Calculating the Return on Investment for Events
Have you ever calculated what it truly costs you to attend an event?
As a rough estimate, take your hourly rate (which may be different from your hourly wage) and multiply it by the number of hours needed for the event. Add the ticket price, any extra costs such as drink tickets and auction prizes, expenses incurred getting to the function, and the investment needed to dress for the event and you have calculated a base amount needed for your attendance. Don't forget to consider the intangible costs inherent in being away from your office or your family.
As you can imagine, each event can get pricey. Don't get me wrong; this math exercise is not to give you an excuse to avoid networking events, but rather, it's a wake-up call so that when you do go to events you are mindful to make them worthwhile.
The reality is if you want to build a profitable network, then you have to go where there are people. The potentially high cost associated with networking is the exact reason why you must make good business decisions when it comes to attending or sending employees to events.
It's simply impossible to calculate the true return on your time invested when networking. In my case, I owe my entire career to the chain of events that started with a single Saturday morning reception.
What price tag would you put on meeting your biggest client, finding your best friend, or landing your dream job? There may be tangible financial benefits ...