You’ve probably heard the phrase, “What gets measured, gets managed,” by Peter Drucker. It’s a simple truth that’s especially relevant for annual conferences. What I’ve learnt through experience is to really know how well your event is doing—and to keep improving—you need to focus on a mix of leading and lagging performance measures.
Why? Because not all metrics will give you the insights you need at the moment. Lagging indicators, like total revenue or final attendance numbers, are important, but they only tell you what happened after the fact. They’re like looking in the rearview mirror. Leading indicators, on the other hand, are like looking through the windshield—they help you see what’s coming and allow you to steer in the right direction before it’s too late.
Participation: Your Best Leading Indicator
When it comes to leading indicators, participation is your best friend. If people are excited enough to show up, it’s a pretty good sign that you’re on the right track. And this doesn’t just mean looking at overall numbers. It’s about digging into who is attending. For instance, are you getting key segments of your industry? These are the folks who are dealing with big challenges or driving change. Also, think about your exhibitors—especially the big ones. Retaining anchor exhibitors with larger booths is crucial for the future of your expo floor.
But participation isn’t just about who shows up. It’s also about how engaged they are once they’re there. Are they interacting with your event app, participating in polls, or taking advantage of networking opportunities? These engagement metrics offer early signals of how well your event is resonating with attendees and can be just as important as overall attendance.
And don’t forget session attendance. You want at least half of your eligible attendees to show up for the keynotes or major sessions. It might sound easy, but you’d be surprised how many conferences fall short here. If people aren’t attending sessions, it could be a sign that your content needs a refresh.
Balancing Financial Metrics
When it comes to the financial side, you need a good mix of both leading and lagging indicators. Sure, gross revenue is important, but it doesn’t tell the whole story. Look at revenue diversification as a leading indicator. Ideally, your income should come from various sources like registration, expo booths, and sponsorships. If you’re too reliant on one area, your event could be at risk.
Another key leading indicator is the attendee value proposition. I read recently that as a guide, at least 60% of your direct expenses should go towards enhancing the attendee experience—things like food and beverage, AV and engagement technology, speakers, and even good WiFi. These are the areas that really make a difference in how much people enjoy your event and whether they’ll come back.
And while we’re on the topic of enhancing experiences, let’s not forget about sustainability and ethical practices. More and more attendees value events that align with their own values, such as reducing waste or sourcing local, eco-friendly products. Incorporating these practices can also serve as a leading indicator of long-term success by driving attendance loyalty.
Satisfaction and Loyalty: The Real Test
At the end of the day, satisfaction and loyalty are the true tests of a conference’s success. One of the best ways to measure this is through a Net Promoter Score (NPS). Simply ask your attendees how likely they are to recommend the event to an industry colleague. A good starting goal is an NPS of +45.
Another aspect of satisfaction is how well you can respond to feedback during the event itself. Establishing feedback loops through live polls, social media monitoring, or post-session surveys allows you to make real-time adjustments. For example, if attendees express dissatisfaction with a particular session format, you can tweak upcoming sessions to better meet their needs.
Finally, look at attendance loyalty. If at least half of your attendees this year also came in the last couple of years, you’re in a good place. This kind of repeat attendance shows that you’re consistently delivering value and meeting expectations.
The Role of Technology in Measuring Success
Technology plays a crucial role in both measuring and enhancing conference success. Advanced analytics tools can track attendee behaviour, providing you with real-time insights into how your event is performing. AI-powered matchmaking for networking and virtual reality for more engaging sessions can also set your event apart, offering unique experiences that keep attendees coming back year after year.
In the end, I believe that by focusing on a balanced mix of leading and lagging indicators—and integrating sustainability, technology, and real-time feedback—you can better manage your conferences, predict success, and ensure your event remains relevant and valuable in an ever-changing industry landscape.
Written by Peta Moore.