KPI: Return on Emotion
Trying to break the cycle of events is a challenge in itself. For many years event industry insiders have slipped into an endless loop of keynote, breakout, expo, concert, repeat. We become robots following the social norms of what events should look like. What if we broke the mold with a new goal in mind?
Return on Emotion
In order to break this endless cycle Haute Companies created a metric to use when planning an event to open up the world of possibilities. Return on Emotion according to Liz Lathan, CMO and Co-founder of Haute Companies, can be described as a complex metric that can create a shared experience to drive connection. Listening to a keynote speaker or a five-minute coffee break isn’t enough to drive connections. It’s in the small micro moments at an event that are crucial in the overall experience process.
At a baseline, we know that 95 percent of decisions are based on emotion and the impact emotional marketing has. We all are scarred from the Sarah McGlocklin commercials. Why? Because it triggered an intense emotion making it hard to forget. Knowing this, Liz and her team took to 2021 to create a research study to find out what emotions you must invoke in your marketing programs to create return on emotion which drives return on investment. Turns out there are five.
By following the acronym H.A.A.A.M, (hopeful, adventure, active, acceptance, and motivate) planners are sure to enhance attendee’s overall experience. By incorporating H.A.A.A.M businesses create a safe environment for connection. When using the acronym, focusing on the three A’s will correlate to an increase in hopefulness and motivation.
Adventure can put someone out of their comfort zone, forming everlasting memories. Not all adventures have to be tangible. If a brand is able to capture that feeling through content, that’s just as successful.
Activity can be perceived in a number of ways, whether it’s participating in a relaxing mixology class or being active in polls and chats. Activity correlates to engagement and involvement and the desire to be a part of the group.
Acceptance can be harder to achieve in virtual events but it’s what prevents a participant from clicking the X at the top corner. Participants want to feel they will be missed if they leave. Companies can achieve this by asking where attendees are from, an opening moment that makes guests feel like they belong.
The three A’s are the meat to your sandwich. They are the driving force into the success of reaching peak engagements and connections. Your hopefulness and motivation are the bread, which nudge attendees toward your product or service.
RoE’s effect on RoI
Following and implementing RoE’s (Return on Emotion) drives connection, in turn driving return on investment. Using RoE’s as your building blocks for events can be crucial to implementing a positive connection.
Although it’s worth mentioning that RoE’s do not drive an immediate response to RoI’s. It could be that a number of years down the line an attendee remembers the connections they made and in return hire your company. Going the extra mile can be the difference in achieving the next multi-million dollar deal.