As we emerge from government fiscal year-end and start planning for calendar year 2015, it is a good time to look at how to budget for (or use budget already allocated to) face-to-face events. Whether you are planning events or looking to attend, the ROI of these events is critical.
Amidst reports of travel budgets being cut and general tightening of overhead budgets, there is a lot of optimism for real-time events. Earlier this year, EXHIBITOR Magazine surveyed professionals in the event industry (across all sectors, not just government). Overall, the survey found that 77% said trade show budgets had increased or stayed the same over the past year. When asked about the effectiveness of tradeshows (in terms of marketing), 47% were optimistic with another 40% saying they were hopeful. Mixed with reports of attendance records at a number of large shows, this data shows that there is still an incredible interest in planning and attending in-person events
These numbers may look different if just the government sector was surveyed as we know that budget cuts and travel restrictions are a reality. Regardless of the optimism or pessimism, it is critical to rethink how we show value in our events and attendance.
Knowing that attendees have to justify their attendance, successful event planners have built in ways for people to see ROI in their event. These include:
- Social Networks - building event-specific communities online (either using Facebook, LinkedIn, Twitter, or a separate event community site) to expand the interaction between attendees and exhibitors beyond the couple in-person days. Being able to interact with people outside of the physical event, lengthens the relationships and learning.
- Big Data - offering custom analyzed data on attendees to exhibitors and sponsors, providing a more detailed look at the demographic they are most interested in selling to.
- ROI Tools - there are a number of ways to arm attendees with the data they need to prove the effectiveness of an event. From detailed handbooks, to pre-show videos that walk attendees through the agenda and reasons for attending.
- Personal Connections - building in more intimate "special interest group" events into larger conferences for people with like minds to connect in a smaller group. These events can be during the conference, leading up to the show, following it or even in place of larger events.
How about you? How are you measuring the ROI in your events?
Image from: http://chialichien.com/cal/blog/551-realize-your-business-roi.html
