Event-notes from Oxford. Day 4
The phrase «In God we trust ... All others must bring data» was the leading idea of the next day classes.
The day was devoted to events’ efficiency evaluation. Unfortunately, it is not very common of us to evaluate the event’s success in terms of numbers. However, EBA teachers say that even in Europe using numbers as indicators of events’ efficiency is still not very widely practiced.
Event specialists’ key metrics are: ROI (Return On Investment), which is already familiar to us, and a not so quite familiar yet ROO (Return Of Objectives). ROI calculation of an event is not an operational, but rather a strategic indicator that can be used for planning and management of future events. It shows «What % of value you did». Also in the ROI calculation methodology the concept of «triple bottom line» is used. This concept includes the following components:
- economic effect of the event;
- social and cultural effects;
- environment impact effect.
Studying ROI in the EBA class included practical tasks, which showed that event specialists from different countries were not always good at mathematics, but finally everybody managed the task.
And now something about ROO. Organizing events always pursues some business objective (ROO), which strikes the key-note of the event, but for an event planner it`s always a complex concept. When organizing an event, a business objective should be achieved with the help of «three A’s», three main components:
Attendance — choosing the right quantity and membership of the event`s attendees;
Approval — brand`s communication to the audience and its acceptance by the audience;
Advocacy — as a result of the two previous components — the attendees of the event should become the brand’s «advocates».
For a more detailed control and maintenance of these components KPI (Key Performance Indicator) estimate is used for each of them.
Another interesting module of that day was about tenders and budget structure. There are quite a few interesting points about that! Firstly: in the UK there are also many unfair tenders: ideas get stolen, budgets often get cut in the middle of the event preparation. However, EBA teachers did provide some quite practical advice about how you could minimize those risks. Secondly: if a client asks to find a venue, the event planner will not do it for free, he will take his honestly earned 10% of the fee for his work and time spent on the search. This is an absolutely normal practice that works.
Summing up the day and all the training time, I can say that, according to the Event Business Academy, good event specialists can stand out from the crowd and prove the success of their events, affording subjective and objective proofs, some of which I described above. In general I can say that the entire training course was useful as it was also reinforced with practical exercises, which we worked on in groups. vI believe that most of the things we shared with you in our notes, you will be able to learn and see for yourself next year.
Starting in the middle of January, we will begin intake of students for the next courses of the Academy. For more details, please contact us! We will be glad to help you.