If you are an event planner or somehow linked to events or events business, you must be aware of the importance of measuring the success of your events.
Planning and conducting an event successfully is not a child’s play. So, how to measure the success of these events? In this article, we are going to share five useful ways to measure the success of your events with you.
Before diving into the topic let us find out what success means for your business.
The answer to this question lies in your business objectives.
Ask the following questions to yourself to get the answer:
- Why have you decided to take up the events business?
- Is earning profit your only goal?
- Do you want to build a community through your events?
- Do you want to expand your audience reach?
Find out the answer to determine the goal of your events.
Why is it important to measure the success of your events?
Conducting an event successfully requires immense hard work, patience and dedication. So as an event planner, you must understand what worked for your event and where you need improvements. This can only be understood by gauging the success of your events.
5 useful ways to measure the success of your events
1. Number of event tickets sold
As your ticket sales cover a major part of your event revenue, it is crucial for you to know the exact number of event tickets you have sold.
Besides the number of sold tickets, you also need to keep a track of the total number of people who have attended the event. This is because many companies have a tendency to book event tickets in advance but don’t attend. So you must monitor the number tickets sold and the number of attendees ratio every year in your events and compare the current year’s ratio with the previous year. This could be an indicator of the success of your marketing activities.
If there is an increase in the ratio from the previous year, then you are on the right track but if it goes down you need to work harder to find out the actual cause of it.
Calculating these numbers and comparing them every year manually can be an extremely tiring, time consuming and error prone task. So what to do? Use the Sell Tickets addon from WP Event Manager. It has some amazing features that can simply be a game changer for your event ticket sales.
It offers a detailed report on your ticket sales including the number of tickets sold, types of sold tickets, number of registrations and more. Discover the plugin now.
2. Track event revenue by ticket type
If you sell multiple types of event tickets then you need to keep an eye on the type of tickets sold as well. This is a very useful way to understand the amount of audience engagement in your events.
Consider the following questions:
- If you organize hybrid events, check which attendees joined the event and how long they stayed?
- Find out which type of event gathered more attendees online or offline?
- If you offered multiple ticket types to your attendees, which type of tickets were sold the most?
You need to have proper data to answer all of these questions. The best way to generate this data is to use an event mobile application that will enable attendees to scan barcodes to check-in and out from the event.
The Sell Tickets addon from WP Event Manager, offers the facility to its users to send event tickets in PDF forms through mails to the attendees. These tickets have barcodes printed on it which can be scanned by the attendees during check-in and check-out. On the other hand, the Mobile app of WP Event Manager helps organizers track check-in and check-out along with other vital ticket related details.
3. Post-event surveys
Post event surveys are an eye opener for event organizers as it gives them an opportunity to know about the attendee experience in their events which can be a great indicator to measure the success of your events.
As you already have the contact details of your attendees, you can use them to run a post event survey.
Besides this, you can also send emails to those who could not be a part of your event and ask them about the reason behind the same.
4. Social media engagement
Social Media is everywhere. Your social media activities give you instant feedback about your event.
You can create your own event hashtags and observe how many mentions they receive on various social media channels.
Having a dedicated team to handle your social media interactions is also a good idea here.
Everyone uses social media platforms but many of them don’t know that social media can be used as a feedback tool for any type of event.
5. Calculate the revenue generated
Here you have to do a little bit of mathematical calculations. One of the most prominent ways to measure the extent of your event success is to compare your event revenue with the cost.
Here it is to be mentioned that this process is completely dependent on the type of events you host. For example some events are taken as an investment and some are conducted for the purpose of earning profit.
You need to be clear about the main objective behind hosting your events and what you want to achieve from it. No matter what the purpose of your event is, the total cost of your event should never cross the revenue you have earned through it.
If your events are an investment to you, you need to monitor if it has delivered your desired results in the long run.
From the entire article, we can conclude that the key performance indicators to determine the success of an event depend on its budget, size, available data and event objectives.
Some of the critical KPIs for event ROI include the following:
- The number of attendees who were present in the event.
- Event Ticket sales.
- Social media engagement.
- Return on investment.
- Social media engagement.
We hope that the above-mentioned tips will be helpful for you in measuring the success of your events and improving your future events.