Although selling a lot of tickets can be a great indicator of the success of your event, it is only one of many barometers. You need to be able to measure the success of each event so that you can make it even better.
Before the event planning phase begins, you should be aware of multiple options.
Monitor Social Media Activity
It is a given that you must be active on social networks during the days leading up to the event. This will encourage attendees to talk about the event on their social networks. After the event, you should continue to monitor social media activity.
Are our attendees still using the #event hashtag to share photos? Are your company’s followers more active on the company channel than usual? You can also read the comments to find out what attendees say. Are there any praiseworthy posts? Did there seem to be more than one complaint? To monitor social media activity, you can use a tool like Eventstagram.
You can also offer special incentives to thank those who attended. Another way to measure the success of an event is the number of people who take advantage of it.
Ask attendees what they thought of the event. A post-event survey is the easiest way to find out. These questions can be used to ask the “unlikely” or “likely” questions. You can ask questions like:
- Are you more likely to recommend products and services from your company to family and friends after attending the event?
- Do you think you are more likely to attend the next event or less?
- Are you more likely to purchase product X after attending the launch event?
If you receive a “less likely” answer to a question or a “very unlikely” one, please provide a box for respondents to fill out their reasoning.
A survey gives you more than just a general understanding of the perceptions of your attendees. This allows you to identify weaknesses (e.g., This helps you identify weak points (e.g., insufficient venue or lack of entertainment) and how they can be improved. Even if every ticket was sold, how can you say that the event was a success if the guests feel the event was “meh” at best?
Measuring Revenue vs. Overhead cost
A corporate event aims to build brand awareness and attract new customers. You can also bring in additional revenue. You have to make money to make it. It’s also possible to spend more than you earn if you end up with a bomb.
In essence, you need to measure parameters such as:
- Actual cost vs. anticipated cost
- Actual revenue vs. revenue anticipated
- Actual cost vs. actual revenue
Remember that even if the budget is slightly higher than expected or the revenue generated, it does not necessarily make the event a failure. For example, you may not have gotten as much revenue as expected but still managed to acquire far more signatures for your email newsletters. This is a lot of new potential clients, some of whom may be repeat customers and can bring you residual income for many more years.
Another thing to consider is the efficiency of your event planning. Was it too time-consuming to prepare name badges, update event websites, email back-end to gather speaker information, promote your event, and so forth? You can save time and money by thinking about making your event more successful next time. You can save time and money by thinking about doing better next time.
In the weeks that follow an event, monitor your sales figures. Are there any sales increases? Keep track of the people who make purchases. Do they mostly come back to the event as repeat customers or first-time customers?
You should not only focus on the sales figures. It is possible to measure sign-ups for trial services or your newsletters. You can also measure the number of phone calls or emails you receive.
Do you have the next event already planned and announced? Are people interested in reserving tickets, or at the very least indicating their interest?
Create an event app
It’s all about streamlining your event for you and your attendees. Integrate a conference application such as Whova. It is specifically designed for event planners. This service allows users to create their event app or networking tool. Whova allows users to:
- Staffers and attendees can view the event agenda or schedule in the app.
- Let guests personalize their schedules and set reminders.
- For event planners and guests, allow them to leave feedback and comments.
- Digital business cards can be stored, scanned, and exchanged
- Sponsor banners and embed company
- Notify your customers in real-time about changes to the schedule or availability of parking spaces
Recognize your Sponsor
- Event success is determined by the satisfaction of attendees and the level of sponsorship. Because they fund it, your sponsors are the backbone of your event. Did they like the outcome of the event? Do they feel that your company kept its word? It is important to assess the impressions of your sponsors. You can set up a Skype meeting or sit-down with your sponsor representative instead of conducting a survey.
- Sponsors are not a one-time deal. You want to build a long-term relationship with them so they will be there for you at future events. Accept constructive criticisms from sponsors and listen to any suggestions for improvement.
- If the sponsor decides not to continue the relationship, that does not necessarily mean that the event went well, even though guests were well-received. The guests and sponsors have different perceptions of an event so make sure you cater to their needs.
Define your Key Performance Indicators (KPIs).
- You can’t have only one key performance indicator. To accurately evaluate whether an event is a success, you will need at least four or five. Even if you have all the measures that indicate success, the evaluation can help you improve, so the next event achieves a higher milestone.