Measure Event ROI and Brand Attribution to Better Strategize Your Next Event

Proving good event ROI is one of the most important practices a business can develop to shore up the budget for future events. While measuring ROI can sometimes be elusive, if you align your event strategy with company goals, you’re better able to build a solid business case. 

Event ROI is tied to the event’s purpose, which should be guided by a company’s strategy. When the value of an event is measurable, event strategists can best demonstrate how future events will help to propel company goals. Company events are typically tied to four purposes: bringing people together, introducing new messaging, launching a product, and educating your team. Here’s how to measure event ROI for each of those purposes. 

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Bringing people together 

The ROI for bringing people together can be determined by an event’s effect on a company’s culture and community. This is measured in how your attendees respond to an event. First and foremost — do they attend? Be prepared to design your gathering based on how potential attendees might feel about the event and how you’d like them to feel walking away from the event. If your company just laid off 100 people, your team may not want to see the red carpet rolled out for a celebration. But if you always host an annual event and cancel it this year, what signal does that send? The impact of the investment determines its value.  

Whether you’re celebrating a win or rebuilding from a loss, an event can be a great way to build team morale. If you want to honor your achievers with the gift of a significant experience, make it memorable. Some people don’t want to travel with coworkers, even if it’s an all-expense paid trip. 

If the event is at an attractive location, it can be an incentive for teammates to get to know each other better. If you’re going to take people away from their regular routines, an investment in an experience can make it worth their while. If it’s January at your office in Chicago, a trip to Hawaii is worthy of consideration. Once you make the decision to invest in an event, its value can be measured by the response of your attendees. This not only includes their willingness to attend but also how much they enjoyed themselves. How did the event make them feel? Consider asking with a post-event interview.

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Introducing new messaging 

With any rebranding initiative, control over the messaging is of the utmost importance, and an event’s ROI is measured in the successful execution of the message. Getting your employees to unify behind messaging is a good investment to ensure a successful rollout. You can control the narrative of your company’s rebrand. The value of investing in this type of event can be as simple as a question and answer session to clarify any misinterpretations.

For example, if you’re introducing a new logo and brand name to your company, you could email that branding to thousands of team members, but when new messaging is emailed, you’re not able to create context. There’s no forum for questions. 

Instead, a virtual meeting with your CEO can more clearly communicate the message,  providing a firm foundation for connection before its lost in translation. In some cases, companies have hosted in-person meetings where cell phones are put into lockers to limit distractions. When a team is united in messaging, they’re less likely to leak an announcement before it’s been properly communicated to the group. The ROI of an event like this is best determined by measuring engagement with the message. Positive feedback, or the absence of negative feedback, is indicative of a successful messaging campaign.

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Launching a product or service 

Experiential marketing is nothing new, as brands have been putting their products in front of people as far back as the first world’s fair. Infusing human senses create memories that can translate into a powerful and positive emotional response to a product or service. 

That type of event ROI is typically measured with sales. Wrigley’s introduced their chewing gum to the masses at the world’s fair in 1893. Needless to say, that proved to be a solid investment of time and resources. With modern-day events, many companies rely on event applications to track attendance demographics and the timing-related specifics of sales. Some of the more popular event apps include Whova, EventBoard, and Attendify.

The introduction of something new is a delicate process, and there’s inherent value in taking your time with a persuasive launch. People are often hesitant to accept change, with reactionary tendencies that reject new ideas. Investing in an event provides an opportunity to show and tell stories with multimedia, multi-sensory, immersive experiences. Whether it’s William Wrigley showing the value of chewing gum, or Steve Jobs showing the value of an iPod, it’s very effective for consumers to experience a new product in person. 

Educating your team 

If you’re rolling out a new product line, you may not see sales results for a year or more. The same can apply to an initiative to educate a team. To consider the value of training in person, we think most about retaining information. In our virtual world, it can be challenging to keep people’s attention with an online course. 

One of the biggest advantages of an in-person educational event is the opportunity to remove people from their regular schedules and into an environment that inspires creativity. By providing an immersive experience, you give your team a chance to be present and retain information. When you share with your sales team what they need to know to be successful, that event ROI is going to show up in your sales metrics. Another way to measure that ROI is with a thoughtful post-event survey. Did your attendees really learn anything? Ask specific questions and find out. 

Measuring event ROI with strategy

Whatever your event goals may be, the value of an in-person event is here to stay. Educators, entertainers, and marketers alike are asking their audiences to put phones down and engage their senses. The results are invaluable.

To determine the value of your next event investment, start with strategy and then measure with precision. At Heroic, we ask the right questions so that you can invest with confidence.

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IEBA Annual Conference Stands Alone!

The International Entertainment Buyers Association (IEBA) Annual Conference is an event for professionals in the entertainment business who buy, book, and sell talent. 

The Conference stands alone in the entertainment industry by providing unparalleled networking opportunities with the entertainment industry’s leading innovators and decision makers, professional development, and current entertainment options. 

Attendees include entertainment industry professionals who buy, book, and promote talent. So of course, Kris Campbell, Heroic’s VP Speakers & Entertainment, was there.

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IEBA Annual Conference Highlights

Having just returned from the Nashville annual event, Kris said, “The two highlights were the Corporate 360 Session and three days of an on-going showcase of great live entertainment.” 

