We’ve all heard of tools that help you analyze the performance of your website, sales and marketing. It make sense, right? If you can see and measure your event performance, you can better evaluate where you need to improve.
Having the right event metrics can help you fine tune your marketing, improve sales and increase your attendance turnout. But what metrics should you, as an event organizer, be focusing on? And what tools can you use to measure your success?
Here are 5 key event metrics you can use to improve the return on investment (ROI) of your events.
1. New vs Returning Attendees
To make sure your events have and keep a positive ROI, you need to have a healthy flow of both new and returning attendees.
People can lose interest in events over time — some attrition is a natural part of any successful business. But if almost all your attendees are new, you know you have a problem: people are losing interest after attending their first event. On the other hand, if nearly all your attendees are returning, then you aren’t doing enough to attract new interest.
2. Attendance Rate
If you see that your number of returning attendees is dropping, attendance rate is the next metric to track. Attendance rate is the total number of event an attendee has attended over a period time. Keeping track of your attendance rate can help you identify and address waning interest.
For example, let’s say you’ve organized 20 events over nine months, and an attendee only bought tickets for two events — so their attendance rate is 10%. You may want to create a list of event-goers with attendance rates below, say, 15%…and then send targeted emails with follow-up invitations or discount tickets to help them re-engage. (74% of marketers say that email is their most commonly used tool for event promotion, and it works.) If you’re really concerned, you could also send a survey asking for feedback.
3. Top Attendees by Money Spent
If you want to get the most out of your event metrics, here’s an important point to remember: Not all attendees are created equal!
Simply put, some attendees are going to buy more tickets and spend more than others. Do your best to hang on to these “top attendees”. The more you have, the more they can help drive your ROI. 84% of consumers will repurchase products promoted at events after their first purchase. If they’re willing to spend once, they’ll likely spend again.
Think of your top attendees list as a VIP list. Create marketing campaigns specifically designed just to keep your high-dollar attendees happy, so they’ll return every time.
4. Ticket and Coupon Performance
If you sell different ticket types at different rates (General, Early Bird, and VIP, for example), it’s important to know which ones drive the most revenue, right? To improve your ROI, keep track of what’s working.
For example, let’s say your VIP tickets drive a lot of revenue, but your Early Bird tickets have a high refund rate. You might want to consider reducing how many Early Bird tickets you offer and add more VIP. The same can be said for coupons and discount codes. If you can track your coupons and their performance, you can lean into the tactics that work best.
5. Total Revenue
Of course, no event metrics measurement would be complete without closely monitoring your total revenue. In fact, 63% of event planners today base their decision to participate in future events based on past performance. Are you one of them?
The simplest way to calculate your ROI is in terms of revenue. You’ll need a clear picture of your total revenue (net revenue minus expenses). There are other metrics (like goal completion) that you can use to measure ROI, but total revenue paints a simple picture: How are your marketing efforts affecting your bottom line?
Whenever you adjust your marketing strategy, look for changes in your revenue as a result. That’s the only way you’ll know if your efforts are paying off.
So what’s the best way to keep track of these metrics? Traditionally, spreadsheets have been the application of choice to create and help monitor these insights. Unfortunately, you can end up spending hours fiddling with formulas, sourcing multiple data points and wasting time when you should be focusing on improve your ROI. A tool like EventNinja can help you with simplifying the creation of these metrics.
Getting important insights with EventNinja is simple and easy. You can track who’s new vs returning attendees, breakdown coupon revenue for single tickets, Orders Top attendees by money spent and much more. Check out the EventNinja extension to start measuring these metrics and get actionable insights today.