Planning and hosting an event requires a lot of hard work and dedication. Hence, it is very important to gauge the success of your event to understand what went right and what can be improved in future events. According to research, about 91% of times, businesses measure the success of their events by the number of attendees present. However, there are so many indicators of a successful event beyond just the attendee number. Here are 7 KPIs (Key Performance Indicators) of a successful event that you can look out for.
1. The Number of Tickets Sold and Check-Ins
The first measurable number indicating the rate of success of any event is the number of tickets that are being sold. Also, it is prudent to look at the check-ins made by people attending the event. It is usual for some ticket buyers to miss the event. However, a lower difference between the two numbers indicates better success.
2. Post-Event Surveys
Sending out surveys to the attendees after the event is a
great way to understand the success rates. Remember to keep your surveys short and to the point for maximum impact. Once you have the results back, compute the NPS (Net Promoter Score) for the survey questions to determine the sentiment of your attendees regarding the event. This is an excellent way to prepare better for future events.
3. Social Media Engagement
In this era of digital connectivity, social media activity of the festival attendees is almost a real-time indicator of success. To make things easy to track, you can ask the audience to share a particular hashtag of the event and then find out how many times it has been mentioned and shared across platforms like Facebook, Twitter, and Instagram.
4. Revenue Generated
At the end of the day, the revenue numbers always remain the major indicator of success. Look at the net revenue figures after deducting all overhead costs to understand whether your event has performed as per expectation or not.
5. Sponsors Satisfaction Surveys
Similar to the post-event surveys for attendees, float a survey to your sponsors to understand their engagement levels in the event. A high NPS score on the results is a clear indication of favorable results and it increases a chance of future collaborations greatly.
6. Post-event Sales
A successful event often leads to better recognition. This has an impact on your sales numbers after the event. If you find a spike in product sales in the days following the event, consider that to be a sign of success.
7. Volunteer Management
An often overlooked but very important metric of event success rate is the efficiency of volunteer management. A team of volunteers functioning smoothly, without any hurdles, clearly points towards a well managed and executed event. With the InitLive tool, you can take your volunteer management capabilities to the next level through constant communication, scheduling, and information management. This is an excellent way to ensure a triumphant outcome for your event.
It is important to define your KPIs for measuring event success beforehand. That way, you can be prepared with the essentials like surveys and the hashtag prior to the event. This will help you to quantify and analyze the numbers for your benefit effectively.