A good event planner always wants their next event to be better than the last. But how do you measure an event’s success? Do you know which metrics to use to measure the results? In this post, we’ll tell you the main KPIs and which ones you can use to measure the success of your events.
How to plan successful events: the importance of KPIs
Standing for Key Performance Indicators, KPIs are the metrics used to analyse the effectiveness of particular actions. In the rest of this post, we are going to take a look at a list of some KPIs that are most useful for measuring the success of your event. Analysing your event after it has happened is an essential part of the routine of any professional operating in the events sector, as the secret of how to organise successful events resides, in large part, in the ability to identify and analyse the errors and successes of past events.
Monitoring the impact on social media
Nowadays, one of the most obvious ways to measure the success of an event is to monitor its impact on social media. The event must be online before, during and after the dates it is taking place. The more attendees that post using and interacting with the event hashtag, the better its impact. Monitoring social media does not merely involve counting the number of posts and interactions, but rather listening to the conversations that are taking place around it to gain an understanding of the online reputation of the event.
Opinion surveys
One of the most effective ways to find out whether an event was successful or not is to ask the people who attended. It is also one of the most traditional ways to do so. Surveys provide an overview of attendees’ perception of the event and can help you identify weak points that can be improved next time.
Measuring profitability
One of the fundamental metrics when it comes to evaluating the results of any event is costs vs. benefits, in other words, whether it was profitable or not. To do so, you need to take a look at the economic investment you made, the income you made from selling products and services before, during and after the event, as well as the income generated by the event sponsors.
Another essential indicator, in addition to the sales made after the event, are the leads generated from this, the questions asked via email and social media and the increase in followers and fans on your social media profiles. All this will likely translate into a rise in sales in the coming months. These numbers are fundamental when it comes to finding future attendees and sponsors for the upcoming editions of the event in question.
Satisfaction of event sponsors
Taking time to evaluate attendees’ opinions after the event is important, but what about the sponsors? The cornerstone of the event, the sponsors support it through financialisation. It is therefore essential that you know their level of satisfaction, although - and unlike with attendees - it would be better to meet with them in person to find out their thoughts, rather than send a survey. Being open to constructive criticism is crucial, as is reassuring them that measures will be taken to right any small wrong at the upcoming editions. It goes without saying that sponsors may have a very different perception of the success of an event, compared with the attendees, meaning you need to make sure their expectations are met.
All these metrics will help you measure the success of your event, however you should know that by evaluating just one will not provide accurate information. The more metrics you analyse and compare, the more accurate your results will be about the event. Once you’ve obtained the results, don’t forget the most important part in the whole process: to draw conclusions to improve future events.
If you want to make sure your event is a success, it’s a good idea to hire professionals that specialise in the destination. In the Costa del Sol, there are many service agencies and DMCs that will be able to help you get the best results for your corporate event. Find out all the information you need to plan your next event in the Costa del Sol here.
