Event Planning 101: KPIs to Track the Success of an Event
Mar 23, 2023 2:15:00 PM
“If you can’t measure it, you can’t improve it.” Although Peter Drucker’s quote may have initially applied to his work more than 80 years ago with well-renowned manufacturing companies such as General Motors, it still applies today to all things marketing: content marketing, search engine marketing, social media marketing – and yes – event marketing. Just like GM analyzes the performance of an auto assembly line, if you want to improve your events, you too need to measure their performance and calculate ROI.
Sounds easy, right? After all, there are myriad event technology solutions on the market, many with sophisticated reporting and analytics tools that put event attendance numbers, registration numbers, and even the number of content downloads at your fingertips.
And the truth is, with the right event technology, event success is easy to measure… but only if you take time first to identify the objectives of your event marketing strategy. Are you creating events to drive leads and/or generate brand awareness? Or maybe you’re hosting an event to launch a new product, recruit new employees, or train new managers?
Once you’ve outlined the objectives of your event strategy, you can then define how you will assess its success, which leads to the question, what KPI for events do you measure? For example, you might use event management KPIs to measure brand awareness by registration and attendee numbers or lead generation by the number of booth visits or presentation attendance. There’s no right or wrong answer, and no “magic number” will tell you how successful your events were. However, if you hone in on three to five metrics that you feel reflect how well you achieved your event objectives, you’ll be primed to demonstrate your events’ value and iterate your event strategy to improve continuously.
When determining KPIs, it’s important to be specific to determine to what extent you achieved your event goals. Here are some event KPI examples.
In most cases, your business sells products or services. You may host an in-person or virtual event to launch a new product, promote your services, or attract new customers. Here are some sales KPIs to track the success of an event:
This group of event marketing KPIs can be used to maximize event profits and inform future event budgets.
Marketers can use KPIs for events to measure the event's influence on any number of marketing goals, such as increasing brand awareness, acquiring new marketable contacts, or accelerating existing contacts through the marketing funnel.
6Connex tip: Speaking of KPIs, are you looking for the best way to measure event success? We've got you covered! Our benchmark for attendee engagement takes it a step further - consulting on how to make your next event even more successful. Our consultations provide actionable suggestions on how to continually improve so you’re not only meeting but exceeding your KPIs. We're well-versed in what we do, and we analyze the following factors to provide you with an attendee engagement score:
At the core of the Benchmark for Attendee Engagement is the Attendee Engagement Score, which measures the average attendee engagement level during the event. The higher the score, the healthier and happier your attendees, and the better your ROI.
If you organize an event as an employer, your goals could include increasing brand awareness, capturing new talent, or retaining your current employees. Collecting event data will give you more information about your performance. Here are some event management KPIs that you'll find helpful.
Occasionally, you participate in an event as a partner, perhaps in the role of a sponsor or exhibitor. Participation, however, usually comes at a cost, so you want to make sure you measure the right event KPIS to see the return on your investment.
Event marketing is essential in every marketer’s toolbox, and a well-thought-out event marketing strategy is crucial to achieving marketing – and overall business – goals. However, careful measurement and analysis of event data will allow you to convert your event objectives into tangible results. As stated by Bill Gates, “In business, the idea of measuring what you are doing, picking the measurements that count like customer satisfaction and performance... you thrive on that.”
Join us on June 27th at 10 a.m. CST for our webinar "Raising the Bar: Achieving Sustainable Events through Innovative Technologies and Expert Insights." co-hosted with MUSE. Learn from event sustainability gurus as they share tips on reducing carbon footprints and creating events that make Mother Nature proud. Don't miss out on this industry leading, eco-friendly event! Register below.
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