Previously-held metrics of attendee satisfaction may not be as accurate for today’s KPI measurements of event success. Photo Credit: Adobe Stock/Nuthawut
Tangible metrics such as attendance tracking, survey results and
number of connections have long been used to measure the success of
events, but newer and more sophisticated KPIs that provide a deeper
insight into event outcomes have emerged.
The rise of social media and marketing metrics
Petrina Goh, head of commercial, SEA & Hong Kong at CWT Meetings
& Events, says some clients are tracking social media mentions –
which can help to make the event more visible, drive attendance, and
boost brand perception, SEO and website traffic through event hashtags.
“Another meaningful way to measure an event’s success is through the
amount of marketing content generated that can be used to promote the
brand post-event,” she said.
The challenge of quantifying the intangible values
However, Goh added that there are still many critical values of an
event that aren’t easily quantified, such as customer loyalty and
relationship-building before and after an event.
Furthermore, as events are often just one touchpoint in a longer
customer journey, it can be difficult to attribute the leads or sales
generated to an event versus other marketing outreach efforts.
Cost per attendee: A financial KPI still in focus
Given the challenging economic conditions, Fernando Lonergan, vice
president, Asia Pacific sales, account management and Australia at BCD
Meetings & Events, says cost per attendee continues to be a priority
with regards to event metrics.
“Understanding this on at least a year-on-year basis is useful and
demonstrates how the business is strategically managing this spend
category, as it can be a significant investment in some industries,” he
said.
Staff retention: A new measure of event ompact
He stressed the relevance of staff retention in current labour
markets around the region, and measuring retention rates for staff
members that have benefited from a recognition event over a said
timeframe can be a good measure of the event experience.
These rates can also form part of what he calls the “meeting
programme objectives” – elements that need to be more strategic, or
which need to look at improvements and results over a longer time period
such as the financial or calendar year.
“As such, these metrics can focus on financial metrics, staff
retention metrics, or even sales of business performance,” Lonergan
said.
Navigating the Complexity of Measuring ROI
However, events often have multiple objectives including thought
leadership positioning, networking, and lead generation, and
articulating and measuring the real ROI behind such diverse goals can
get complicated.
To navigate this, Goh suggests that event planners look beyond the
typically-used attendee surveys, which can be tough to standardise given
the subjectivity of attendee satisfaction and brand perception.