The Corporate 360 Session is for entertainment buyers and producers who work in the corporate event market and agents who represent talent who also work (or want to) in that market. This year, the session highlighted a panel discussion with an agent, a band manager, a promoter, and a buyer. There were many aha! moments felt throughout the room, which was fascinating, given most attendees were seasoned professionals. Proves the point that there is always something to learn!

There was also time for round table discussions, where attendees discuss learnings from the past two years. The pandemic was obviously tough on the events industry and the music/touring world. In spite of the difficulties all experienced, it was clear many were forced to be more creative which produced innovative ideas. For instance, we all know the traditional meet and greet events were tough, or even impossible to execute, during the pandemic. One alternate solution was to do a VIP Q&A with a band. This experience starts with selecting a cool venue with a bar and then placing the band up front, socially distanced. Then, let the attendees ask questions! Everyone felt it was more meaningful and less awkward than the traditional meet and greet. 

Kris also commented, “There is no other place to experience so much exciting talent, meet with agents/managers, and learn about new trends – all in a couple days! This conference is essential for those who book talent for the events industry.”  

Still Curious about The IEBA Annual Conference?

Would you like to hear more about the content that was shared at IEBA and Kris’ HOT entertainment recommendations? You can contact her directly here!

Select the Right Corporate Event Partner to Elevate Your Brand

Your next big event will help foster your brand’s growth, so choosing a corporate event production partner is essential. Whether you need technical support or complete event design, the right partner will make all the difference in accelerating your brand’s growth. 

Your needs may vary depending on your company’s brand goals. An effective event production partner should always offer strategic thinking, experience, and collaborative expertise. At Heroic, we know the signals that determine what makes a good partner, so let’s look at some of the green and red flags any brand should consider when choosing a partner for a make-or-break event.

Strategy first

Before designing an event, corporate event production partners need to understand their audience, how they want to approach the audience, and any obstacles. With this in mind, the best partners will always offer solutions informed by your marketing strategy and branding. This strategic mindset comes with assessing the overall value of an event and letting that value guide corporate event production. Every event is unique, and successful events need design partners who bring a consultative approach to production.

RECOMMENDED READING: CORPORATE EVENT STRATEGY: THE SECRET BEHIND A SUCCESSFUL CORPORATE EVENT

Green flag: questions

Look for partners who ask questions and offer creative ideas. A successful discovery phase goes far beyond repeating and refreshing successful ideas from past events. Partners who seek to understand their clients’ company culture and needs will best understand what factors may impact their results.

Red flag: order-taking

Order-taking may be the right approach for some of your needs. There’s a distinct difference between a “what do you need us to do” question and probing questions that uncover your needs. Be on the lookout for order takers. A strategic partner will ask questions about timing, culture, logistics, and specific objectives that best guide their advice. 

Proven track record

Corporate event production partners reflect a company’s capabilities, and whomever you bring on board should be aligned with your company’s level of expertise. At Heroic, we look for vendors who demonstrate our sense of professionalism, urgency, and problem-solving know-how. Every event comes with challenges. If and when something unexpected happens, you’ll want a seasoned team ready to pivot. A proven track record shows that an event production team has the knowledge they need to evolve and offset whatever comes their way with alternative solutions. 

Green flag: referrals

Trust partners that other industry experts consistently recommended. Vendors that come with referrals are more likely to have built long-term relationships that improve the quality of their work. It helps if you’re looking for a recurring relationship, too. The more you work with one partner, the more expertise they will bring to your event needs.

Red flag: lack of specific know-how

If a vendor is seasoned but lacks experience relative to corporate event production, they may not be a good fit for your event. Make sure a potential partner’s skill level matches the needs of the event. The specific knowledge, network, and flexibility it takes to solve corporate event problems come from years of experience. The best way to determine this level of expertise before hiring someone is to ask detailed questions about their previous work.

A collaborative approach 

You achieve the best results when you work with experts who can collaborate and understand the whole of an event instead of one piece. When leaders surround themselves with trusted partners, the chances of success grow exponentially. Find a team that already has its team. You’ll know you can trust their ability to work together as professionals. Relationships you have throughout the corporate event production world make all the difference in the work when working long hours on an event, making it more enjoyable. Solid partners already have a strong network of working relationships that can meet any number of needs.  

At Heroic, we understand our core capability and know when to outsource. When we call our partners to fill in the gaps, we only choose creative partners as meticulous with timelines and budgets as we are. We also only select partners who are parallel in values in the way we work.  

LEARN ABOUT HEROIC’S SPEAKER SERVICES

Green flag: cohesive branding

True teamwork and collaboration happen when your attendees don’t feel the difference between the professionalism of a brand and its vendors. One event—one team committed to keeping your event moving efficiently. Solid partners understand a company and its initiatives enough to be unified in their execution. 

Red flag: the blame game 

When something goes wrong, and an event partner points fingers—it’s not teamwork. The best partners don’t look to blame anyone but instead calmly and efficiently get to work. No one wants to hear excuses. We want to hear “I’m on it” and see accountability for actions.

Invest in corporate event production partners who care

Experience, strategy, and collaborative skills are necessary, but that doesn’t add much if a partner doesn’t show passion for the work. Partners that communicate genuine enthusiasm for a project can better deliver the level of service that a company expects.

Heroic is a one-stop shop for staging, production, and creativity. Our experience makes us flexible to changes, and we’ve already vetted the pieces of our events puzzle—a determining factor in our readiness to deliver consistent results. Companies consistently partner with us because we choose our partners with professional integrity and understanding, and care for our client’s needs.

Contact us to discuss how we can apply our integrative approach to your next event