You’ve just finished a major event, and you think it went well. But how do you know for sure? As a New York event planner, you don’t have much room for error. Competition is tough, and it’s important to stay ahead of the game. That’s why it’s vital to know and use key performance indicators for event planners. These are the sales metrics that matter. And it’s how the most successful event professionals assign value to their engagements, adapting and growing with improvements that separate their event services from the pack.
Ticket Sales Metrics
The number of tickets you sell is an easy way to gauge how successful your event is, particularly if it’s a recurring event. You can also track ticket sales over time and adjust your marketing to boost slow times or better reach your target audience. Further, break down your sales by price and category, such as in-person or virtual, for even more informative data.
Event Check-Ins
Although ticket sales are important, it’s also crucial to know how many people actually attend your event. Is your event a can’t-miss opportunity with very few ticket holders who don’t show? Or do you have quite a few attendees missing on the date of the event? If large numbers of ticket holders never check in, it’s time to look at how successful your marketing is and whether you need to adjust your strategy.
Cost-to-Revenue Ratio
Today’s New York event guests expect bigger, better, flashier, and more innovative events. So, it often takes considerable investment to produce a successful event. But how do you know if your investments pay off? You need to analyze your cost-to-revenue ratio. If you aren’t bringing in enough revenue to justify your expenses, you need to reevaluate. Conversely, if you have a great cost-to-revenue ratio, your financial sponsors will have greater confidence in continuing to support your event.
Customer Acquisition Cost
Similarly, you need to know exactly how much it costs to acquire customers through your corporate event. If the cost is low, you enjoy more revenue per customer, on average. On the other hand, if the cost is very high, the return on your investment isn’t worthwhile. In that case, you should reevaluate your strategy.
Conversion Rate
You should track your conversion rate both during and after your event. Is your marketing strategy leading to successful sales during your event? What about after the event ends? Are attendees still engaging with your brand? Since generating sales is a major goal of corporate and fundraising events, the conversion rate is one of the most essential performance indicators for event planners.
Number of Returning Attendees
The ultimate sign that you have pulled off a successful event is when attendees want to come back to future events. That’s why tracking the number of returning attendees is one of the most helpful sales metrics available. If you see high numbers of returning attendees, you know you’re reaching your target audience. Conversely, if the number of returning attendees is low, you need to take a hard look at what you can do differently to drive engagement.
Survey Results
Along the same lines, survey results are key performance indicators for event planners. There’s no better way to learn whether guests find value in your event than by asking them. The most useful surveys include a combination of numeric or multiple-choice answers, along with open-ended answer boxes. This allows you to quickly analyze and quantify your survey data while also taking a deeper look at the details your guests provide. Your survey results should be used to create better guest experiences in the future, whether that’s for the next day’s sessions or next year’s event.
Net Promoter Score
Your surveys should also give you relevant sales metrics, like the net promoter score (NPS). The net promoter score is generated by asking attendees to rate whether they would recommend your event, using a sliding scale of 0 to 10. Scores of 9 or 10 are labeled promoters, while scores of 0 to 6 are labeled detractors. Subtract the total percentage of detractors from the percentage of supporters to get your NPS.
Knowing how to evaluate your events is essential for your success. The Event Planner Expo 2024 provides an unparalleled opportunity for event planners to learn about these and other key performance indicators. Get your tickets here!
