Events are usually, if not always used to help achieve key business objectives. Whether that’s increasing brand awareness or increasing sales, there are some key metrics that can be used to measure your success against these goals.
Here we will work through a few measurements you can use to demonstrate the success of your events strategy:
Registration Trends Over Time
Registrations over time are a great way of measuring the buying behaviour of your attendees. Do they usually purchase with early-bird discounts or do they leave buying a ticket until the last minute?
Knowing what your best-selling time has been historically, will help you to understand how your ticket sales are performing and whether you need to increase your marketing spend or efforts to sell more. In addition to this, it also helps you to predict and understand your cash flow, information that can prove invaluable when negotiating payment dates with suppliers.
Furthermore, understanding your sales cycle can help you to understand whether you might be in danger of not selling enough tickets early on. This can help you to plan increased marketing and or discounts to ticket price.
Net Promoter Score
Net promoter score is an analytic measuring the likelihood of your attendees recommending your event to a friend or peer. It is very easy to collect this information via post event surveys. You could ask your attendees to rate on a scale of 1-10, how likely there are to recommend you.
You can then measure your results as below:
- Detractors: score your event between a 1-6. It’s not likely they will share your event with friends.
- Passives: grade between a 7-8. They enjoyed the event but probably won’t share it with someone.
- Promoters: score your event between a 9-10. They’re highly motivated to talk about your event in a positive light.
To work out for net promoter score (NPS), you subtract the percentage of detractors from the percentage of promoters. It’s generally agreed that anything above 0 is good and demonstrates that, overall, people enjoyed your event. However a score above 50 would be considered excellent and everything above 70, world class.
When measuring the impact of your event on social media, it is a good idea to identify what your overall goals are and to measure accordingly. For example, if brand awareness is important to you, then measuring mentions across all of your channels could be a good way of measuring impact .
However, if you’re more interested in tracking ticket sales, then you could use tracking URLs posted on social media and the ticket sales these brought.
It’s always a good idea to include qualitative measures in all of your social media metrics to monitor the tone of conversation. For example, you could be generating 1,000s of mentions online, but it many of these are negative in tone, then this would obviously indicate a problem instead of growth of positive brand awareness.
When measuring the success of your events, it’s important to make sure that the data you collect is relevant and that it highlights data important to you and your management team. You may also need to consider the needs of your sponsors and any reporting obligations you have to them. Remember that the data important to this years sponsors may also be useful to future prospective sponsors and could help you to secure future funding.
For help and support with running your next event, get in touch with Wendy at Wendy Marston Events.