What is a common mistake that people make when measuring KPIs?
Expert Hour Insights pull questions asked by students during the weekly live expert hours in the APAC Digital Event Strategist (DES) certification course. Deborah Caldwell, Asia Pacific Head of Events – Bank of America and DES APAC Expert for Module 6: Measurement + ROI, was asked the question: What is a common mistake that people make when measuring KPIs?
Key Performance Indicators (KPIs) are often used in organisations as a measurable way to evaluate their progress towards reaching their goals. With hybrid and digital events, key indicators used previously for in-person events may no longer be applicable, hence new KPIs must be developed in organisations to provide insights. What common mistakes should we avoid when we develop these KPIs? Deborah shares with us from her experience.
“Don’t make assumptions about how your client defines success based on what you think is important. Having the conversation to get it right on what shows value for the organisation is key. Don’t feel bad to ask ‘what’s your objective?’, ‘what are you trying to achieve?’. For example, making the assumption that the most important KPI is simply the number of attendees can set you up for failure if the host is really interested in something else like revenues or key accounts attending. Having even a few key clients on an interactive virtual platform to gain insights and share important content could be a huge win, if in the past it was impossible to get them all in the same room.
So, have open conversations to understand clearly what the objective of the virtual event is and recognise that the KPIs you are measuring against might not be what you think!”
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Meet DES APAC Expert, Deborah Caldwell, Asia Pacific Head of Event Marketing – Bank of America!
Deborah oversees a team of event planners located in five markets across the Asia Pacific region. They are responsible for planning and executing a variety of client events and senior leadership meetings for the bank.