When determining your KPIs for an event, program or sales/marketing initiative, each tactic requires its own metrics. Metrics are key in order for us to evaluate how we can grow, determine if you are in the right event(s), track the success of your activation program, assess staffing issues and several other key factors that will ultimately enable you to achieve (or prevent you from reaching) your company goals.
While an event is underway, what are the questions or concerns that will keep you up at night? Questions such as:
- Did my staff on-site hit their daily sales or lead goal?
- How many people walked into the booth but didn’t convert?
- Are we obtaining the impressions we need today in order to hit our total CPM allocation in the sponsorship (which cost us way more than we had hoped)?
All great late night questions, and if your KPIs don't overlap with some of these concerns, it’s time to re-evaluate or establish new KPIs that are specific to each campaign. By following a few simple tips, you should be able to turn those questions into clearly defined KPIs and understand the best way to use them.
First, get buy-in from the necessary parties at your company. This may be sales, marketing, finance and/or from your leadership team. Here are a few areas to establish with your team before identifying your KPIs:
- Business Goals - How do your event goals directly impact the overall goals of your business?
- Hurdle Rate or ROI Requirements - understanding the Return On Investment (ROI) of other marketing channels and how your event program will meet or exceed these metrics. If ROI is unclear, it may be worth a discussion with your CMO / CFO.
- Cost per Lead / Cost per Acquisition - Do you know what your current CPL / CPA is? Be sure to utilize excisting data and make sure to include all costs associated with converting an attendee into a lead or customer.
- Lead Funnel Metric's - Does your funnal start with a lead, opportunity and do you have your MQL (marketing qualified lead) / SQL (sales qualified lead) criteria defined?
Once your team has bought in to the overall goals, you can begin establishing your event KPIs.
- Step 1: Create KPIs that are directly related to your business goals
- Step 2: Focus on a few Key Metrics, and not a myriad of data points
- Step 3: Factor in your company's growth initiatives and current landscape
- Step 4: Identify how you plan to report and measure your metric's
- Step 5: Understand that KPIs for one event may be different than KPIs for a 20 event program.
By way of example - some of your KPI's will be financially driven (cost per acquisition) and others are based on metrics such as having 200 conversations over the course of 3 days.
Need assistance in reviewing your KPI's, speak to one of our event expert's today.