How to Measure the Success of Your MICE Event
Predictions for Business Travel in 2022
Companies are looking forward to the future of travel in the next year. The pandemic has caused travel to permanently change, and when you travel to your next business event, you will notice these changes in both your domestic travel and international travel.
International business travel is expected to increase by as much as 34 percent in 2022, most likely to make up for some of the losses due to the pandemic.
Seasoned travelers are looking to take that long-coveted bucket list trip that they have been putting off.
After you have held your MICE event, how do you know how successful it was? During the event, you can view your attendees and get the vibe from them at the time. But to determine if your event production was successful, you need to dig a little deeper. Therefore, you must analyze your business event performance. In this article, we will explain how you measure the success of your MICE event.
How To Measure the Success of Your MICE Event
Analyze Key Performance Indicators (KPIs)
To measure the success of your corporate event, you will need to analyze several key performance indicators (KPIs). These indicators allow you to see the progress of your event and if you had met your target. It is a good idea to have a combination of methods to indicate your event management success. This means that you should use qualitative (words) and quantitative (numbers) measures to determine if you reached your goals. Below are several KPIs that you can use to measure the success of your MICE event.
Business Event Attendance and Sales Figures
This method is quite straightforward. Calculate your attendance numbers and sales figures to give you a metric for your event’s success. On attendance figures, analyze who attended the event, not just the crowd numbers. For instance, how many first-time attendees did you have and how many have attended one of your events previously? Who purchased products or signed up for a newsletter? Once you have found this information, you will be able to use it to your advantage when hosting your next corporate event.
Compare Revenue to Your Overhead Costs
If your event is to be successful, you have to bring in more money than your initial overhead costs for planning the event. You can analyze your anticipated costs to your actual costs, your anticipated revenue to your actual revenue, and finally, you can compare the actual cost of your event to the actual revenue received.
Social Media Activity
Social media platforms are one of the best ways to promote your MICE event. Event professionals should be tenaciously promoting their MICE event weeks and even months before. You will want to build anticipation for your attendees and perhaps draw in some future attendees, as well.
On the flip side, you will want to monitor and cultivate these posts after your event, too. Read the comments and feedback. You need to stay active with your target audience post-event. You can revel in the positive feedback, but make note of any complaints or criticisms that you receive. This will make it easier for you to determine what you will need to tweak the next time you begin event planning.
Your sponsors are very important in event promotion because they are the backbone of your event. They provide money for your business event to make it a success. Take some time and discuss your event with your sponsor. Ask their thoughts on how the event went and allow them to provide you with feedback. Take their advice and suggestions into consideration to grow a healthy, long-term relationship with your sponsor.
Post Event Surveys
Another great way to determine the success of your event is to conduct a post-event survey with attendees. You can do this in any manner, through an application or email. You do not have to make it too complicated. You can just ask a few simple questions such as “How likely are you to attend other events from my company?”, or “What did you enjoy the most about the event?” Be sure to leave fields in your survey so attendees can add their own specific comments. To motivate your audience to complete the survey, you can offer an incentive such as a gift or a discount on your products or services.
Traveler’s Q can assist you with all your event management needs. Our event professionals can monitor your event and provide many event management tips. Contact us today to start planning your next corporate event.