Benchmarking Puts Data In Context

Unveiling the power of event benchmarking

Watch Chloe Richardson, Explori's VP Senior Corporate Relations explain how benchmarking puts data in context

Defining success can be elusive in the fast-paced event planning and management world. Is it all about profits, or does it extend to broader impacts? To truly understand the success of your event, you need context, and that's where event benchmarking comes in.

Navigating success metrics

What does success mean to you? Is it profitability or broader impact?

Your event's data offers valuable insights into what works and what doesn't. But to measure your performance accurately, you need comparisons with previous iterations and similar events in the industry.

Seeing the bigger picture

Your event's data reveals insights into attendee preferences and success factors. Yet, you must compare it with other iterations and similar events for a complete picture.

Event benchmarks provide this broader view, allowing you to better understand your event's success. For instance, it seems acceptable that your annual conference attracted 3,900 attendees this year while it drew 4,000 attendees last year. However, comparing this to historical data reveals a concerning hidden trend - you have been losing your audience over the years.

Organizational benchmarks allow you to compare your event's performance with others in your organization's portfolio, determining its strategic importance for making informed decisions about its future.

Industry benchmarks help you understand your event performance against competitors, which is crucial to understanding how successful your events have been.

Overcoming benchmarking challenges

Establishing industry benchmarks can be challenging as individual events rarely share their performance metrics. So, how do you access reliable benchmarks? The key lies in your event supply chain. Tech and other suppliers support numerous events each year and process a wealth of data, and their databases are growing and replenishing constantly.

Established event industry suppliers like Explori leverage excessive data from thousands of events across a range of market segments to create meaningful benchmarks, and those form the basis of performance analysis.

Benchmarking is not just a tool for measuring success; it's a compass that guides event planners and managers toward more informed and strategic choices. By putting your event data in context with the help of benchmarks, you can ensure your events continue to thrive in a competitive landscape.