What is a KPI for measuring events and estimating the value of attendance?

KPI for measuring events and estimating the value of attendance. Attending an event involves a significant financial and time investment. So we’ll discuss the metrics you should track before, during, and after an event to maximize its positive impact on your business.

What is a Key Performance Indicator (KPI)?

A KPI is a type of metric that helps you define your business goals and measure your progress toward those goals. As the name suggests, KPIs should measure the outcomes that matter most to your business. They track your progress toward achieving your high-level strategic goals.

To calculate your event ROI, we’ll analyze:

• Pre-event metrics
• In-event metrics
• Post-event metrics.
• Event KPIs and Scorecard: Maximizing Event Value + Calculating ROI Based on Attendee Value

Pre-event metrics

“It’s easier to measure things when the system is measurable by design.” The 10 Steps to a KPI System

Instead of measuring the effectiveness of a conference or trade show that has already passed, analyze the opportunity to participate in the event in advance. This approach will not only improve the estimation of the event’s impact, but it will also increase our chances of success. Here are the factors to consider.

Beneficiary Analysis

Visitor Profile Analysis. General Demographic Analysis. Will you be meeting your potential clients there? Look for a media/sponsor package with aggregated demographic information. Sometimes, you can access the full list of attendees (look for the event’s mobile app and the event community on social media).

Speaker Analysis. Who are they? What are their reasons for contributing (professional speakers, consultants, solution providers)? What books/articles have they written? Do they run blogs/YouTube channels? Connect with them on LinkedIn.

Recruitment Opportunities. How can you estimate the recruitment opportunities at this event? Finding talent during the event will impact your HR recruitment metrics.

Competitive Intelligence Opportunities. Will your competitors be there?

Vendor Sourcing. Will you be meeting vendors/contractors who offer solutions to your challenges? Attending the event can reduce your procurement costs.

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Metrics:

• Percentage of match between target audio event and ideal customer profile
• Number of influencers in your industry
• Recruitment opportunities index (can be a qualitative metric with possible options “no opportunities” – “occasional opportunities” – “significant opportunities”)
• Competitive intelligence potential (binary scale with values ​​of “yes” or “no”)
• Presence of relevant solution providers (binary scale)
• Measures for recruiting opportunities

Types of KPI for measuring events

There are multiple types of KPIs, and the right KPIs for you depend on the nature and priorities of your business, so there’s no way to create a comprehensive list of all possible KPIs. Instead, here are some of the types:

Quantitative KPIs:

These first two categories are broad categories that can overlap with other categories. Quantitative KPIs measure objective, numbers-based aspects of your business’s performance. You might immediately think of financial KPIs, such as quarterly sales or customer lifetime value, but they also include marketing numbers, such as click-through rate, social media following, and email open rate. Quantitative KPIs also apply to internal performance, such as employee turnover or retention.

Qualitative KPIs:

Qualitative KPIs refer to performance that isn’t tied to numbers, such as user ratings and employee satisfaction. These metrics are often based on opinion or interpretation and aren’t hard, objective data in the same way that quantitative KPIs are. However, you can — and should — find ways to measure performance in these areas. For example, with user ratings, you can ask customers to rate you on a scale of 1 to 5, or you can categorize written reviews as positive or negative and track the percentage of positive reviews.

Indicative KPIs:

Indicative KPIs help you predict what’s likely to happen in the future based on trends. In the example of user ratings above, you could look at a decline in ratings as a potential indicative indicator of customer attrition.

Input KPIs:

Input KPIs help you track the resources you need to use to achieve your desired results, which can include budget, equipment, and staff.

Output KPIs:

On the flip side of input KPIs are output KPIs, which track the results that come from the inputs. One input might be hiring more staff in your call center, and the result might be a decrease in customer wait times.

Trend KPIs:

Trend KPIs measure positive or negative trends over time. To use a physical analogy, if you’re tracking monthly sales, the number of sales is velocity; the rate of increase or decrease is acceleration—a trend KPI. You can look at trends in your business’s performance compared to others in the industry.

Actionable KPIs:

Actionable KPIs measure internal business changes. How effective is your business in making changes like improving company culture or employee satisfaction?

Outcome KPIs:

Outcome KPIs look at the impact of actions your company has taken. Continuing the example from the output KPIs: reduced customer waiting time (output) resulting from hiring additional call center staff (input). One possible outcome indicator is increased customer satisfaction customers.