What's your E-ROI
ROI isn't something you might hear out of event planner or production companies mouth. More than likely you will hear it from your investment portfolio manager, or during your favorite episode of Shark Tank.
So why am I, the owner of a production, company talking about ROI?
No, I don't want to manage your retirement accounts, and although I deeply care about each and every one of our clients businesses I am sure to be lost when you start talking ROI and P&L sheets.
E-ROI is a standard in which we approach each and every event we help out with. From the simple gear rental, all the way up to a full blown massive production with multiple stages, set designs, and equipment.
This isn't some fancy acronym that we use to wow you, it is literally a proven method on how we start the creative process with each of our clients. After all, what's the point of having an event if you don't see a Return On Investment?
What Does E-ROI stand for?
E-ROI stands for Event - Return On Investment.
We wholeheartedly believe that each dollar you put into an event carries a heavy weight in optimizing your return. Unfortunately, most people don't look at the event industry this way. They would much rather spend a couple hundred or thousand dollars and "hope" that there guests are captivated at the end of the night. Instead of hoping that your money is being put in the right areas for your event, why not approach it with the same mindset that you would with a business investment or a personal retirement account? Put your money in items that are likely to hit the jackpot for your event.
How to approach events with this method?
I can't spill all the juicy details but there are three things that I think can help you get started in the right direction using the E-ROI method.
#1 Determine what you want your return to be.
This is usually our first question to every client we work with. Out of everything I talk about today this is by far the most important piece of the puzzle. You can't effectively navigate down a path if you don't have an end result in mind.
Each event wants/needs a different end result. The end goal for a charity event will not be remotely close to an event honoring a group of veterans.
Dig down deep and determine what you want your primary return to be, write it down. Then work through some secondary returns you might want. This could be things that are automatically generate during your event and you haven't even been recognizing them. All of these items play an important roll in the planning and decision making process.
#2 Determine what your budget is.
Outside of determining what your events return will be a budget for your event is a close second and of the utmost importance. Ever hear the saying, "You get what you pay for"? The same goes for an event, you can't expect a major return on a meager investment.
Now, before you say to yourself all this guy wants is my money and close this tab--hear me out. Most people don't realize that increasing their budget even just a couple hundred dollars will get them into an entirely new category of equipment and possibilities for their event, especially if the company their working with is worth their weight.
#3 Determine your target audience.
This might seem like overthinking it a little bit but when we can successfully help you identify your target audience massive things are able to happen.
We use audio reinforcement in a fundraising scenario as an example all the time for clients. If your hosting a fundraiser and know where your top donor is going to be sitting we like to tune the PA system to sound best in that particular area. That way that person, or that group of people, can have the best experience possible which in turn will likely lead them to donate large amounts towards and organization they already deeply care about.
In closing, I hope these three things have started you down the path of not only realizing but initializing a plan of action so your organization can see massive impact and gain from events in the future.
If you're looking for a trusted partner audio visual and design partner to work with I hope you would consider Stratum as a viable option.