If you are going to the effort and expense of booking a Phuket conference venue, you naturally need to make sure that you are going to get your money’s worth out of your event. For that reason, it is very important to know how to measure the success (or otherwise) of the event. In business terms, how do you measure the return on your investment in a first-class Phuket meeting hotel?
To get the answer to that question as a simple percentage, you need to take the meeting cost from the meeting benefits (thereby giving you the difference between the two figures), divide that by the meeting cost and multiply the whole thing by 100. So, using completely made-up numbers, if the meeting generates $100,000 and cost $25,000, it gives you an ROI percentage of 300%. A positive percentage means the event was a success while a negative percentage means that it wasn’t.
Measuring the cost of an event is easy, particularly if you are using a good Phuket conference venue which can supply all of your needs. Don’t forget that you need to also factor in lost hours while your staff are at the event, though.
Measuring the benefits is a little trickier. You have to put a dollar value on new strategies discussed and agreed upon, which may spread across multiple campaigns. You may see an increase in staff performance metrics, which can be difficult to directly ascribe specifically to their stay at a Phuket meeting hotel. You will have to factor in the value of leads and contacts made at the event, too, which may take some considerable time to return a measurable amount of money.
There are certain benefits your company may reap from an event at a Phuket conference venue which you cannot put a monetary value to. These include improved audience engagement and brand loyalty. These can have a knock-on effect which is measurable, such as increased sales, but the longer lead time can make it look like booking a Phuket meeting hotel was a costly excess when, in fact, it was anything but.
Complicated considerations like this are one of the main reasons why the ROI of the majority of meetings is not measured. Aside from anything else, it creates a massive drain on your company’s data analysis department and it may take a considerable time for them to come up with an accurate answer. However, it can make a big difference to ensuring that you can get the most out of your events as better feedback will help you to improve the planning of future events, leading to greater success and ROI.