Last week, we discussed how to calculate the Impact, a very important metric that measures how many people you impacted at a certain show, versus just the number of attendees. Once you have your Impact number calculated, you can use it to determine some additional valuable metrics, including your response rate for that show and your cost per impact.
Response rate is very easy to determine, you simply take the number of inquiries or leads (however you choose to determine “interest” at your booth) and divide that by the Impact. This will produce your Response Rate, which is a measure of the degree of interest (marketing effectiveness) generated at that show.
Another important metric is your Cost/Impact ratio, which helps you gauge the cost effectiveness of each show. As you probably guessed, this is your show cost (total) divided by the Impact. This is an excellent measure of how effective your spend was and also gives you a number to compare across different conferences and shows, so you can decide which ones give you the most value for your money. Over time, this number will help you pick the winners and the losers in your events budget.
Now you should be well-equipped to measure your events beyond simply how many folks came and whether or not they had fun. Now go out and get the answers you deserve!