Are we succeeding in measuring ROI?
As the decision making process on Incentive Travel Programmes move further up the chain, there is an increasing need to be able to show a measurable return on investment. We have had many discussions about complicated algorithms that purport to be able to measure ROI but have yet to see one that is foolproof and transferable. The key to measuring ROI is actually very simple.
State the objectives, then measure the before and after
A recent SITE survey found that 73 percent of respondents see a growing need to provide measurable and justifiable results to meeting stakeholders.
Over the last 5 years in Spain we have noticed that there is an increasing trend for corporate companies to seek to measure the effects of an incentive trip or programme. The Herzberg’s Hygiene theory of motivation, states that there are work factors which, while may not motivate staff to greater productivity, the removal of such factors would definitely lead to a lowering of productivity.
These factors include the provision of a work canteen, music in the office, or in the case of some Silicon Valley giants a playstation playroom for the programmers! It would be dangerous if incentive travel fell into that category. We believe that the only way to make sure that the effects are long lasting and in line with expectations, are to have the necessary conversations with all of the parties involved in the decision of an incentive trip. Furthermore it is vital to agree the desired outcomes at the outset too.
Its time to talk
Our job is to have an initial consultation to determine these parameters. Our staff are trained to create a framework that makes it easy for our customers to build in key elements of the action plan into creation of an event. We then make the event relevant to your event to Spain using the culture, location, unique venues, and our expert knowledge to create memorable experiences.
To find out how we can put together a well thought out incentive event with clearly defined parameters for measuring success for you, contact us now