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.
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.
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.