The top 5 KPIs to measure the success of your hybrid event.
What are Key performance indicators? | What mean KPI?
KPI (Key performance indicator) is used to measure the growth of any business or organization, (such as a project, program, product or sell etc.), So remember that KPIs are not only used to measure the growth of your business even if that business is from anyone it can be used, so remove it from the mind that KPI is used for any particular business. You will understand from the example given below, there are many such steps in marketing and sales too. When you can grow your business, and all this happens under the notice of KPI. For example, Since 1988, the government of Ontario, Canada has used KPIs to measure the level of higher education, the government of Canada has used KPIs to improve the level of higher education. How many people joined the school, how many people left, some
people are not getting an education. Using all these the Ontario government of Canada improved its education KPI.
A (KPI) is a quantitative
measurement used to measure an event's performance against desired results; It
tells us whether the event or any project has achieved its goal or not. KPI is
to tell whether the event's strategy is correct and useful or not.
The top 5 KPIs to measure the success of your hybrid event.
·
Click-through Rate (CTR)
·
The attrition Rate
·
Total Registrations
·
Sponsor Engagement
· Lead Conversion Rate
·
Click-through Rate (CTR)
CTR is a way of measuring the
success of an online advertising campaign or email marketing. CTR is the
percentage of users who clicked on an advertising link out of the total number
of people who viewed it. The number of clicks on the link sent in the email
is the key to the success of your event. Your CTR should be at least 2.5%. To get a good CTR the content of your invitation should be attractive
and easy to understand and your content should contain
correct information about the event, which includes the name of your sponsors,
the subject of the event, the information of the event host. CTR formula: (Total
no. of clicks/Total impressions X 100).
·
The attrition Rate
Attrition
rate gives us information about absenteeism in the event. It is the ratio of
absenteeism and total registration. This informs about the success of the event
and we find new ways to increase the attendance at the event. There can be many
reasons for the absence of the audience, we have to find those reasons and
review them to increase the attendance in the event. The attrition rate tells us that some people are not very
excited about our event. By looking at the attrition rate, we can know what new
items we can add to the event or what we can change so that more people can
join and like our event. How to find Attrition rate? The formula is (no. of
absence/ total no of registrants X 100).
·
Total Registrations
The total
number of registrations gives us instant information about the success of the
event. You can know from the number of registrations how popular the event is
and how well the ads worked. If the number of registrations doesn't suit you,
you can change or improve the marketing done for the event.
·
Sponsor Engagement
The sponsor is the main personality of each event; they help the
event to get new achievements. Preparing for and managing an event is one thing
and finding sponsors for an event is another. Every event management team must
keep in mind how happy their sponsor is with that event and how to get the
attention of the new sponsor. You should make a report of each event and that
report should contain information about the achievements and benefits of the
event. This will help in getting new sponsors.
·
Lead Conversion Rate
The percentage of people who come to your event and are captured as your
lead are called lead conversion rate. With the lead conversion rate, we can
understand your event attracts people or not. There is a simple formula
for this, we will divide the total number of new people in your event divide by the number of leads and
multiply it by 100, in the answer we will get the Lead Conversion Rate.
Summary
All these KPIs are enough to measure the success of any
event and using them we can redesign the event to make it more accurate. Any KPI
can be used not only to measure the success of the event but also to optimize
it. Knowing all these KPIs, it comes to know that the reason for the success of
any event is not its budget but the work done and management in that event. Events or any other program, if it
is done according to the interest of the people, then the chances of its
success become very high.
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