Measuring event success: the right way to do it

When you organize a business event, you usually have exactly one goal: a positive ROI (return on investment). You work to ensure that your event pays for itself.

An event where you offer your customers or employees a special experience and create added value for your company is the goal of every business event and every event management department.

But how does the event ROI become positive and how can you understand this objectively? This is not always so easy to define.

People often tend to judge the success of an event on the basis of "pi times thumbs". So if all the expected participants show up and there is no negative feedback after the event, an event is quickly chalked up as successful.

However, it is questionable whether such findings are objective and usable. It is better to make them measurable on the basis of clear criteria, from preparation to follow-up. This is the only way to sustainably assess the success of your event.

Tips for a successful event

First of all, you should be aware of what you mean by a successful event. Which target group should be addressed? Where should the event be held (at a specific venue or online)? Does the event format fit my objectives?

And last but not least: What should the event marketing ROI look like? Stay as specific as possible and avoid overly vague objectives. Purposefully planned events open up numerous opportunities for you and your company that go far beyond standardized marketing. Successful events can have the following effects:

- Strengthening identification with a company (positive emotions are aroused)

- Improving the credibility and awareness of a company

- Motivation to take action, such as purchase or recommendation

It is advisable to coordinate with the sales department and define how as many qualified leads as possible can be generated and optimally followed up after the event. CRM integration facilitates support and follow-up.

Before you start planning an event, you should define which of these points you want to focus on. This can give you an initial idea of the process and content of a physical or virtual event. These preliminary considerations are essential in order to measure success and achieve a positive event ROI.

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How do you plan a good concept?

Now it's time to start planning the upcoming event. In four steps, you can create a concept that perfectly matches your requirements for a successful event. Take a structured approach and don't leave any of the following points open:

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1. definition of a goal

What exactly should your future event achieve and measure? There are various starting points here. Is it important to you that the number of participants is as high as possible, or is the focus on the degree of loyalty to the company?

If you prefer to go into more detail, then you should measure the satisfaction of event participants, for example.

More detailed target measurements include the emotions and motivation of the participants after the event. Here you can set yourself the goal of ensuring that participants perceive the desired image of the company or are motivated to buy a specific product.

The most important key figures and popular event KPIs are, for example:

• Ticket sales/ Event registrations/ Returning participants
• No show rate
• Number of leads generated
• Cost per lead
• Event ROI
• NPS (Net Promoter Score)
• Participants in surveys
• Social media mentions

Online events can also be used in conjunction with physical events to develop a holistic marketing strategy. For example, a virtual event platform can attract new prospects and serve as pre-qualification.

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2. definition of the target group

The central question for this point is to which group of people the above objectives should be applied. A target group can consist of a specific age group, a specific customer group (e.g. regular customers) or a mixed audience.

The target group for employee events is, of course, the employees. Other target groups can be leads, customers, applicants, suppliers or the general public.

This consideration should include which event format is suitable for the respective target group. This is the only way to ensure that you achieve a positive return on investment ROI.

3. content and technical planning

Once you have filled in the first two points with specific details, it's time to implement an event. First of all, you need to clarify the form in which the event will take place.

A face-to-face event is significantly more expensive and costs you more staff than an online event. For certain target groups (e.g. a young age group), online events may even make more sense. When planning, you should always keep an eye on your budget.

4. addressing the audience

At an event, a company should be presented in such a way that it has the desired effect on the audience. An older target group requires a different approach than teenage viewers.

Always adapt the tone and ambience of your event to the target audience. Otherwise you may get negative feedback. Take a look at surveys and trends from the desired target group beforehand, for example, to adapt your event accordingly.

How can interaction with the participants be increased?

Sensible interaction with event participants is extremely important, especially in the age of the internet and social media. This shows that your company is responding to the wishes and suggestions for improvement of customers or employees. For an event with a high level of engagement, you have the following options, among others, which you should consider when selecting an interaction tool:

1. create open surveys

2. share links in the comment columns

3. reply to comments and messages

Reading tip: 5 tips for more interactive events

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The follow-up of an event

The event follow-up is the really exciting part. This is where the ROI calculation reveals whether you have achieved a positive event ROI. To do this, important KPIs (key performance indicators) of the ROI of your event should have been defined positively beforehand.

During the follow-up, you should consider two questions:

1. were the goals I set myself achieved?

Evaluate surveys, comments or sales figures, depending on which event objectives were the focus.

2. what can be improved next time?

Even if everything went smoothly at your event, "growth" is the magic word. You can always improve the event marketing ROI. It is also advisable to set even higher targets for the next event and to scrutinize the KPIs for measuring the success of the event and adjust them accordingly.

If the objectives of the event have not been achieved, a more detailed analysis makes sense. In contrast to other marketing measures, the costs for events are relatively high. You should therefore take the results of the evaluation seriously and learn for the future.

Only in this way can the full power of business events be used to improve a company's prestige, sales figures, image or profits.

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