Ep 58: How to Calculate Your Speaking ROI
Welcome back! In prior episodes, we have explored how to determine whether or not a speaking engagement is worth saying “yes” to. Agreeing to a speaking engagement is so much more than the idea of how much fun or a good opportunity it might be. A key piece of this decision making criteria should be what the Return On Investment (ROI) looks like. Before we agree to any speaking opportunity, we really need to do our due diligence and run some numbers to make sure that this speaking engagement is going to be a good fit for us financially. Today’s episode is all about factors to consider to effectively calculate your ROI for a speaking engagement.
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Episode takeaways you don’t want to miss:
Know your numbers! You can’t effectively calculate ROI without knowing them.
The expenses associated with attending a speaking engagement can add up very quickly and need to be considered in great detail
Child care, lodging, airfare, time away from work, dog walker, eating out, time associated with planning logistics, wardrobe
Calculating the revenue/benefit of speaking at a particular event can be a bit more obscure, but is still absolutely essential
There will be unmeasurable metrics (hard to measure the return on exposure)
Exposure doesn’t pay the bills so tread lightly here
Your ROI for a specific speaking engagement can change a year after you’ve given your talk. It might take that long to convert a new lead you gained from a conference you spoke at
Do NOT just wing what the outcome of an event is going to be! Set clear/definable/measurable goals and objectives. The lifetime return on a speaking engagement should be high (and measurable) but constantly grows, but a near-term calculation on a speaking engagement ROI should be based on something measurable.
Selling copies of your book
Future speaking engagements
Growing your email list
Use a specific opt-in or freebie that is measurable
Sell course content
Have a unique code or link to track how many sales came from a specific event
Growing social media following
In order to use social media growth to compute ROI, you need to assign a value to each follower. Some followings convert more than others. Be honest with yourself and have a value established for them. It very well can make more sense to run an ad campaign on facebook to get these followers than paying the out of pocket costs to travel out of state.
Don’t focus on the objectives of others or on objectives that don’t move the needle for you. Really focus on measuring objectives and goals that can be both quantified and make you money
Craft your talk around the goals you’ve set out to achieve at a specific speaking engagement
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