To demonstrate bottom line impact and the R.O.I. from corporate events, 5 of the elements to consider include:
- Team Engagement
- Client Appreciation
- Employee Appreciation
Promotional Events: From product launches,advertising initiatives that include events and trade shows, it's possible to tally the number of leads and inquiries generated. Assign a dollar value to the leads and inquiries that result in business. Calculate revenue as a percentage of the cost of each promotional event (including labor).
Sales Events: Calculating revenue from specific sales events is straightforward.
Team Engagement: This is one of the most challenging areas but it's not impossible to measure R.O.I. For example, from team events, track and assign dollar values to cost savings ideas and revenue from the following sources proposed by employees:
- New streams of revenue from existing products (e.g. Think Post-It notes or Glad bags)
- New product ideas
- New market niches for existing products and services
Client Appreciation Events: Additional revenue from existing clients and reduced churn can be indicators of the impact of client events.
Employee Appreciation Events: For every sales team member, increased revenue from incentive travel and other incentives can be tracked. For all employees, reduced turnover and lower absenteeism rates have associated dollar values. A correlation between these figures and softer measures such as employee satisfaction can help evaluate and track impact.
What elements and measures would YOU add to this list?