A destination event is a powerful tool for shaping the future of your business. A well-designed and implemented program can be used to generate sales, train employees, and boost company morale. These specialty gatherings are an investment, so it's essential to understand the returns.
At ETHOS Event Collective, we are here to help you plan and organize your company's destination events. Whether a beachfront program in Miami or a convention in Chicago, we book venues, talent, caterers, transportation, and much more. We stand out with our local approach, collaborating with suppliers in the destinations we serve to create unforgettable experiences. But we're not only here to help with the logistics of your meet-up; we also work with you to ensure the event is successful.
ETHOS has teamed up with the ROI Institute. We work hand in hand with experts in calculating return on investment (ROI) to create a destination event that is beautiful, inspiring, and entertaining and manages to generate revenue in the process.
ETHOS and ROI Institute Partnership
Events and meetings are vital components in the success of your company. ETHOS Event Collective is committed to helping you plan and execute corporate events that encourage creativity, provide meaningful experiences for attendees, and garner a calculable return on investment (ROI).
But how can you get a firm understanding of how successful an event is? Determining ROI for events and meetings can be challenging, so we've teamed up with the ROI Institute.
Established in 1992, the ROI Institute is a worldwide organization dedicated to creating tailored methodologies for determining the relevance and value of investments in corporate events, programs, and people.
Determining ROI
Dr. Jack Phillips started the ROI Institute in 1992. His expertise in creating systems to generate accurate ROI data and conclusions dates back to the 1970s when he was an executive working for Lockheed Intl. As Phillips moved from one executive role to another, he honed his techniques for determining ROI. The company Dr. Phillips started in the early 90s currently has branches in 70 different countries and has worked with over 5,000 companies.
The 5 Components of a Measurement System
The ROI methodology relies on five components to determine overall program effectiveness.
1. Reaction and Perceived Value
Our coordinators use surveys, written or online, to determine the attendee's satisfaction level. These surveys can ask the participant to rate the facilities, the quality of instruction, and the total experience. What they reveal is the perceived quality of the learning environment.
2. Learning
Learning encompasses acquiring information, and skills, developing a constructive attitude, and building relationships. During this process, the goal is to fill in the gaps people have in their knowledge and give them the tools needed to perform at a higher level.
3. Application and Implementation
Is the information provided to attendees helpful in meeting the goals set forth? Knowledge shared without a precise objective isn't necessarily beneficial to the success of your endeavor. Self-reporting is again one of the most cost-effective ways to determine if the knowledge shared is helpful for the event-goers.
4. Business Impact
Company sales and expense reports reviewed before and after a destination sales retreat give you a direct insight into its fiscal impact.
5. Return on Investment
Return on investment is simply the revenue generated by an event minus the event's costs. If the event was open to the general public and the goal was to sell products, a review of sales generated compared to operating costs points out if it was successful or not.
Of course, not all events are designed to affect revenue immediately. For example, the return on investment for a skills-based program may not manifest until the participants return to work and implement the knowledge gained.
Our event planners work with the experts in ROI to devise measurements for each category customized to meet the needs and desires of your company.
Framework, Model, and Standards
The framework for calculating ROI consists of four phases. The first is planning the evaluation. ETHOS event coordinators will work with you to develop a valuable assessment before your event takes place. Then, once the event has transpired, it's time to collect the data. We analyze the data and convert it to monetary value, calculate ROI, and share the results in a report to company stakeholders. We are here to help you with every step in the process.
The methodology developed by Dr. Phillips includes 12 guiding principles for collecting and evaluating data. Adhering to these principles ensures consistency, quality, and integrity in evaluating return on investment.
Why the ROI Methodology Works
The ROI methodology works because it is deliberate. It sets forth a concrete series of steps and measures and ties everything to the bottom line. The methodology employs conservative measurements to arrive at realistic conclusions. It's a powerful, reliable approach used by over half of the current Fortune 500 companies.
How This Partnership Helps Create Impactful Events
Our partnership with the ROI Institute gives us the tools and experience to generate targeted quantitative and qualitative return on investment data for your company's destination or virtual events and meetings.
From the get-go, we are incorporating the system developed by Dr. Phillips and the ROI Institute to help you plan verifiably successful events. We determine objectives before a guest or destination is selected.
ETHOS Event Collective Is Here to Help
At ETHOS Event Collective our exclusive partnership with the ROI Institute allows us to engineer your program to yield positive results. Our management team helps you create a destination event that delights attendees while producing the value you need to succeed.
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