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4 posts categorized "Events"

2011.02.14

Deja Vu, All Over Again

Rewind to 2008. The economy stumbles, confidence is rattled, anger flares and finger pointing begins in the meeting and event world. "Corporate extravagance! Waste! Boondoggle!" And leadership was left unable to defend their investment in people, unable to prove the ROI of meetings, incentives and events.

Fast forward to 2012. Things are looking up; attendees, flight loads, occupancy, spend, etc.  There is cautious optimism in the air - things appear to be coming back!

This time around, wouldn't it be nice to be prepared for the next cycle? If you could prove the value of your company's investment in people, could we prevent the manic cycle of boom and collapse we've experienced over the years. We believe the key to doing this is to measure the results of all your meetings and events. And in some cases, actually measure ROI.

Measurement is fundamentally a process improvement tool. Armed with the ability to prove value, though, it can effectively serve as a way to defend existing programs and justify future investment.

So, what are you doing to build the business case for your organization's investment in people? We would like to know.

Join us while we teach The why's and how's of measurement at our five day ROI Certification Course.

2010.09.03

Virtual Meetings Results – The Dirty Little Secret about Digital Events

Measuring the Impact of Meetings:  From In Person to Virtual and In Between
Over the past couple of years the economic pressure has made every company rethink and reevaluate almost every expense line in the budget.  Coupled with negative media scrutiny of “boondoggles”, extravagant executive retreats, decadent meetings and events – the “meetings” industry has been hit hard. 

If you traditionally operated meetings or events of any sort, the rules that govern their design and implementation changed fast.

Hoping to avoid not only the expense but the unplanned scrutiny of major meetings, planners and executives have been looking for ways to reduce the costs and still realize the benefits of getting their teams together to train, share best practices, network, build esprit de corps  and in general, enhance engagement during this tough business cycle.

These issues have given rise to more companies considering virtual events as well as hybrids where there is an in person audience and a virtual audience.  But this is still new territory for most companies and meeting planners and questions about their effectiveness abound.

The Virtual Meeting and Event Dirty Little Secret
Everybody is asking but nobody is proving whether digital events are effective. There you have it, the industry's dirty little secret. It reveals a huge gap that exists and is currently being filled by using extensive web analytics-style metrics that measure activity such as logins, streaming content and downloads. Don't get me wrong. These are all important measures but they only measure activity and not the impact on the person seated in front of the monitor on the receiving end of the meeting or event.

This is exactly why The ROI of Engagement Team is  working with partners developing the tools necessary for planning, operating and most importantly – measuring the impact and effect of virtual and hybrid events.

Stepping Up
Most meeting and event planners know that measuring audience satisfaction is a key element of measuring an event’s impact.  But we also know this doesn’t satisfy most CFOs, CEOs or other executives.  These executives want to know if the event did anything to really drive engagement, and ultimately, business impact, revenues and profits.  

With virtual and hybrid events, the event sponsor can’t interact with some or all the attendees so it is even more difficult to judge whether the event was successful.  Because of a poor “line of sight” virtual and hybrid events need more analysis.

Virtual Edge Summit
Working with the Virtual Edge Summit, we applied the comprehensive ROI MethodologyR to measure their “hybrid” event held in February of 2010.  The initial study measured what we call Level 1 and 2 – Reaction/Satisfaction, and Learning/Understanding.  Further work will be done to address the next three levels in the methodology: Application, Impact, and ROI.

To see our initial findings for Phase I of the analysis click here to download the white paper.  The findings are quite insightful. You can also watch a great discussion about virtual engagement and ROI I completed with Steve Gogolak @sgogolak with Cramer @cramermarketing.  Dennis Shiao @dshiao with INXPO @INXPO also wrote about the topic. 

 

2010.08.10

Did The Impact of Your Meeting or Event Last?

Downloadpart1 The other day we introduced the case study from our fictionally named, but very real company, Allsante. The study proved that there was a positive ROI for their event targeting independent insurance brokers.

In my last post, we discussed the importance of planning carefully if you plan to measure to ROI. This planning will determine when data should be collected and how.

High Scores Immediately After the Event

Most meetings and events have an initial uptick on the “engagement” meter.  The participants, fresh from connecting with new people and being exposed to new ideas, are in a great frame of mind.  In fact it is pretty rare when a professionally planned meeting has low scores on traditional satisfaction surveys.  

The insight gainedfrom these immediate post-event surveys is good for guiding improvement.  The findings help you plan logistics better, update your speaker list, identify new and different content for future meetings and events, etc.

What this information doesn't tell you is whether all the information, brand-building, engagement events, networking, etc., had any lasting impact.  If all your effort and work only lasts until the survey is turned into the hospitality desk – it’s probably a pretty marginal investment.

