How to Measure Event Success Using KPIs
Hosting a corporate event for your business or brand requires more than sending invites and providing an evening of entertainment.
In order to truly measure the success of any event you host in today’s virtual world, having KPIs in place is a must.
What are KPIs?
KPIs, or Key Performance Indicators, are quantifiable values that can be measured based on the goals and business objectives you have set.
KPIs are used in all areas of business, regardless of the market or industry you represent.
Why are KPIs important?
KPIs provide valuable insight into the overall performance of a business in all areas based on the goals and values you have in mind. From managing marketing campaigns to handling HR and financial goals, KPIs can help your business to strategically move forward as you scale and grow.
A few of the reasons why KPIs are so important in business include:
- Helps stay present: Stay present in the overall health of your business and organization. Monitor growth and potential problem areas by monitoring any KPIs you have set into motion.
- Communication and teamwork: Keep your teams working together seamlessly by ensuring all KPIs are in place and properly understood. Teams who have KPIs to guide them are less likely to find themselves disorganized and discombobulated.
- Knowing when to make adjustments: Running a successful business involves making changes and adjustments on the fly. Using KPIs, discover which areas of your business require more attention and change in order to achieve your goals.
- Monitors productivity: Keep track of and monitor the overall productivity of your employees and team with KPIs in place. Ensure all employees are held accountable for their progress and their actions taken to keep in line with the KPIs you are currently using.
KPI examples will vary based on the type of business model you are using for your company, as well as the target audience and demographics you intend to reach.
While some business owners may use KPIs to build an online community and attract new newsletter subscribers, others may use KPIs to track sales funnels and the overall success of individual marketing campaigns. KPIs can be used to boost productivity or to determine if a website is responsive enough.
Creating a KPI highly depends on the type of business you are running, as well as both the short- and long-term goals you have in mind for your business.
Some examples of a KPI in business might include:
- Increasing sales revenue by 30% in one year
- Launching a social media campaign to drive web traffic to your eCommerce store or official site.
- Hiring additional staff with the goal of generating more leads and/or sales
- Reviewing progress on a month-to-month basis
- Achieving a specific target will help your business to become more profitable.
How to measure event success using KPIs/software tools
Measuring event success with the use of KPIs and software tools can help to streamline the process while saving time, allowing you to focus on what is most important with running your business.
1. First, it is important to determine what it is you will measure before you can begin using KPIs to do so. Determine what you will be measuring that showcases and shows the overall performance of your business. If you are interested in honing in on specific areas of your business, consider which KPIs are most useful and relevant.
2. Consider your area of focus. Some areas of focus to consider include overall conversion rates, average order amount, the number of leads you generate daily, as well as the overall ticket sales you have made.
3. Set aside time to create your KPIs. When using KPIs, it is impossible to measure and analyze data without spending time and effort on each of the metrics that are most relevant and/or valuable to your business and its objectives.
4. Before choosing your KPIs, you will need to determine which metrics are likely to result in the outcome you desire. Sometimes, it is possible to use multiple metrics to track one KPI, depending on your business model, corporate goals, as well as your target audience.
How will you track your event success using KPIs?
One of the best ways to track your event success with the use of KPIs is to use a virtual solution and management system.
Manually tracking an event’s success based on KPIs requires ongoing manpower and virtually unlimited hours, especially if you have invited many guests and are tracking multiple KPIs.
When will you be reviewing your KPIs?
It is also advisable to consider when you will be reviewing your KPIs to determine which KPIs provide the best indicators and, ultimately, the best outcome for your business.
Will you be reviewing your KPIs leading up to your event and throughout the registration period, during the event, or after the event has passed?
Is there a team or person responsible for tracking each?
Whenever you are using KPIs for a corporate event, it is important to consider how your KPIs will be tracked and by whom. If you do not have a dedicated person or team for tracking your KPIs throughout an event, consider turning to event management and ticketing software.
The right software solution removes the guesswork from tracking KPIs while allowing more time for your team of employees to focus on other aspects of running your business and hosting a successful event.
Get extensive reporting on each event
Purplepass makes it easy to track and monitor
Understanding the significance of KPIs and how they can help you host your next business event is essential for the best outcome possible.
Whether your goals include generating more ticket sales, garnering attention and donations, or even attracting new prospective customers, using KPIs can ensure you remain on the right track to success in any market or industry.