Event data can be a powerful source for marketers to tap into and learn more about their events. Insights about past events can guide to more effective events that are optimized for highest revenue generation. It’s important to highlight that it’s not so much the data itself that offers value but rather the stories we derive from it that helps us connect the dots.
Identifying the right event metrics to track and what data to collect and analyze can be tricky. It can be even more challenging to figure out how to turn that data into actionable results that will improve future events. If you’re wondering how event metrics can help you, read on to see what data to capture, measure, and leverage to capitalize on your event data.
What Data Should You Collect?
Making sense of the event data is the key to generating greater revenue. With all the technologies available, you may have access to a lot more data than you actually need. A good place to get started is by identifying and measuring your key performance indicators (KPIs), your return on investment (ROI), social media metrics, and engagement levels.
Key performance indicators (KPIs)
KPIs are quantifiable measurements that can be used to assess the performance and success of a business, including events management and individual events. KPIs can provide a focus for strategic improvement and create a baseline for analytics and decisions about the future.
Return on investment (ROI)
ROI is a measurable outcome that provides event managers with the metrics they need to assess value and profitability. You can go about this by simply comparing revenue versus expenses, but it can be useful to have a more detailed plan that will give you meaningful data to benchmark your future events. Benchmarking in ROI entails comparing the ROI of two consecutive years or comparing specific elements year-on-year or between the same months in different years.
App, website, and social media engagement
If you have an event app then you will likely have access to even more stats and data. An essential tool for attendees, speakers, sponsors, your team, and anyone else attending the event, event apps leverage the functionality of mobile devices to enhance event participation. They can enable increased interaction and data collection, and can even help to calculate the ROI of events.
How to Turn Event Data into Actionable Results
Making sense of event data is the key to generating greater revenue from your events. When using a smart event technology, your event insights are available to you in real-time so you can take important actions when they’re most effective. Access to real-time information allows you to communicate with your attendees on a more personal level, creating more engaging experiences. To make the most out of your event data, we’ve compiled a list of ways to turn this data into actionable outcomes.
Use Demographic Data
Demographics can help you to gain valuable insight into attendees and what they are looking for. This may include age, interest, income, or industry, and might relate to things like employment status, homeownership, or location. By keying into the demographics of attendees, event managers can often get very useful feedback. A particularly good way to use this type of data to your advantage is to offer sponsorships based on demographic profiles and psychographic information about attendees. You might also be able to monetize your website based on demographics.
Improve Based on Attendee Feedback
A good way to assess the level of success of an event is to collect data based on the feedback of attendees. Social media can also be a good place to get feedback, as are email follow-ups. Incorporating a feedback option into an event app can often be one of the easiest – and one of the most successful methods of collecting attendee feedback.
Using Event Data Modeling
Event data modeling extracts behavioral data, which is great for predicting what people will do, for instance buying products or signing up for services. It is especially suitable for analyzing user behavior on websites – for example, how long people spend on a landing page and whether they bought or ordered anything.
Apart from anything else, it can help event organizers get the most value out of every lead they acquire.
Invest in Event Management Software
Event management software provides tools that simplify event logistics.
Various platforms enable event professionals to streamline everything – from the planning stage to post-event data analysis. If you’re looking for a concrete tool to help you turn event data into actionable results, then investing in event management software could just be the best business decision you have ever made.
How to Get Started
While knowing what data you need and who to deliver it to is critical, having a flawlessly integrated system to handle everything for you will make your event workflows and processes operate even more smoothly. An event marketer is only as good as their technological stack, after all.
Certain’s Event Management Platform provides an end-to-end solution for data-driven marketers looking to maximize ROI. Certain has you covered from pre-event registration data capture to fully-branded event website creation, to continuous data collection throughout your event lifecycle and post-event follow-up.
With Certain, you can turn event data into actionable results by integrating your data sources with the various systems you use, like marketing automation and customer relationship management (CRM). Contact us today to see how we can help you make your event data actionable.