When measuring business impact and ROI, carefully determine when and how to collect the necessary data to determine the results over time.

Measure the Half-life Of the Meeting

Like radioactive elements their initial burst of radioactivity is powerful and strong – and then over time it becomes less and less powerful.  Your meetings and events are similar.  The initial impact is strong but it will decay in importance over time.  It’s natural and to be expected.  However, if you want to get the biggest bang for your buck you need to understand the rate of “decay.”  

Three months from now, how well was key content retained?  Have your attendees done anything different because of your investment?  Understanding the return on your event requires that you find out to what degree you’ve been able to influence behavior – behavior that will ultimately lead to results.

Our case study included a 3-month pulse check on the Allsante event.  The results from this questionaire showed that we did have some decrease in some of the key factors we were measuring. Not to worry, though, because once armed with the evidence we were able to determine what gaps existed and how we could fill them.  As a result, we were able to extend the half-life of the meeting’s impact!

Do you measure the “decay” of your meeting?  The effort required to follow up with attendees and check the half-life of your message is minimal and key to understanding how to sustain the impact on behavior and mindshare.

Next… the ROI question!

And don't forget if more info on this topic check out our ROI of Engagement Summit at the upcoming Motivation Show October 12, 2010.

2010.08.05

Can You Really Measure the ROI of Your Channel Conference Event?

Questionroi That’s the question our client asked.  

They were cutting budgets across the board and the VP of sales said “no, I’m not cutting my meetings.” Most of you who conduct meetings and conferences, whether for internal employees or for your channel, have been in the same situation..  The bottom line is you need to know whether your expense is justified.  

Rest assured – you can measure ROI and you can prove that your efforts pay off.  

The following is a brief introduction to a case study prepared by the ROI of Engagement team and validated by Allan Schweyer, Chairman and Head of Research for the Enterprise Engagement Alliance.  More posts will follow as we focus on specific areas of the results of our study, but to give you some background…

An Alias but A Real Event With Real Results in the Real World

In 2009 the ROI of Engagement team took on the challenge of PROVING there was a measurable ROI associated with a conference for independent insurance brokers.  In order to protect certain proprietary information we referred to the client as “Allsante” – a made up name (but the results are not!)  The goals of their conference were: 

  • Increase reseller engagement
  • Increase trust
  • Drive loyalty and better relationships
  • Increase awareness and product knowledge
  • Update and enhance training and selling skills

I’m guessing most of your meetings have similar themes.  However, the most important objective and the one we typically have the most trouble measuring was:

Objective:

Change behavior among resellers so that they would increase Allsante presentations, increase quotations, highlight Allsante product advantages over others, and ultimately increase sales of Allsante small business and ancillary products.

That’s the tough one.

Three Phases

The ROI of Engagement team conducted a three-phase analysis of the event.  

  • Phase I – Reaction, satisfaction and planned action (how did attendees think and feel about the meeting, was it worth their time and did they plan on taking action.)
     
  • Phase II – Application and implementation or behavior change (did attendees do anything with the takeaways?)
     
  • Phase III – Business impact and return on investment (did more get sold and what was the payback related to expenses?)
     

Most companies have no problem measuring satisfaction. In fact, most events include a smiley face survey that asks how attendees liked the meeting/conference, if there were enough breaks, was the coffee good, or were the speakers interesting.  But that’s not enough.  We asked about critical engagement factors including trust, skill building, confidence and relationships.

The Key Element of Measuring Event/Conference ROI

Bulletproofsmall A key element in measurement is “what happens next.”  In other words you need to begin with the end in mind and plan on doing your analysis over time.  

You can’t just consider the smiley faces you receive immediately following an event.  Let’s face it, most event satisfaction surveys are pretty positive.  Attendees are on a post-event high; they’ve partied with other professionals, made new contacts, learned some interesting things and, in general, had a few days away from the grind.  

A big gap in typical traditional surveys is they don’t tell you whether anything really changed with attendees. That has to be measured after time has elapsed after the event.  

Before we get into the results of our Allstante case study in future posts internalize that key point.

In order to credibly measure ROI you need to look at business impact over time.

The event objectives and data collection methods need to be thought through before implementation.  Without planning you can’t connect the dots from satisfaction to behavior change to ROI.  It’ s a bit more work – and something most planners and executives don’t want to consider when they’re involved in the seemingly endless number of logistical issues – but it is critical to developing a the business case for your event.

Stay tuned for more.  Or better yet - subscribe and be notified when we post the next installment.  We will also have the case study for you to download in future installments.

And if you really want to dig into this topic check out our ROI of Engagement Summit at the upcoming Motivation Show October 12, 2010.