Do you track your event’s success with metrics? What about metrics outside of ROI, revenue and attendees? There are some really interesting metrics that you can track with just a little extra elbow grease, and by tracking these numbers and analyzing them you can find new opportunities for growth and success.
1. Social Engagement – Is your event creating buzz on online? Measuring the number of mentions, impressions, favorites, retweets, likes, and shares is easy. Using the dashboards in Facebook and Twitter in conjunction with our FANalytics reporting will give you valuable insights to your social engagement.
2. The Net Promoter Score and System – Know the score. The net promoter score is based on the perspective that every organizer’s fans can be divided into three groups: Promoters, Passives, and Detractors.
By asking one simple question — How likely is it that you would recommend [your event] to a friend or colleague? — you can track these groups and get a clear measure of your company’s performance through your customers’ eyes. Customers respond on a 0-to-10 point rating scale and are categorized as follows:
- Promoters (score 9-10) are loyal enthusiasts who will keep buying and refer others, fueling growth.
- Passives (score 7-8) are satisfied but unenthusiastic customers who are vulnerable to competitive offerings.
- Detractors (score 0-6) are unhappy customers who can damage your brand and impede growth through negative word-of-mouth.
To calculate your company’s NPS, take the percentage of customers who are Promoters and subtract the percentage who are Detractors. Want to know more about Net Promoter Scores and how to use them? Check out this blog post.
3. Lifetime Value & Loyalty – How many of your attendees are repeat customers? If you have repeat customers what is their value to your events over time? For example, if people attend an average of 4.8 events over their lifetime, with each ticket netting a profit of $30, then the average lifetime value of each attendee is $144.00. Now you know how much you can spend on marketing per attendee. You can break this down further with a cohort analysis.
4. Tickets Sales by Marketing Channel – Tracking which of your marketing channels drive the most sales is crucial in order to create a well-informed marketing plan. Our referral links do just that by providing a unique identifier for each link so you can see where your sales are coming from in your referral report. Find out more about referral links here.
5. Abandonment Rate – this is the ratio of completed transactions to abandoned transactions. The average for online retailers is 72.4%. Measuring your abandonment rate highlights roadblocks in the buying process. Considering the time put into attracting people to your website to begin with, those who get there and abandon their purchase leave you with a breadcrumb trail of their interests, making marketing remarketing a potential hot-spot for revenues.
Some of the reasons carts are abandoned include:
- 36% purchase process is too long
- 71% hidden charges
- 58% payment security
- 44% technical issues / slowness
See Also: Metrics For Tracking Event Performance