Event Planners in New York will walk into a Monday morning meeting to start planning their next event and they’ll hear their boss ask, “How did the last event go?” It’s not enough to just respond with, “It was amazing!” without any supportive information to verify the success. You are responsible at this very moment. Event metrics are crucial in qualifying actual marketing costs for events to the management team.
Where do you begin measuring event metrics?
It’s much easier than you think. Event Planners in New York have to think of it as interpreting event success into a language your management team understands: ROI.
In this post you will discover:
- 3 key metrics you should be calculating
- what management is looking for
- the information your management team needs to prove the value of each event
Key Metrics for Event Planners in New York
If your management team has expressed what their business goals and main event performance indicators are, then it’s up to Event Planners in New York to use those indicators to shape their event reporting. In other words, customize what you share to meet their interests. If they haven’t clued you in on what they’re looking for, be prepared with the following:
Registration Trends Over Time
The importance of Event Planners in New York following registration trends can demonstrate how the event is carrying out in comparison to previous years. Do most of your attendees register on the last day of your discounted early bird registration rate? Knowing the history of your best-selling period will help you recognize how your event ticket sales are carrying out and whether or not you’ll need to boost your marketing efforts to sell more tickets.
What management is looking for: Clearly management is seeking an increase in revenue with every event. Nevertheless, it’s just as important for them to recognize revenue flows because part of the budget may be affected by this information.
Often, ticket purchases are based on event reputation. The event’s reputation has a direct influence on the organization behind the event and vice versa. That’s why it’s important to monitor brand impact through the same lenses that management does. Which words coincide with your event and what types of people do potential ticket buyers believe come to your event? Whenever you can demonstrate that your efforts have had a positive impression on your organization’s branding, they should be shared with the management team.
What management if looking for: Managements wants to see a boost in the excitement surrounding the brand. This could take the form of increased social media mentions, referrals, and ultimately sales. Track numbers for the first quarter after the event as well. Show management what you’re doing to stay engaged and keep the buzz going (i.e., an online community, brand ambassadors program, etc).
This is a good one for Event Planners in New York to track because it directly correlates with something very valuable to the executive team – revenue. It also indirectly speaks about what we mentioned above, brand impact. No sponsor wants to be associated with an organization that is not in their best financial interests. Look at the number of companies distancing themselves from the NRA recently because of concerns over gun safety and the public relations involving the issues. To be in demand from a sponsorship standpoint, your event is looked at as great positioning for the sponsor’s brand.
What management if looking for: increasing sponsorship interest and possible mutually beneficial partnerships that can be leveraged for even greater future revenue.
As Event Planners in New York define their journey to maximize the effectiveness of their events, it’s important to create visualizations of the information that provides a competitive advantage when presenting the event’s investment in all areas. The information needs to be relevant and showcase the key metrics management is looking for. Don’t bog them down with unnecessary information just because you have it. Highlight the information as simplistically as possible. Create reporting that shows the executive summaries in current and historical context, showcase success, and areas of improvement across all events. Be the Rockstar planner, with the results and information to match. That way, when you are asked, “How did your event go?” You can confidently respond, “It went GREAT! Let me share the results and strategic insights on how we amplified ROI!”
To stay current with corporate event trends and continue to wow your boss, it’s vital that you attend The Event Planner Expo in New York each and every year!