The panel included Jessica Hargreaves, joint managing director of Pretty Green; Duncan Millar, director of business development at George P Johnson; Liam Danby, head of planning for iD Experiential; and Sam Elphinstone, research director at 2CV.
The lively debate saw a number of attendees raise questions around the topic including who should initiate the process of establishing an experiential ROI model, and how should the industry go about implementing it.
Hargreaves said there was a lot of holding back in the event industry when it came to sharing data and methods to measure ROI, while Danby of iD added it is not just about sharing models.
He said: "We need to be sharing data and as an industry build econometric models to measure an event."
Elphinstone said experiential was behind the curve of some communications industries when it came to measuring ROI. "The industry needs to be willing to be measured. This shows a certain level of confidence," he said.
He added the first step to evaluation is to ask the right questions so that agencies and event organisers have a benchmark to work off and demonstrate what has been delivered to clients.
Danby noted there is still an issue with competition: "We need to get over this hurdle if we are going to share invaluable evaluation across the industry."
He added that agencies should consider predicted measures, which can separate an average experience from something that is world-class.
One delegate questioned how the industry could bring in an independent association or organisation to measure ROI for experiential?"
Hargreaves said you would need an industry board to stay neutral, while one member of the audience suggested bringing in the European Commission, which may provide vital funding establishing a standardised model.
Other suggestions included universities, which could fund research and highlight the most effective ROI measures, as well as the owners of boutique agencies who have previously worked at larger organisations and have a broad and collective understanding of the industry and experiential.
The panel was asked why they thought the industry was so reluctant to establish a ROI experiential model. Millar said: "I don’t think the event industry is reluctant, as it is a challenging area. There are strategic reasons why it would be difficult to build a model. What it boils down to is we, as an industry, need to invest money into such measures so that we can put our money where our mouth is."
Danby added sales data needs to be acquired as part of ROI measurement and, therefore, event agencies should be working directly with retailers. He said companies need to start collecting qualitative data to understand the emotional benefits of an event.
What do you think? Should there be a definitive model when measuring ROI for experiential? And who should take charge of it? Comment below to let us know what you think.For more in-depth and print-only features, showcases and interviews with world-leading brands, don't miss the next issue of Event magazine .