How do you quantify the results of your meetings and events? If you’re only using attendee satisfaction to determine the return on investment (ROI), you could be doing your organization a disservice. A recent National Business Travel Association study shows that only 31 percent of organizations move beyond attendee satisfaction to assess the learning that occurred at a meeting (assessment level two); and the measurement of how the learning was subsequently applied by the attendees (assessment level three).
While the attendee’s satisfaction is a good start (it’s the first assessment level of the ROI Methodology), stopping there can result in erroneous assessments, as it doesn’t necessarily correlate to a meeting achieving its business goals and objectives. To help planners get over this hurdle, the ROI Institute simplified the process with its ROI Methodology, which helps planners move beyond tracking just meeting characteristics, to the measurement of what Meeting Professionals International calls “reaction and perceived value.”
In order to define a meeting’s objectives and the desired ROI, consider the following:
- What do we want to achieve as a result of this meeting?
- How do we measure the application of what took place at this meeting?
- What long-term effects should this application have within our organization?
- Consider hard data such as increased sales, increased staff efficiency, and reduced rework, as well as, less tangible things such as employee engagement, creativity and brand awareness.
Although there are more comprehensive ways to measure ROI, answering these questions will help planners isolate the true effect of a meeting and understand how the resulting business impact will be measured in a monetary sense.
For more information, visit Roiinstitute.net.