Proving the business value of events – and in particular, conferences – can be a tricky business and there are many steps involved. From showing the value of attending a conference to your employer, to measuring conference ROI and understanding the value of your own conference, the analytical side of conferences is a lengthy but useful process. This article will take you through:
- How to show the value of attending a conference
- How much does it cost to host a conference?
- Measuring conference ROI: What should you be measuring?
How to show the value of attending a conference
If you want to convince your employers that attending a conference is going to be of value to you and the company, then follow the straightforward steps below. You will have your employers assessing the value of a conference in no time. It can be tricky to convince your employers of the business value of conferences when the company’s budget is tight, but they can be a highly valuable and rewarding experience.
Get answers
Conferences can be a great place to obtain solutions to problems that your office is currently battling. You can attend a conference with the intention of finding a solution to this problem. You are likely to get the answer to your problem by attending the sessions, but conferences are also always a great place to ask relevant people your questions. You can then show the value of attending a conference to your colleagues back at work by returning from your conference with a solid answer.
Network at your conference
You can show the value of attending a conference to your colleagues by collecting contacts. Conferences often have dedicated time scheduled for networking where you can mix with the hosts and the attendees sharing similar interests as the company you represent, which can be of great value to your business. If you go back to the office or your place of work with contacts that you have made, then you are actively demonstrating the value of attending a conference for networking.
Demonstrate your findings
If you are still reaching to demonstrate the value of attending a conference, then you should demonstrate your findings convincingly. You could produce a summary of your findings from the conference, including everything that you learned and what you took notes on. It is likely that there is going to be some highly useful information in there that can be implemented into your company’s business strategy. If you highlight the innovative capabilities of conferences in this way, then you can convince your employers of the value of the event, and of attending conferences.
How much does it cost to host a conference?
As opposed to attending a conference, you might be the one hosting the event and want to know the business value of doing so.
In order for your event to be of value to your business then you need to ensure the money you spend on the conference is not only going to good use but also rewarding with measurable value.
It is an impossible task to put a specific price here on the cost of hosting a conference, as they all var y so much, but here is a list of things you need to budget for if you are hosting a conference:
- Hiring the venue
- Hiring an event photographer
- Hiring speakers (if external)
- Catering
- Printing and branding
- Technology
- Insurance
- Marketing and communications
Measuring conference ROI: What should you be measuring?
Dissect your conference goals
To know the value of your conference you first have to have a solid understanding of its objectives. When you know the objectives of your conference then you can measure the success of these individually. Measuring how the success of each objective represents your company can give you a solid understanding of the business value of your conference.
What is your conference trying to achieve?
When you are dealing with conferences it can be tricky to find a definite measurement. You need to establish the particular aspect that the conference is trying to impact. For instance, if you are particularly concerned about diversity at your conference, you might want to look into the attendees your conference attracts. To create an accurate measurement you should have a control group set up that you can compare to after your conference ends.
Keep measurement goals at the forefront
Throughout the planning process of your conference, you should keep the goals that you are measuring at the forefront. Event planners, coordinators, participants and conference speakers should all be on board in order for you to see the best results. A good idea to keep your measurements on track is to produce a written plan detailing goals for your conference, a plan for collecting the data, and the outcomes that you wish to collect. You will also need to be able to convince plenty of people of the importance of measuring your conference outcomes.
Measure the impact in manageable chunks
If you are just getting started with measuring your conference outcomes, then you should select just a few elements to measure to start with. This means that if your results suggest you need to be doing things slightly differently you can adjust them accordingly, and not have to do a total overhaul of your planning process in one go. Measuring the impact of your conference in manageable chunks is certainly a good place to begin.
Hopefully, this article has given you a better understanding of how to prove the business value of your event, specifically your conference.
If you are hosting a conference yourself then you are likely in need of a conference photographer. Splento can provide you with a professional and reliable conference photographer for just £99 per hour. A real bonus to booking your event photographer through Splento is the fact that you can book your photographer instantly, even with just a few hours’ notice, and receive expertly retouched photos within 24 hours.
Contact Splento today to see what they can do for your conference!