How event analytics generates value for your business
There is no value without insight. Many businesses make the mistake of measuring for the sake of measuring. They chase endless vanity metrics – always better, always greater. Then, when earning calls come, these numbers lose their power. And in some cases, can become meaningless.
We believe in the value of analytics, but only if businesses are given the tools to leverage the insights from the data. We encourage them to take action and make changes to generate value for their business.
So, here are a few examples of how using Event Analytics helps your business grow.
Does your presence resonate?
A key to drive more visitors to an activation is: location, location location. More than ever, event managers have the choice of exposure opportunities. There are shows for every industry subsets!
With such a choice, we hear questions like:
- Is this event right for us?
- Should we try this other event instead?
- Are our target customers there?
- Do we add value for visitors?
- Why would they want to visit us?
On the surface, this is the story some key metrics express:
- engaged visitors
- conversion ratio
From one event to the next, these tell a story of effectiveness and performance. Beyond simply counting visitors, we ask: Did it resonate? Was it good enough? Are there improvements?
What do people want?
Using events and trade shows as market research environments is a great idea; Only if you measure it effectively, precisely, almost scientifically.
A trove of business value lies in plain sight with answers to questions like:
- Are many visitors engaging with our products?
- When they do, how long is that engagement?
- Does product placement, product colors variations, or the environment affects popularity?
In many organizations, customer feedback is difficult to sample and is often biased. With events, event managers are given the opportunity to serve valuable information back to the company, give directions on consumer trends and share recommendations on possibly better exposure opportunities.
Are we getting the message across?
In his famous quote, Henry Ford points to the fact that customers don’t know what they want.
“If I had asked people what they wanted, they would have said faster horses.”
You have now the possibility to evaluate how well visitors “get” these new initiatives.
Insights from using event analytics help to answer questions such as:
- Is our new product the highlight? (- or is it lost in the noise of other products?)
- Are we guiding visitors towards it? (- is our staff effective with this?)
- Are visitors given the opportunity to engage with it? (- are people engaging, for how long, are they going through the whole experience?)
- Is our introduction the most effective one? (- are we A/B testing our messaging?)
In your quest for greater value, business insights delivered by the use of event analytics can help streamline your product evaluation process and identify new opportunities. Stop guessing, simply listen to the data & learn.
Photo by Ian Schneider