ROI 2.0 – Return on Inventiveness

ROI is relative and can be tricky, since we need more skin in the game than dollars to maximize value, manage costs, and engage our audiences meaningfully. This involves demonstrating another ROI I call Return on Inventiveness, or ROI2.0: being resourceful with meeting and event dollars by finding ways to be more efficient and creative that also makes us better strategic business partners. It’s where “know your audience” is split: participants, your end-users/consumers vs. the team who collaborate to deliver an event experience. It happens at individual and brand levels at different junctures of the event planning process.

Despite trends showing rising corporate event spend, ROI2.0 offers an opportunity for event planners to be inventive. To evaluate our whole event supply chain of people, process and technology for how we get things done that delivers results. Use ROI2.0 to help you make wise, thoughtful planning decisions in three ways.

• Thinking. Inventiveness starts with each of us, where sometimes we need to nudge ourselves “outside the box” first in order to jump back into it. We can empower ourselves first by trying new ideas, new tools and experimenting with different creative outlets. (Build-A-Bear Workshops, anyone?) So, if you find your planning efforts stale or uninspired for an upcoming event, try a different approach that starts with YOU: How do you re-charge? What creative outlets – people, places and things – help inspire you? How do you keep your thinking current and relevant?
• Technology. How we’re adapting/connecting as event planners is a big part of this process as we see our industry using technology to meet changing demands.
  We see this through all-in-one communication devices like Smartphones and social media. Bountiful apps and features at our disposal help us grab real-time data to connect with and engage attendees before, during and after a live event…prompting a continuing, dynamic conversation among participants.
  We see this in how we’re leveraging automation to measure and get our work done, which directly impacts our productivity levels and the dollar ROI bottom line. Strategic meeting management (SMM) technology is providing greater efficiency and transparency to help us streamline event-related functions and reduce costs. Or there’s “smart event” event management technology helping us bring greater visibility and accuracy into our event budgets around a single event.
• Partnerships. Inventiveness involves maintaining great partnerships, inside and out, with trusted experts to help you achieve your desired outcomes, budget and quality goals. It can start with a quick, honest self-assessment: Who’s helping me achieve my business goals? How are my relationships across event-critical areas: creative, IT, business leadership and outside agencies? What does a “successful” team for my next event look like? What’s my role in it?