In the pursuit of event success, understanding the importance of the right event KPIs is crucial. Vanity metrics may seem impressive and boost our egos, but they don’t always reflect the true value of your event. Here’s what it does:
Registrations are the first indicator of interest. They reflect the effectiveness of your event marketing and the appeal of your event’s positioning, theme and content to your target audience.
Consider this as your true event’s opening act: a high number of registrations suggests a strong start.
The key concept here is perceived value: if attendees do not see value — personal, professional, or educational — in your event, they’re less likely to attend.
The perceived value can be increased by having well-known speakers, offering unique experiences, facilitating networking opportunities, or focusing on hot topics in your industry.
Clearly communicating these values prior to the event is crucial.
No-shows event KPIs can offer precious insights into your event timing and follow-up communication. A high no-show rate can signal an event timing mismatch or ineffective reminder communications with your audience.
- Event Timing: The date and time of your event can significantly affect attendance. If the timing doesn’t align with your audience’s schedule, you’ll likely have a higher no-show rate. For example, an event held during working hours may not be suitable for professionals, while late-night events may not work for those with early morning responsibilities. Seasonality and major holidays should also be considered.
- Follow-up Communication: A well-executed communication strategy can help reduce no-show rates. Sending timely reminders via email or SMS, and providing information about the agenda, speakers, and what attendees can expect to gain from the event can keep the event top-of-mind and encourage attendance. Personalised communication can also create a stronger connection with attendees.
Therefore, it’s important to analyse your no-shows and tweak event timing or communication strategy accordingly.
For instance, if you’re seeing a high no-show rate for a professional healthcare webinar scheduled at midday, shifting it to early evening and enhancing reminder notifications may improve attendance.
Sales pipeline event KPIs reflect lead generation and potential business opportunities arising from the event. It’s a metric that has a direct impact on your bottom line.
Creating engaging sessions with strong calls-to-action that inspire attendees to explore your offerings can strengthen your pipeline.
As an example, a software company could run a product demo at their virtual or hybrid event to encourage attendees to sign up for a free trial.
Satisfaction event KPIs, often assessed through methods like Net Promoter Score (NPS), signal the value attendees derive from your event.
A satisfied attendee is more likely to recommend your event to others and attend again. As author and content marketing expert Newt Barrett said, word-of-mouth marketing has always been important. Today, it’s more important than ever because of the power of the Internet.
Therefore, strive to deliver high-value content and a seamless event experience. A simple post-event survey asking for feedback and suggestions can go a long way in improving attendee satisfaction.
It’s not all black and white when it comes to relevant event KPIs.
Remember that the event KPIs you choose will also depend on the specific goals of your event.
For example, if your event’s main purpose is to build brand awareness rather than immediate sales, then metrics like social media mentions, press coverage, or an increase in website traffic may be more relevant event KPIs.
It’s also true that one size doesn’t fit all when it comes to event KPIs, but mastering these four core key performance indicators can steer your virtual and hybrid events towards true success.
Don’t get sidetracked by vanity metrics. Keep your eyes on what really counts.
Embrace iVent’s Tailored Event Solutions for Optimal Success.
In conclusion, mastering event KPIs is a dynamic process tailored to your specific goals and context. Not every metric that shines is gold, so always steer your attention to what truly fuels your unique event’s success.
For anyone looking to leverage the power of digital events data, scalability, accessibility and sustainability to meet their business and organisational objectives, we offer flexible and bespoke virtual/hybrid event solutions.
We provide strategic consultation and ongoing support with our team of virtual and hybrid event specialists to maximise registrations and attendee satisfaction. Our tech tracks metrics like no-shows, revealing opportunities for improvement, and integrates seamlessly with your CRM to measure lead generation.
Let’s focus together on the event KPIs that truly matter for your event’s success.