Did you receive your return on investment (ROI) from your last event? If you did not set event KPIs, you may never know. Event KPIs are a vital tool to use to determine your events’ overall success and if you have reached your return on investment.
By not setting your KPIs in advance, you may have no event plan or goals to work towards. So follow along where we will share with you the importance of event KPIs and the top KPIs to consider when planning your next event.
What is a KPI?
KPIs, also known as Key Performance Indicators, are the key targets set of a measurable value that you hope to achieve in your business. Event KPIs are the best way for you to track and measure your event’s performance in comparison to your investment.
Event planning KPI measurement can be tough just because of the number of stakeholders and third-parties you have to rely on to make everything come together. But all that means is that advance planning and organization is more vital to your success than perhaps any other role you might play.
Why are event KPIs important?
Detailed event data analysis is essential to determine your event’s success. Setting KPIs early into the planning process is particularly important for your success analysis. Event organizers use this information during the planning process to gauge which areas require special attention. This data is also used after your event to evaluate areas of success and areas of improvement to help make your events even more successful in the future. Suppose you are new to event planning or have limited experience. In that case, you may benefit from hiring an Event Consultant because they can help you track your KPIs with ease.
Important event KPIs to consider when planning an event
Number of registrations
One of the most apparent indicators if you want to measure the success of an event is to track the number of registrants.
We recommend that you keep track of who has registered versus who has not. Doing this will help reveal who your event is most appealing to. Again, working with an Event Consultant can help evaluate this information in real time and determine when you received exceptionally high numbers of registrations for your event.
Social media engagement
It is no secret that social media significantly influences people’s behaviours and opinions. That is why we recommend tracking the social media engagement of your event leading up to and during your event.
One way to do this is to track any mentions or tags on social media. Doing so will help you see who is talking about you and your event. In addition, observing and taking note of any other hashtags participants use when mentioning your event can be helpful as well.
Most of the time, people only discuss and share topics on social media that they can relate to. The more frequently a post about your event is shared, liked, or receives comments will help increase your event’s online presence with current and future attendees. As a result, this can positively impact the awareness and reputation of your event and, by extension, your business or product. An Event Consultant can help you examine your engagement in more detail.
Revenue vs expenses
Leading up to your event, we always recommend keeping a detailed tally of any expenses and revenue brought in from your event. Doing so will help you better understand how your total costs compare to the money made. It’s important to keep in mind that your event revenue can also be generated by selling sponsorships, buying merchandise, or generating leads for sales.
An event consultant can help you set KPI targets for how much you want to spend and how much money you want to make from your event. Then, once the event is over, you can assess your earnings and outgoings to see how they compare to your established standards.
After your event is complete, it is crucial to request participant feedback on the event. We recommend seeking input on the event as a whole as well as on particular speakers, programs, or content. When asking attendees for their feedback, it is beneficial to question the level of satisfaction your attendees had with the event’s planning and communication leading up to the event.
Some common KPIs from surveys may include attendee satisfaction, future plans to attend, or likeliness to tell others about the event. An Event Consultant could help you organize different surveys to collect this feedback.
We hope that you leave this blog with a better understanding of the importance of event KPIs for your corporate event and some top KPIs to consider. Even though you know which KPIs to pay attention to, you may still need assistance calculating them. In this case, contact Sharon Bonner Consulting for further insight because we will help you set, track and exceed your KPI’s expectations!
Other blogs you may enjoy reading:
5 Common Mistakes When Not Using An Event Consultant
How To Calculate ROI For Your Corporate Event
Definitely, important benchmarks to look out for. Though I feel like social media traction can only be a significant factor if it’s a major event that is attended by thousands.