Corporations Want More Emphasis on ROI
In a recent interview with a key strategist with Jack Morton Worldwide, a top tier special event production company, reveals that customers want, no demand, tangible ROI from their events. Up until recently, customers thought of the tactical side of events to get the job done. For example, hiring a famous keynote speaker, fabulous theme decor, hiring of an internationally known musical entertainer, handing out of expensive corporate gifts to the attendees. These were the "magic beans" that would produce a miracle in immediate sales shortly after the event and the corporate accounting department would use the event to measure against dollars spent into the production versus revenue taken in for the next business quarter. Gone are those days....and thinking.
We find that our own customers can’t seem to "justify" added expenses of event production, for instance, the use of a new high tech gizmo called the "Spider System," which is simply, an extra large rear TV screen that can take the whole width of the stage and can project over three to four separate videos simultaneously with different content on each of them. Now, although this may seem extravagant, AND expensive to use, here is the ROI.....with more screens:
1) There is more options to show more information in less time.
2) There is no need to have stage decor as this system can synthesize virtual decor, at will.
3) There is no need to use equipment that separates the camera image of the speaker, the PowerPoint presentation, and also a live satellite feed of a speaker in a remote location.
4) The "shock and awe" effect of this state of the art device would be more memorable to the attendees and therefore brand recognition is enhanced.
In conclusion, we, in the special event production field, has to be more descriptive of the "non-tangible" aspect of ROI. We have to convince customers now that the rolling out of the complete "strategy" as opposed to the "tactical" is more important than ever in the the chase for the ROI "pot of gold"
The most important part of how to think about ROI now is not the dollars returned, rather, how the new customer is attracted and how the current customer is retained.
This issue of News Articles written by Bruce K. Inouye of www.P2 Events.com
(Please contact this author for permission to reprint in any other publication.)