A great event strategy is basically your game plan to getting the best ROI for your event. Regardless of what your main objective is for your event, the right strategy will help you get what you need.
The Perfect Events Group is no stranger to event strategy. We help our corporate clients set up event analytics, pick key performance indicators (KPIs), and implement systems to track event performance from start to finish.
To track the right KPIs, ensure these 9 metrics are on your hit list.
How many people attended your event? The best indication of event attendee and quality demand is registration. Of course, you should make sure your comparison is like for like. For example, registration for an dinner gala will be lower than registration for a huge festival. Even so, tracking registration figures over time for similar types of events can help you gauge attendee interest.
Another great metric to measure your success, is media! The easiest form of media to track is social media. Create a unique hashtag for the event and give people reasons to use it. If attendees snap pictures in front of your designated photo op, that’s a sign that your creative is a hit. Track how many shares, mentions, and likes you receive.
Email Marketing Opens & Clicks
Email marketing is a very often a major part in an event strategy so measuring their success is an obvious and necessary metric so check you platform analytics! Try split testing two versions of your email campaign. Check opens and clicks for each option and find a baseline industry CTR % to measure the success.
Engagement and quality are great indicators if your community is active during an event. Check your event analytics for community engagement KPIs like:
Most active threads
If you don’t have a community for your event, then create one! It’s the best way to get long-term traction and who doesn’t love building inclusive communities?
Lead generation is one of the most common objectives for an events. Depending on your type of event would decipher how you would track it but our favourite way is using unique URLs or promotion codes
Gross revenue calculates how much money you make from the event. Combine the income from sponsorships, ticket sales, food, merchandise, and any other income sources.
The dreaded and most disliked KPI, but total expense is a non negotiable. BUT, it’s tough to track every cost for an event. The key people are paying for everything at different times, from the venue to catering to A/V and other suppliers. Little expenses can slip easily through the cracks so tracking everything on an event platform or a shared spreadsheet is super important. This way, you can track all event expenses in one place and easily calculate ROI.
Return on investment (ROI) will tell you whether your event was a net loss or a huge success for your brand. If you want to understand if you’re in the red or black quickly, use an ROI calculation formula to see where you stand.
Post Event Surveys
As frustrating as it is, not all attendees will fill these out, but you can still get a lot of information about your event from surveys (especially if you give them an extra reason to complete it) Use a framework like Net Promoter Score to see how satisfied attendees were with your programming, venue, food, and overall event OR we can do it for you 😊
So! You put a lot of blood (literally), sweat (unfortunately) and tears (sometimes) into your event and it’s strategy for success. Track critical KPIs so that you know whether your event strategy is worthwhile or if you need to tweak something. Track these 9 KPIs to see what truly works for your business.
When in doubt, go with an experienced experiential events agency like us! Our 4 core services, events, marketing, design and partnerships, means you can measure just about any event KPI and have a whole collaborative agency working to meet your main objectives. Give us a holla to find out how our approach can help your brand create and execute your event strategy.