Some companies cut back on corporate events to help balance the budget. We get it, an event can often be a big budget line item. But wise leaders know that well-planned and executed events actually make a net positive impact on the bottom line. Because in the end, businesses need to deliver an important message. Hosting a well-planned event allows you to address your target audience all at once. This expedites the delivery of the message and maximizes its impact.
First, figure out what you want to achieve. At Enliven Production Group, we always ask our customers how they define a successful event and what a strong return on their investment (ROI) looks like. The most common answer is financial growth. But financial growth often depends on your company size and the kind of industry you’re in.
Impacting the Bottom Line
“What better way to do it than host an event and have all interested parties in one room at one time?”
Does financial growth mean strengthening your company’s brand recognition, launching new merchandise and new services, increasing long-term sales, and/or generating immediate revenue? Holding a live event puts you, your products and your employees face to face with customers. They can experience your brand, your company personality and your product in person. That leads to sales, word of mouth advertising and social engagement.
Financial growth could mean more than increased revenue, too. What about improving company culture and morale, reducing staff turnover and rewarding high achievers? Showing appreciation at a company-wide get together builds employee loyalty and increases employee retention. That old saw about all work and no play is true. Putting a little fun, which corporate events can be, back in the job, improves morale and creates an environment that boosts motivation.
Events are also an ideal way to build trust with employees and stakeholders, because trust improves the bottom line.
“An event can emphasize a theme that will improve productivity and encourage positive behaviors, like improved employee performance, aligned company-wide values, decreased customer and employee turnover and increased employee job satisfaction. They are all achievable goals at a well-planned corporate event. “
Training conferences have a different impact on an organization’s bottom line. The cost to hire, train and ramp up a new employee is expensive, no matter the industry. In fact, the cost of losing an employee can range from tens of thousands of dollars to as much as twice the employee’s annual salary. Programs that focus on employee training reduce these expenses by taking advantage of economies of scale and ensuring that everyone is on the same page at the same time.
Companies that include a charitable component to their events also benefit, and not just from the warm glow of giving. According to the latest annual survey by Giving USA of philanthropy in America, 83% of employees prefer to work for a company that supports causes and charities. Better yet, a full 93% of consumers want to know what companies are doing to make the world a better place, in order to decide where to spend their own money. These statistics directly affect the bottom line.
Other goals are equally as important as profitability, too. Events are excellent opportunities for informing participants about specific company initiatives, programs and services. What better way to do it than host an event and have all interested parties in one room at one time?
As you see, good ROI for live events can be measured in many ways. Whatever your goal, a strategically designed and well-executed event with Enliven Production Group can achieve it. For more information on making the most of your event budget and positively impacting your bottom line, contact Enliven today.