How do we say that an event is successful or not? Is it on the number of attendees? Is it on how much social media reacted to it?
Event companies in Dubai know how to calculate the success of the event based on absolute methods – and by success, it means the impact of the event in its entirety. The impact of your event can be positive or negative – won’t a positive impact be one of the factors that can determine the success of your event?
The most reputable corporate event management companies don’t only help you organize a successful event but also tell you the impact of your event – they know how to calculate it using tried and tested methodologies that event planners have been using ever since.
We, Invent Creative and Event Solutions, will discuss the most effective ways of calculating the impact of your events. here are the three methods that you can try:
Your economic impact refers to how much your event can affect other businesses around your chosen event venue. Take hotels, restaurants, and other accommodation venues as examples – if your event also helped other establishments get a higher number of customers, then you can say that your event has a good economic impact.
There are modern calculators that you can use at present. These calculators can take data from different sources and calculate the economic impact automatically.
There are three types of spending – Direct Spending, Indirect Spending, and the Halo Effect. Through these, you will be able to have an idea about your ROI.
Direct Spending – are the total sum of all the money that you spent on an event like the goods and services that you acquired that have a direct effect on the event itself.
Indirect Spending – everything that you spent for that don’t have any relevant effect on the event’s outcome is your indirect spending.
Halo Effect – all kinds of promotion that you garnered to market your event needed money to take place, right? But there are some promotions ( e.g Social Media, Internet Traffic, Television, etc. ) that don’t need a single penny – this is what you call the halo effect.
Your community impact refers to the support that you got from the neighborhood, lawmakers, and community leaders for your event to thrive and succeed. The community wherein your event venue is located wouldn’t mind allowing you to hold another event in their area if they like what you did in your event.
You would know that you have affected the community positively if you see and feel it yourself from them.
These three effective ways on how you can calculate the impact of your event – if you still need professional help, we, Invent Creative and Event Solutions, one of the leading event companies in Dubai, can help you.
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