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Your product launch event was a thrilling achievement, but your work does not end there. The next logical step is to measure its success. Did it achieve its objectives? Did it create the impact you envisioned?
Knowing how to measure event success is crucial. It will help in refining future events and maximising return on investment (ROI). This is evident by an EventTrack study, which shows that 85% of consumers are more likely to make a purchase after participating in events and experiences.
In this guide, we will walk you through the relevant event success metrics and key performance indicators (KPIs) to decide how effective your launch event was.
Before going ahead with measuring metrics, check what success means for your event. What is it you had set out to achieve with it?
These could be different goals for your business.
Having well-defined objectives will guide the selection of appropriate event success KPIs and measurement tools.
Once your objectives are set, the next step is to identify and track relevant event success metrics. These KPIs will provide quantitative data to measure your event’s impact.
This is the first and most obvious indicator of event success.
Check how many people signed up to attend.
The count of attendees who actually participated in the event.
This is the percentage of registrants who attended. To calculate this value, apply the formula:
“Actual Attendance/Total Registrations x 100”.
By monitoring and recording these figures, brands can get quite an accurate idea of the effectiveness of their promotional efforts and the event's appeal.
Another key metric for event success is how your audience participated and engaged with it.
If you hosted sessions, demos or workshops, tracking attendance will give a clear picture.
Monitor the number of mentions, shares, likes, and comments that were made related to your event.
By conducting polls and question-answer sessions, the level of interaction during the event can be assessed.
When there is a high engagement level, it is safe to assume that there was a positive attendee experience and this can indicate the event's overall success.
Another parameter for evaluating the success of your launch event is the number of new customers or high-quality leads gained.
This is the total count of potential customers that were identified during the campaign.
Check whether these new leads are relevant and have the potential value you were looking for.
Now calculate the percentage of leads that resulted in sales or further engagement with the formula:
“Conversions / Number of Leads x 100”.
These metrics are vital for understanding the event's impact on your sales pipeline.
Next, you must know how to measure ROI for a launch event
Calculate the income that is directly attributed to the event (for example, product sales, pre-orders)
What were the expenses incurred in organising it?
Calculated as
“(Total Revenue - Event Cost) / Event Cost] x 100”.
This will help provide insight into the financial effectiveness of the event.
There are many post-event evaluation strategies you can put in place to help collect all kinds of helpful data.
Conduct surveys to collect feedback from the attendees to gauge how they liked the experience.
Measure how likely it is for the attendees to recommend your event to others.
Instead of focusing on just numbers, gather qualitative data on attendee perceptions by asking them for reviews or testimonials.
Satisfied attendees are more likely to become loyal customers of your brand.
Launch events are different from regular events in that they have certain specific goals. Let us take a look at some additional metrics to track.
Using the right tools can make the entire process of data collection and analysis smooth and error-free. Here are some of the tools available to help you understand how to measure event success effectively.
Making use of these can offer a comprehensive view of your event's performance.
Once you have collected the data, you need to interpret it to make informed decisions. Consider the following steps:
Benchmarking: Compare metrics against industry standards or past events to gauge performance.
Identifying Trends: Look for patterns in the data that indicate strengths or areas for improvement.
Actionable Insights: Use the analysis to inform strategic decisions for future events, such as adjusting marketing strategies or enhancing attendee engagement tactics.
Here are some examples of brands that hosted spectacular product launches.
Every time Elon Musk announces or demonstrates something new, there is an immense media frenzy around it.
Tesla’s launch of the Model S Plaid in June 2021 was a massive hit and it effectively highlighted the car’s long-range battery, performance, and cutting-edge technology. The event positioned Tesla as a leader in the EV industry.
Sony’s PlayStation 5 launch took place during the Covid pandemic. This meant the launch was held virtually and on social media. It was a much-awaited event with pre-orders selling out instantly. The company strategically built anticipation with teaser campaigns, exclusive game releases, and limited stock, making it one of the most sought-after gaming consoles. PlayStation 5 got off to a flying start, and 4.5 million units were sold in less than two months
Coca-Cola took a risk by announcing a “New Coke” formula, which resulted in a huge outcry from the public. The company, however, smartly relaunched “Coca-Cola Classic” and this became one of the greatest marketing successes, reinforcing brand loyalty and increasing sales.
Marketers came up with an exciting launch event for the Microsoft Windows software in 1995 and turned it into a consumer phenomenon. They acquired the rights to a Rolling Stones theme song "Start Me Up" and planned a high-profile launch event. The result was that Windows 95 became one of the most successful software launches, shaping the future of personal computing.
Measuring the success of your launch event helps in understanding the impact of your efforts and refining your strategies for future success.
Track key metrics like attendance, engagement, lead generation, ROI, and attendee satisfaction, and you can get a clear picture of how well your event performed and where there is room for improvement.
Remember, a successful launch event is going to leave a lasting impact on your audience. Apply the right metrics and strategies and make your next one a resounding success.
