Event Marketing

Best Practices to Measure Event Marketing Performance and ROI

Eventually Learning Team

Event marketing performance has always been the topic of discussion once you finish the event.  Personal satisfaction about the event performance does not count in business. So, cheers to you that you have satisfactorily ended the event as on the decided date. So, what next? It would be best if you looked out for the best way to track the event's success.

Further figuring out the best practices to measure the event ROI is the next important factor. There are several methods to measure event marketing performance, but very few are precise and prevalent. So, here is a quick guide to measuring the performance of your events in real-time.

Methods to Measure Event Marketing Success

Measuring engagement during your event is essential.  But to measure the post-event audience engagement is even more critical. This analysis will help you to understand whether your event marketing goals are achieved or not. You can decide many KPIs for measuring event success before the event. Analyze these key components of event success to understand the event marketing performance.

Each KPI is the indicator of event success. KPIs change as per the type of event. If it is an in-person event, we decide KPIs accordingly. If it is a virtual event or hybrid event, then we will select the KPIs so. So make sure you determine the right KPIs before the event. This KPI factor must be an essential part of your event marketing performance. Now let's see some of the best event success KPIs below.

Track Social Media Activity

The primary platform for event marketing is social media; hence, monitoring activities are the prime KPI for all types of events these days. Analyze the buzz about your event on social media. Create and track the post-event hashtags. Do live polling, post-event webinars, or start event recommendations by the attendees. Announce the next event topic or plan and check how many of the existing attendees are interested. This way, you can analyze the attendee's event satisfaction.

Post-event Surveys

The most immediate way of analyzing the event's success is post-event surveys. This KPI will get you into the attendees' minds and give you genuine feedback about the event. If the input is good, you have done the event in the right ways. If it is not, you better work hard for the next event then. You may also ask for any suggestions during the survey to improve some event tactics for the next time. You can also do the live surveys through webinars. You can get a professional webinar marketing guide to work on this method.

Sales Number

Your primary target behind any event is to increase your business sell. Hence track the business sales following a week or so post-event. If they have made a recognizable change, then your event has shown its impact. Keep monitoring the deal for the following days and analyze if the customers are new or regular ones. So sales KPIs are the prime indicator of event success.

Sponsor Recognition

Though we say that attendees are the soul of the event, we must not forget that those event sponsors are the brain. Sponsors are the backbone of any event, and they must get satisfied with your event. Sponsors are not a one-time deal. To develop a long-term relationship with sponsors, you must fulfill their expectations from the event.

Total Registration

If you have registration metrics to event goals, then you must check for them. The count of registration does matter for a successful event. Registration count is again the next best trending KPI to measure event marketing performance. Further, you can also analyze the type of tickets purchased by different audiences. For example, attendees purchased early bird, regular, VIP, or particular session tickets for the event. This way, you can study the type and nature of the event attendees.

So these are some of the best KPIs to measure event marketing performance. Next, let's come to business, i.e., ROI. Always plan an event marketing strategy with ROI. Going over budget is not practical. Hiring a professional event marketing service provider will help you by all means for event marketing.

Best Ways to Measure Event ROI

The simple way to calculate the event ROI, i.e., return on investment, is to know the amount invested for organizing the event and the amount you get in return from the event. Subtract both the numbers; the answer is your event ROI which is a net event profit. You can also calculate the ROI in percentage. Let's see below how you get ROI in rate with these two equations.

Net Event Profit = Revenue Generated from Event - Cost to the Event
"Event ROI in % = "  (Net Event Profit)/(Cost to the Event) " × 100 "

So using these two simple formulae, you can measure the event ROI and check the status of your event profit. But this calculation comes when your prime goal of the event is to generate revenue. If your business goal is towards relationship building or brand awareness, then the best practices to measure the event marketing performance are helpful.

Event Marketing Performance Conclusion

We studied in this article how to measure event marketing performance. The importance of measuring the event marketing performance and event ROI is vital. It should be on the priority list of event marketing. Using the simple formula can get the exact value of the revenue generated from a particular event. Keeping track of each event KPI will give you the event success analysis in detail. Hence it is always advised to decide the right KPIs before the event.

Once the event is over, track the KPIs to understand the event marketing performance. This method would help you to take calculated decisions further in the business. Deciding the correct KPIs helps you to get into the mind of your targeted audiences. As per the target audience's opinions, you can create or change your existing services or products.This method will lead you to business success.

Frequently Asked Questions

Now let's discuss the frequently asked questions. We take some crucial questions here, which are essential to answer for the layman who is still gathering the knowledge about event marketing.

How do you measure ROI in event marketing?

We have already seen this in the article. You need to know the exact numbers for your investments in the event and returns from the event. After that, you can get the precise value of your event ROI using the two simple formulae.

What is KPI in event management?

KPI is a key performance indicator to measure the event's success in real-time. You need to decide the event KPIs at the start of the event marketing to know what you will analyze post-event. The KPIs should be relevant and practical to measure.

How to define an event marketing goal?

The event marketing goals must be intelligent, practical, measurable, and precise. It should be relevant to the event and achievable. These are some of the terms you must keep in mind while deciding the event goal.

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