Marketers are divided on the metrics that matter to measure the success of live events – and how they want to be served the data to do so, according to new research.
While marketers have the most interest in net promoter scores (NPS), total purchase value (TPV) and visitor satisfaction scores, these are data points rarely collected at events. But for larger companies (those employing more than 5,000 staff) ROI, brand recall score and TPV are the most important metrics.
A survey of 500 brand decision makers in Austria, France, Germany, the UK and the US by global events staffing partner Elevate, revealed that retail brands valued TPV the most (47.3%) while FMCG companies placed the highest importance on brand preference score (47%).
Meanwhile a third of UK-based marketers favour brand preference score as the most important key performance indicator (KPI) - higher than event footfall (20%), visitor satisfaction score (21%) and NPS (29%).
Just over two-thirds of UK marketers in the technology sector felt that proving face to face interaction was of particularly high value, compared to 30% across tech marketers across all the regions in the research.
Dashboards, benchmarking and impact
A quarter of respondents told the survey that they wanted to see data on an on-screen dashboard, while a quarter preferred benchmarking options to track results against predicted values. Elevate concluded that event marketers need to show how activation worked alongside other marketing activities, as well as the impact of investments.
UX functionalities, such as dashboards, were favoured more by smaller companies. Three-quarters of those surveyed in companies with fewer than 500 employees preferred a dashboard, while 50% of those in larger companies each opted for benchmarking options, data tracking abilities through the whole event life cycle, the ability to produce reports and customisation to add bespoke metrics to tie in with brand objectives.
Social media monitoring post-event is the least favoured method of viewing data across all respondents (13% of those surveyed) - as it records sentiment rather than a sales-rated metric.
Ed Wood, CEO at Elevate commented: “It’s clear that there is little industry alignment in terms of how events should and can be measured. Whilst allowing for every event working to different goals, there is room for greater understanding of what’s possible in event measurement across the board.”