Thinking about hosting a corporate event but wondering if the results will be worth the cost? Events are a fantastic way to increase visibility, boost employee morale, or excite current customers. However, there is always some risk involved when writing a check to cover the event’s price tag.
ROI stands for return on investment, or how much a company profits after spending for a specific campaign. When planning a business-related event, the goal is to boast the return as much as possible. Keep reading to learn how to maximize the ROI of corporate events.
Create a Clear Event Strategy
What is the purpose of the event? Anyone planning a corporate event should be able to answer this question precisely. There are different reasons to host an event. The company might want to gather new leads. Perhaps the business hopes to engage and excite its current customer base. Other events strictly exist to fundraise.
Before sending out invites, share the strategy with the entire team. Brainstorm possible missed opportunities, and discuss any shortcomings from past events. And with the corporate event market size valued at $95.3 billion, every meeting, seminar, or convention strategy should also include a strict budget. Having everyone on the same page will reduce frivolous spending and ensure the best return possible.
Leveraging Sponsorships at Corporate Events
Who will headline the event? Before sending out invitations, companies should ensure the event is exciting enough to attract an audience. One way to do this is through sponsorships. Invite other businesses or well-known faces in the industry to take part in the event.
Co-branding at the event puts the company’s and the sponsor’s names in the spotlight. Sponsorships help maximize ROI by introducing both entities to a new audience, creating more conversion opportunities. Remember that the most popular sponsors attract larger crowds, resulting in a higher return on investment.
Make the Event Memorable
Why do people want to attend the event? No one wants to spend their day listening to boring lectures from monotone speakers. Audience engagement is a must if a company hopes to maximize its ROI. When planning an event, consider innovative ways to keep attendees interested.
Technology makes it easier than ever to through memorable corporate events. Give keynote speakers access to computers, protectors, and audio equipment to make their presentations more energetic. Door prizes, gamification, swag bags, and contests further increase audience interaction. Unforgettable, noteworthy events generate buzz and produce higher ROIs.
Manage Attendee Comfort During the Event
Getting guests inside the door is only the first step. It’s also crucial to ensure they don’t leave early. Attendee comfort is a simple concept, but many business owners overlook it when planning a corporate event.
What makes guests happy? Ample seating, adequate lighting, and a functional sound system are vital. Providing food and beverages should also be a consideration. Spending a little extra on hospitality will boost ROI by increasing retention and making guests feel valued.
Get the Most Out of Every Corporate Event
Corporate events are so popular because they work. Successful conventions, seminars, trade shows, and meetings produce both short-term and long-term revenue streams. Having a clear strategy, bringing in outside sponsors, keeping things exciting, and ensuring attendee comfort are all essential if a company wants to maximize its ROI for the event.
