Whether it is a virtual, hybrid, live or micro format, planners are able to reap the rewards of their advantages.

This article was originally found on M&C/Asia.

The pandemic has spurred the popularity of events with virtual, hybrid, live and micro formats. Here are four ways to maximise your return on investment, whichever the format.

What’s in it for me?

Fredrik Hermellin, senior global sales director at CWT Meetings & Events says that with large events coming back at a rapid pace, the ROI and risk management components have never been more important.

“You need to know your audience and your objectives well - your attendees will only come if they feel there is something in it for them and that they are invited to an event that is safe,” he says.

“Micro-events are different and will always be part of the scene. The objectives are more intimate and play an important role in getting small groups of selected attendees, investors, VIPs or clients together. The cost-per-person is often much higher as there has to be a larger impact on each attendee.”

Up close and personal

Micro-events allow for that highly personalised feel that humans crave for, so personalisation is key for maximising ROI. “Treat your guests like ‘VVIPs’ to lure them back as a ‘sticky’ audience,” suggests Tay Ling, vice-president, TBA, Hong Kong.

“Just like in the online world of performance marketing, offline data is very critical to performance. At Pico, we have Experience Pulse, which is our advanced data analytics that allows us to maximise audience engagement and ROI. Data learning, collection and analytics have to be done experientially, with all five senses of the audience activated,” adds Tay Ling.

Set your target pre-event and follow up during the event

Calculating the ROI is an exercise that always comes down to your target, goal or objective, which must be converted into a monetary value. When you have the target and the value, you can look at getting the right audience, at the right location with the correct message.

“During the event, you need to know if you are doing well or not, your follow-up process starts then,” says CWT’s Hermellin. “As your audience is leaving the event, you need to understand if you were successful. Then follow up on your investment until you have reached your ROI.”

A wider reach does not necessarily equal a more substantial ROI

By hosting a hybrid or virtual event, you can accommodate a greater number of delegates. But it can be harder to convince attendees of the value of a virtual event and it’s far easier for them to literally switch off. Investing in content is key - not only can you use it to engage audiences at the actual event, but it can be repurposed post-event to help attract new leads.