Are You Measuring Event Data Correctly?
Your events are a veritable goldmine of information. We’re not just talking about how much money you make or how many people come through the door. Successfully tracking event data can indicate where you need to spend time vs. areas you can afford to tone down, and, of course, the best ways to optimise your profits.
But just because you have experience in the promotions business doesn’t mean you know what to look for. If you have never measured data before, use this article as a quick reference guide.
What Should You be Tracking?
Some statistics are relevant and some are not. Here is a handy list of the essential areas of focus for event promoters.
- Door sales
- Website traffic and conversions
- Total advertising spend
- Expense to revenue ratio
- Total profit
- Cost per acquisition
- Cost per lead
- Customer satisfaction
- Coverage from other sources
- Engagements with new customers
- Social media interaction
When you figure out what you need to measure it then points you in the direction of how to measure it. We’ve already written a post about the virtues of big data, and some business-related apps that would help. Now, we are going to break down some theory.
Track Your Social Media Engagement
If you’ve done your job properly, you’ll be seeing a lot of interaction on your social media accounts. Social media is now the primary promotional tool used across the board, pretty much worldwide. You need to be able to accurately track all the data that is coming in. Luckily, there are plenty of apps that simplify the process.
Using an app like Hootsuite is a great way to monitor all your social media engagement such as retweets, comments, shares, mentions and new followers. Apps like Facebook and Twitter also come packaged with powerful insight tools. These monitor all areas of engagement across your chosen platform. You need to be tracking these insights over time, and making adjustments accordingly.
Develop a Feedback Mechanism
Don’t miss the chance to capture some post-event data from your customers. Since you’ll already have their email address if they’ve purchased tickets online, send out a post-event survey focusing on their thoughts about the event. This is an extremely powerful strategy, but unfortunately gets overlooked much of the time.
You can easily whip up a quick survey with Survey Monkey to learn some customer insights. People are more likely to fill in -surveys if there is a chance for a reward (tickets to the next event maybe) and if your questions are easy multiple choice answers. Feel free to add a long-form answer box at the end for people to add their thoughts.
Cost per Acquisition
This sounds boring, right? Don’t worry, it’s not hard to understand. The cost per acquisition is your total marketing spend divided by the number of attendees. So if you spent $1000 on advertising and you got 400 people in the door that’s $2.50 per attendee. You need to keep this number as low as possible while still implementing effective promotional campaigns. This can only be done by understanding where your marketing dollars are most effective.
Where are Your Customers Coming From?
How do you know which marketing method is the most successful? Track where your ticket sales are coming from.
No matter what ticket sales platform you use, you can learn this quite easily. All ticketing platforms have scripts that will ask your customers where they heard about the event. You can disable these if you like, but that would be silly. It’s such a simple question that most customers, even the people who hate surveys, will answer it.
You may also have the opportunity to include unique tracking links to the ticket page, which will see exactly where your online traffic comes from. Add a unique link on your Instagram, a unique link on your website banner, a unique link on your poster’s QR code, etc.
By measuring where your traffic comes from you can then tailor subsequent marketing campaigns to your best-performing markets.
Cost per Lead
Leads are new attendees that have not previously interacted with your brand. This means people that may be interested in future events (and thus future sales). This data may be gathered through new attendees filling out their names and emails during ticket sales, via your website. New follows on social media count as leads too.
Just like new acquisitions, where your new leads are coming from is important. There are times when leads and paying customers come from different marketing channels. That’s important information to know when it comes time to doll out cash.
Once you’ve started gathering data on each event then you can start seeing how each event compares to your previous events. Set up a spreadsheet that has each events data points included and you can track your growth from event to event. Each time you find another metric to add to your list just put it in the spreadsheet and it will be available for comparison for next time.
If you’re not correctly measuring your event data then you aren’t optimising your business. You’re losing out on potential revenue and interactions with new leads. Start measuring your business data correctly to ensure the longevity and growth of your company. Because if you don’t, someone else will. Promoters that don’t measure data will become dinosaurs. It’s just a matter of time.