Analytics are a means to establishing event outcomes and understanding what delegates want. theplanner.guru learns how far we can push these parameters.
The meetings and events industry has rapidly evolved over the past two years, with Covid-19 serving as a distinct catalyst in how quickly this shift has happened. Realising that resources such as time and money are being increasingly and stringently managed, planners, organisers, marketers and sponsors are moving towards a far more focused and intentional approach when bringing together events. No longer are aspects such as sheer volumes of delegates an indicator of success; instead, the value showcased must substantiate return on investment across the board. For this reason, a strategy around analytics needs to be developed and rolled out ahead of an event going live.
Data, analytics and insights
The meetings and events industry is fast becoming part of the Big Data economy – a market that is worth US$274.3 billion according to Statista, but how can we best make use of the information available?
Think of your event analytics as an ecosystem that exists in harmony alongside data and insights.
“Data and analytics build off each other to deliver deep understanding, or insights, into your user base. Insights provide essential wisdom about your users and reveal actions you can take to improve your business. However, these insights cannot be obtained without analytics, and analytics is useless without data,” says Upland Software. The enterprise software company suggest the following basic step-by-step list for the gathering of data and unpacking industry insights:
Step 1 > Collect data
Step 2 > Apply analytics
Step 3 > Interpret insights
Defining the data sets for the analytics and insights you want to derive is the best starting point. These can be as varied as they are broad but typically encompass engagement – from the number of meetings that were held to social media – and sales margins and deals signed. Some other data sets that can be considered can include the tracking of delegates’ movements, how impactful speaker and panel sessions are based on attendee feedback as well as overall sentiment towards your event.
Analytics + ROI
Event planners have always had their work cut out for them, even more so in a time when every rand and cent budgeted towards experiences that carry significant overheads must be justified.
Markletic event statistics show that 49% of marketers feel that audience engagement is what makes an event successful, while 85% believe event success is based on attendee satisfaction. And, if it is done right, social media can be used to support both.
Don’t miss Meetings March/April issue for the full article on why event analytics matter and what trendy and easy-to-implement ideas you can use for your next event. To sign up to receive this in your inbox, click here.
