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Measuring success

It’s important to determine Key Performance Indicators (KPIs) while planning your event, as this will help to establish how you go about measuring its success.  Success is not just determined by cash sales or financial profit; a range of other measures can be considered. KPIs can include both quantitative (eg number of visitors) and qualitative measures (eg customer testimonials). Below are examples of KPIs relative to wine industry events.

Sales

  • Turnover as a result of ticket/entry sales
  • Turnover as a result of wine/food or other direct saleables
  • Financial return on investment calculation (expressed as a percentage)

ROI = Income generated - Expenditure to hold activity / