MICE Middle East Websites

Measuring the value of events

Answering the question; ‘What value does an event have?’ can be challenging – how do you measure something where the concept of success is difficult to pin down, and there are so many potential outcomes? For some, it’s enough to know huge benefits are gleaned from meeting buyers face to face in an environment tailor-made to your needs, and this is fine up to a point, but if we are to justify budgets and time away from the office, some form of realistic measurement of the value of events is necessary. Danielle Curtis, Exhibition Director – Middle East, Arabian Travel Market & IBTM Arabia looks at the measurement options available and gives examples of how to use them.

 

Events are commonly measured in terms of Return on Investment (ROI), and, more recently, Return on Objectives (ROO). ROI takes a narrow view of the outcome of the event. It simply compares how much budget you put in, with how much you grew that investment as a result of the event. For example, the cost of the event’s package that enables you to have one-to-one meetings with hosted buyers, compared with the revenue generated as a consequence of those meetings. Create a ratio and that’s your ROI.

 

Seemingly straightforward, but the reality is a bit more complex. ROI doesn’t take account of the full value of new relationships that turn out to be long term, and has no way of adding a monetary value to the indirect referrals you may receive as a result of those meetings. ROO is a little more open minded. It’s an approach that measures the success of an event based on a defined set of objectives, other than just financial return.

 

To show ROI or ROO, or both, you must have something to measure from the event. Measuring sales deals secured against the cost of the events to reveal ROI is straightforward, but if your objectives are less tangible or unquantifiable, such as to educate buyers on your product range or to raise market awareness, you will need to build in specific elements that are measurable. There are several established ways to do this and if you understand your goals and content, it is likely you will be able to work out your own methods. To get you started, here are some ideas:

 

Set goals to be achieved during the event

 

Set particular outcomes for face-to-face meetings, for example, aim to agree a certain number of follow up meetings after the event or for a specific number of buyer meetings to lead to detailed explanations of a product, service or process. So, you could set your objective at 20 follow up meetings, or 32 buyers asking for deep and lengthy product presentations and measure whether you achieve this. Be sure to clearly understand what level of engagement you consider a success.

 

Lots of different types of buyers attend events and networking sessions, some will be more relevant to your business than others, so you can set goals for exchanging contacts with specific target audience members. For example, a destination management company with specialisms in luxury tailor-made experiences may wish to connect with 10 buyers that represent high end corporate clients. It’s a worthwhile objective that’s easy to measure.

 

Survey your delegates

 

Surveys and tests held during the event, or in the months and weeks after it, are another reliable way to determine whether an educational or informative objective - such as market awareness of a brand or new product launch - has achieved its goals and to what effect. To show a qualitative correlation between the event and achievement of the desired outcome, many choose to survey delegates immediately before the event and immediately after. A change in their answers (hopefully in the required direction) is a reliable measure of the event’s effect.

 

We spoke to Rajesh W. Pereira, CEO of Matrix AVE about how he assesses ROI or ROO from attending IBTM Arabia: “Matrix AVE has attended the show since the early days. We don’t expect business overnight, but my objective is to let Hosted Buyers know who we are; it’s a marketing exercise first and foremost. We want to make connections with buyers in new markets, and we are especially interested in inbound DMCs in countries like Russia – who are now able to get a visa on entry into the UAE, making it easier and cheaper to do business with them.

 

“We have many more leads as a result of attending, and we regularly follow up with the contacts that we have made at IBTM Arabia.

 

“We really enjoy participating in all the social events at IBTM Arabia, the evening networking events and the discovery days, this is because everyone is out of their comfort zones, and you inevitably meet people who are not on your radar, or your diary, and you end up discussing how fun the activities have been and before you know it you’ve made a new and unexpected business connection.”

 

There you have it, the two primary methods of measuring event success in a nutshell, whether you choose ROI, ROO or a combination of both, you will find the insight provided by the results is a powerful tool to make constant improvements to your event success. 

 

IBTM Arabia is part of IBTM’s global portfolio of meetings and events industry trade shows and the most established event of its kind in the MENA MICE industry. At its 2018 event, 63% of buyers placed business with exhibitors at an average value of £86,000 per piece of business. The event will take next year place at Jumeirah Etihad Towers from 25-27 March and will bring together exhibitors from Egypt, Tunisia, Morocco, Turkey, Russia, central Asia, Georgia, Armenia and Cyprus, as well as the UAE and GCC, for three days of mutually-matched meetings, exciting cultural activities, networking events and inspiring educational sessions.

 

Back to Home Page

15 collectable aircraft model types launched in different scales and finishesmore
Four Points by Sheraton Sharjah, part of Marriott International, celebrated its official opening with a ribbon cutting ceremony on February 17, 2019, marking the brand’s debut in the Emirate of Sharjah. With over 200 rooms the hotmore
Historic heritage and increased demand puts The St. Regis Abu Dhabi at pinnacle of luxury hotel scene: Moustafa Sakr, General Managermore
It is the month of love. Whisk your loved for an unexpected ‘surprise’ at Millennium Airport Hotel Dubai. Set your date at Da Vinci’s for ‘The Night of Love’, available every Friday from 8pm to 11.30pm. Spicing up the evening is amore
Young musical talents will perform at Emirates Palace in a new concert series, Kempinski Concertini, with the performance being just as international and serene as the atmosphere in the iconic lobby itself. They come from all overmore
Honeymoon & Incentive Travel Workshop & Dinner, Dubai, UAE – Centro Barsha Hotels by Rotana, 27th April 2019. It's with pleasure to invite Sellers and Buyers to participate at: Honeymoon & Incentive Travel Workshop & Dinnermore
We wish all friends a Happy Valentine day.more
Reuben Mifsud, Cluster General Manager, Meydan Hotels & Hospitality has announced the appointment of Ziad Sleiman as Executive Assistant Manager – Operations at Bab Al Shams Desert Resort & Spa, recently named as ‘Middle East Leadmore
W Dubai - The Palm celebrates design and quality, creating an enhanced threshold for the utmost contemporary leisure experience more
Emirates Park Zoo & Resort hosts a herd of exotic animals and offers patrons an unforgettable zoo experience. The edutainment animal shows and presentations include, Sea Lion presentation, Elephant Encounter and Tropical Birds Shomore
IT&CM China
Advertise with us
Honeymoon Middle East Media
TCEB promotes 25 MICE routes
ICONSIAM The Icon Ot Eternal Prosperity
Memorable Moments at Movenpick Resort & Spa Tala Bay Aqaba
BITM Beijing
CITE Chengdu
Gorgeous Montenegro: the best of the coast
AK International - Pakistan
IMFT 2018 - Thailand - Pictures
خدمات أوربان بيوتي تايلند
Boost Your Networking Potential In ISTANBUL!
Bangkok Marriott Marquis Queen’s Park, MICE Leader Hotel in Thailand
The Westin Grande Sukhumvit, BANGKOK
Maximus BD Tours & Travels DMC Bangladesh

Copyrightï¿¿ Mice Middle East 2013

P.O.Box 841113 Amman 11180 Jordan, Marj Alhamam, Amman - Jordan

Mobile: +962 785557778 fax: +962 65713689

Email: motaz.mice@gmail.com   Website: www.micemiddleeast.com

Motaz Othman Email