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Watch Clive Morris, Explori's Senior Director of Research, decode event success
If you measure your event performance, is Net Promoter Score - NPS the indicator of your event's success? If that's the case, what does that magic number inform you about the reasons behind it, and how can you improve your future events?
If that got you thinking, it's time to look beyond NPS further into benchmarking to unlock the true potential of your events.
The power of data insight
You're not alone; many event planners rely on NPS as a performance metric. While NPS is valuable, it's only a piece of the puzzle. You need to dive deeper into the data to get the full picture. Here's how benchmarking comes into place:
Going beyond NPS
Benchmarking isn't limited to survey data. It covers various quantitative metrics. These can include:
- registration to attendance conversion rates
- event dwell time
- online platform engagement
- re-book rates
- attendee demographics
It's about understanding the holistic performance of your event.
Putting Benchmarking into Practice
Let's illustrate benchmarking with an example. You've conducted a post-show survey, and the NPS is +10. Great, right? But what if last year it was +20, and there's been a consistent downward trend over five years? This is where benchmarking kicks in:
Event-level benchmarking
Instead of fixating on this year's scores, analyze long-term trends. Are you improving, declining, plateauing, or experiencing fluctuations? This insight informs your event's strategic direction.
Company-level insights
Individual event trends are important, but they lack context. Company-level benchmarking compares your event's performance to the organization's overall metrics. A company-level dashboard is crucial for visualizing key metrics. Is your event a star performer, or does it lag behind? Identify lessons for improvement or share success strategies with other events.
Ensuring fair comparisons
When benchmarking across the company or portfolio, ensure you compare apples to apples. Separate benchmarks for different event types and audience segments are essential for accurate comparisons.
Getting industry perspective
Beyond internal benchmarks, external perspective matters. Industry and sector benchmarks offer insights into how your events stack up against the competition:
Industry and sector benchmarks
These benchmarks help you:
- evaluate your event's performance against competitors
- set achievable performance targets
- understand the reasons behind performance differences
Benchmarking can be global, regional, or sector-specific, providing valuable external context.
Finding benchmark data
Getting your hands on industry and sector benchmarks can be challenging. Typically, you'll rely on your survey provider, so choosing one specializing in events is vital. A dedicated platform will have the necessary data to establish these benchmarks. For instance, Explori's industry benchmarks are based on extensive post-show surveys spanning multiple sectors over the past decade.
These benchmarks should also be integrated into your dashboard to show your strengths and weaknesses clearly. Ensure that this information is readily accessible to all key stakeholders within your organization.
The path to event success
In the world of event management, success isn't one-dimensional. It's about data, trends, and context. Benchmarking can be your compass for navigating toward success. Embrace it to drive your events and organization toward continuous growth and excellence. Success is more than a score - it's a journey powered by insights!