Has your event been successful?
The importance of quantifying the impact of your event
If we ask you, was your event a success? would you be able to answer?
Although it may seem obvious, we often don’t stop to think about what impact your event has really had. That’s why today we bring you an interesting article on the metrics and data to take into account once your event is over.
It is essential to create reports with the conclusions of your event. These will help you to get an overall picture and know how the event went. It will help you to see if the expected objectives have been met, and according to these you will have a much easier time making decisions.
Before the start of the event you will need to have these concepts clear in order to create your event performance report.
- The purpose of the event. Why is it being done, what is to be achieved with the meeting?
- Venue of the event
- Target profile
- The concept of the event
The most important KPIs in an event
A KPI (Key Performance Indicator) is a key indicator to analyze the performance, in this case, of the event we want to know its impact.
1_Attendance
One of the key data in an event. To know how many people attended the celebration. The higher this number is, the better the event will be associated with it. Knowing the peaks (both highs and lows) of the event will help us to see which have been the favorite moments according to the attendees. In the case of a virtual event it will be calculated by the number of connected users.
2_attendee loyalty
Loyalty variable by attendees can be measured in different ways, depending on the tools available for that day (mobile application, loyalty program, pre-registration activities…). In the case of the event app, we will measure the number of downloads of the app. And with a loyalty program we will base it on the leads that have been achieved.
3_invoicing
Normally an event, whether it is a celebration, image reputation, product presentation, etc., has as its final objective an economic part. This means that another way to analyze the success of your event is by analyzing the percentage of sales or profits compared to the same period of the previous year. In another case, such as a concert, it will be the merchandising that is sold.
4_social media
Social networks are a fundamental part of an event. It is a very easy and effective way to get the attention of your target audience. And even more so with the use of influencers. Therefore, it is very important to write down and update all the data of the social networks. From followers, likes, comments, use of hashtags… And in the case of the use of influencers, to have a very clear report of the repercussion they have had in order to also dump it with all the information we have.
5_ROI
One of the formulas that you have probably heard the most is ROI (return on investment). This formula is calculated as follows:
income – expenses . 100
expenses
The result of this operation will be a percentage of the profitability of our stock.
When you want to see the result of your event and put it on paper, keep in mind that events are not an exact science. You have to value all the data and give it the importance it deserves according to the objective of your event. Having some negative data does not have to mean something bad. But it is essential to have all the results quantified in order to measure your impact.
