What are the new KPIs shaping event success metrics?
In a rapidly changing landscape, BCD Meetings & Events emphasizes the need for event planners to adopt new Key Performance Indicators (KPIs) that better capture the success of their events. Traditional metrics such as attendee satisfaction are becoming less reliable, prompting a shift towards more complex measurements that reflect deeper outcomes.
Fernando Lonergan, VP at BCD Meetings & Events, reiterates the importance of financial KPIs like cost per attendee, particularly in today’s challenging economic climate. Monitoring this metric year-on-year is crucial for strategic budget management in industries with significant event expenditures.
Additionally, Lonergan introduces staff retention as a new measure of event impact. By evaluating retention rates for employees who attend recognition events, planners can assess the effectiveness of these gatherings over time, aligning them with broader meeting program objectives.
Despite these advancements, measuring the return on investment (ROI) for multifaceted events – whose goals may include networking, thought leadership, and lead generation – remains complex. Goh advises planners to look beyond traditional attendee surveys to capture a more comprehensive view of event success.
BCD Meetings & Events is at the forefront of these evolving metrics, helping clients navigate the new dimensions of measuring event effectiveness in a modern context.