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 Return on Investment allows the senior executives
to chart the results in terms of their expectations
and their time frame.
Return on Investment is not attainable unless the
expectations and goals are communicated by the senior
executive level of management to the entire management
team.
Return on Investment is a team effort starting with
the senior executive level of each company and is communicated
to those departments who accept ownership of the goals.
Return on Investment requires the goals to be presented
in a SMART manner:
Specific
Measurable
Attainable
Realistic
Time Frame Sensitive
Goals need to be presented in this manner so that
Return on Investment can be reported.
Is ROI always attainable? Return on Objectives is
a significant reporting tool
There will always be some goals that may be quantifiable
but cannot be immediately presented in terms of dollars
and cents. In that case, Return on Objectives becomes
the measuring and reporting tool for the senior level
executives. Education may be one of those considerations
that are usually expressed as a Return on Objectives.
If the goal is to have everyone trained on a specific
product by the 2nd quarter, and everyone is trained
according to the timeline, this is a Return on Objective.
Return on Objectives should be used to identify how
the execution of the process is being handled and the
end results of the process. Managing the process insures
there are no surprises at the end of the event, eliminating
potential failure and enhancing the success rate of
the event.
If a quarterly retreat is held for 50 senior buyers,
how many respond positively to our invitation and attend
the event would be one of the first quantitative indication
of the results of the marketing plan. If a growth in
sales results from those senior buyers attending the
quarterly retreat, a specific impact on ROI can be
identified and is attributed to the event.
Meeting Consultants understands and practices the
guidelines needed to report Return on Investment and
Return on Objectives. We can help put these practices
into action for your meetings and events
Read more about Strategic Planning and ROI >
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