If you don’t already have the latest edition of MPI Meeting magazine….run, don’t walk to get your hands on it and then read the article around calculating Event ROO (Return on Objectives). Then, run to the streets and hand it out, paper your office with it – do you what you have to do to share it. The article provides a step by step process for ROO implementation. It’s a reminder that ROO is something the industry should be touting.
The weight of ROI scrutiny has never been greater. Don’t get me wrong. We are the first to adhere to fiscal responsibility and provide budget analysis. Financial measurements have to be in place so that excess doesn’t creep in. We are militant with our clients’ budgets and up to speed on procurement processes and a corporate climate that doesn’t tolerate ‘over budget’ scenarios.
The article doesn’t take away from the importance of ROI, but rather provides a balance to it as well as an alternative for events “not held to a financial target.”
It prompted me to contemplate further, providing a reminder that the key to a company’s success is dependent upon relationships. And you can’t put a dollar figure on a relationship. It draws attention to the need for ROO and the implicit understanding that success, and ultimately, the approval for future events, cannot be contingent upon ROI alone.
As the article points out, ensuring an event begins with well-defined objectives is an important methodology. Conducting pre-event groundwork, surveys and research is equally important. It’s useful information that provides the basis for the development of meeting content and activities. It then puts you in a position to measure the outcomes effectively, providing intelligence around your audience and ultimately . . . bettering your relationships.
The objectives themselves need to be strong. ‘I want to do an event’ is no more reason to plan one, then ‘I want to own a Lamborghini’ should mean you get one. Our role is to help input and guide towards clear objectives and ensuring absolutely every element of the event aligns to those objectives.
Let’s take ROO into the boardrooms and planning meetings with us and make it an integral component for measuring the success of an event.