How to Measure the Success of an Event
Whether it is a company’s internal event, engaging in an event, or conducting an event for their clients, such gatherings pack tons of advantages for a business of any scale. Reports display that about 93% of developing companies’ budgets place preference on hosting events, and 57% of which give them a high priority. However, after the event is over, how do we know if the same was worth it? Unfortunately, many companies are not able to determine the success of their events.
Measuring event success permits companies to defend the budget spending. It shows how much savings they have gained by investing in the event marketing. Now with the incorporation of technology in events, it is possible to track attendees’ in the event, measure the aspects that can let companies estimate chosen KPIs, and more. Nowadays, it’s crucial to keep track of a company’s event ROI to define the effectiveness of the event marketing strategy and be able to tell how much it helped to achieving the company’s goals.
Post-event analysis can be an intricate process. It would be best if firms saw a bigger picture of what they want to achieve long before the event even starts. The basis of measuring event success lies incorrectly set objectives of the event marketing process and linger on further event organizing methods, ending weeks before the event. Knowing this, one can determine a list of stages to cover to start evaluating a company’s event marketing ROI. They could look like this:
Define Clear Event Success Goals
Defining marketing goals is the first and, apparently, the essential part of preparing yourself to scale your event. After all, at this point, you define what you want to achieve by performing an event marketing strategy. Knowing accurately what your goal is, setting precise targets to meet is essential in terms of choosing the right measurement classification and metrics. Therefore, it is vital to not only select the right intentions but to define them correctly.
Event marketing’s purpose is to improve the marketing activity of the whole company. That’s why the intentions you set for your event need to epistolize with the general ones. Imagine that a company wants to increase the number of sales in the forthcoming year. In this situation, you won’t start a party for your customers. You will go more parturient to reach added prospects. Hence, when you have a general idea of what areas your intentions will tackle, you need to take care of their proper definition.
Set Adequate KPIs
There’s no form to go around measuring event success without making visible how you are going to do it. Setting goals and objectives point you a path towards which you can work. However, you require to specify benchmarks and metrics to operate with to control the development. It’s the Key Performance Indicators, also identified as KPIs that will tell you what exactly to measure during the event and what will provide to event marketing ROI.
Financial and Sales KPIs: The first, and frequently the most desired outcome of the event management policy is the economic and sales profits. Many companies view the events as an excellent opportunity to boost sales and repair the benefits of selling products and services via event face to face communication with attendees. Hence, they often choose signs that could illustrate the performance in this field, such as Event ROI, the number of new clients, the number of contacts generated during the event.
Marketing KPIs: The next set of event success metrics examples is marketing KPIs. While the marketing goals may be concise substantive, hence more challenging to measure, it’s essential to choose sufficient indicators of performance. They’ll allow measuring your marketing efforts in a numeric way like the increase in website traffic, the social media quotes with the help of an event hashtag the brand can much easier correlate with prospects, react with publications and communicate with authors.
Measuring Tools and Procedures
There are a couple of computations that need to be done like:
Surveys or Web/content analysis: The most paramount way you will know if attendees relished the event is by asking them. Survey responses help learn attendee satisfaction and ensure that future events transcend their expectations. Be specific with your questions and, when practicable, offer numeric response options. You will be able to extract deeper insights if your data is clean and quantifiable.
Accumulating Data: The form of accumulated data is essential. The report you formulate serves not only your analyzing purposes. An approachable and translucent graphic style will allow other people to notice the advantages that came out of your event marketing strategy. Generally talking, the whole event evaluation will be much easier when you have data in a fixed order. Also, compare obtained data with target estimates; think about highlighting the most critical parts of the report.
Sponsor content: The success of an event doesn’t depend just on attendee satisfaction. Sponsor satisfaction is essential as well because sponsors are the ones who are supporting the event, investing their capital with some expectations. Therefore, you should measure that and determine a metric to find out whether your event fulfilled their expectations or not. There are several ways to measure this value, such as through discussions, surveys, evaluation meetings, etc.
Remember that you should inquire about establishing a long-term relationship so that you can calculate on the sponsors for the next events. Be open to above-board feedback and work on your development.