Measure Event Success That Matters: Here’s How!
How To Make The Most Out of KPIs
Event metrics can be your best friend—pointing you in a helpful direction, giving you ample information, and even assisting you to plan ahead. However, with so many types of KPIs and event management platforms available, event metrics can also seem like a stranger speaking a foreign language. How do you cut through the noise and accurately measure event success? Start by focusing on the metrics that will influence your future event planning.
When you know what you are looking for, this year’s event data can mean a smoother and more successful event next year. The key is taking stock of that information during and directly after your event, so that you can watch the data pour in while attendees’ memories are still fresh. This means utilizing various event management platforms to track everything from ticketing trends and social media impressions to attendee satisfaction.
Previously, that required individual analysis of each platform’s numbers, but now you have Ontrac™. Ontrac™ keeps all your KPIs at your fingertips on a single interface. You can see metrics from multiple databases on a streamlined dashboard. Considering the ease with which you can access these data points within Ontrac™, here are the event metrics you should focus on to measure event success.
Cost vs. Revenue
While many people might argue that gross revenue is the single most important factor when you measure event success, that number means nothing without your event’s total cost. Comparing revenue with the cost of your event puts every planning decision into perspective, including the choice of venue, industry, ticket pricing, entertainment, and attendee demand.
This number will clearly show you how well you managed your budget and, most importantly, how you may need to tweak your approach next year. Your focus should always be growing your profit, so take a hard look at your numbers. Look for areas that were more expensive than expected and did not produce their share of gains, whether that is in profit, brand awareness, or sales leads. Understanding what your numbers are telling you will help optimize your event next year.
Knowing where your most valuable registration numbers are coming from is vital to planning future marketing campaigns.
Industries shift over time, which means your attendees’ demographics shift as well. For the most effective marketing of your event, you need to know who is most likely to register based on the previous year’s data. Optimize events using promo codes. Designate each promo code for a subset of attendee and see what the numbers tell you. This can influence the time and money you allocate for various potential attendees next year.
Any event brand dreams of creating a loyal base of fans; those are your repeat attendees. Attendee experience tracking for this special subset of guest can tell you a lot about what you are doing right and who it is appealing to.
A high retention rate is a good indicator that you are fulfilling your promises to individuals and businesses who attend. Even better, have businesses increased the number of employees they send each year?
If your repeat attendance is high, you can use this information to see what type of attendees keep coming back. Look at what they do at your event, how they answer their satisfaction surveys, and what interests them. Attendee experience tracking for your repeat guests will let you know why they keep coming back. If your repeat attendance is low, consider offering some thoughtful gestures to invite attendees back next year. Targeting your marketing to this subset of attendee is a good start and shows that you are paying attention.
Registration Over Time
Of course, the total number of registrations will tell you a lot about your event’s appeal and success. A high number of registrations and ticket sales means your marketing campaigns worked; your target audience is interested in what you are offering, and the choices you made for speakers, venue, and incentives piqued their interest enough to follow through.
Looking at registration over time can give you an even fuller picture. Charting registration numbers as they correlate with marketing pushes, other industry events, and even holidays will give you insight into how to optimize events next year. Is there a competing event causing a dip in your ticket sales? Did a particular social media campaign result in a boost in numbers? How well did your early bird campaign perform? Getting down to specifics will shape next year’s strategies.
Social Media Engagement
While social media presence used to be a nice bit of advertising for events, now we can see much more in what, when, and how attendees choose to share. Attendee experience tracking for mentions, tags, and check-ins can reveal any hiccups in your planning so you can avoid those mistakes next year.
Ensure attendees used your designated hashtag correctly, and notice any common misspellings or alternatives. Make a note of what attendees found to be Instagram-worthy photo ops. What speakers did they quote on Twitter? What booth was the most popular? Social media data can be an event designer’s dream; it not only establishes what attendees actually took part in, but what parts of their experience they were so thrilled with that they wanted to share it with the world. Don’t let this treasure trove of data go to waste; use what your attendees’ were most excited about as a jumping-off point for next year’s event design.
Accessing The Data
This is a lot of data to track, and these important numbers can slip through your fingers. Not only are they fleeting in some cases, but they are most valuable when used together. However, when your event metrics all live on different platforms, how do you compare the separate data points?
Even top event planning companies in Atlanta have the same problem, and we decided to fix it. Ontrac ™ consolidates disparate data into a single dynamic interface. This keeps critical success factors at your fingertips.
While every event might have a personalized set of KPIs that measure their specific goals, these tips from our event professionals at Omnience™ are core facets of any successful event. Designing a thorough and organized system to track and analyze these KPIs will give you the space to launch a more informed and in-touch event next year.
For more information about Ontrac™ and how our event professionals can assist you, contact us with your event’s needs.