest data throughout the event, offer insight in real-time and update content live on stage. By utilising handheld devices such as iPads and smartphones, organisations can deliver information straight into the hands of audience members. With adjustable language settings, quizzes and unlockable content, organisations can use our bespoke branded app to ask questions, hold votes, record click through rates, play games and provide additional information for later data analysis.
Learning through engagement
Through the use of the right tech, sponsors and organisations are granted the opportunity to drive and control audience engagement. Brands can learn through meaningful, real-time feedback and adjust their strategy accordingly. This technology not only improves participation while the event is happening, it makes calculating ROE after the event even easier.
While financial sums are an irreplaceable component in any strategy, capturing the human factor is even more important when it comes to long-term success. Our app comes in three forms: Chime Complete, Chime Compact and Chime Cirrus – if you would like to learn more about what Concise Group can do for you, contact us today.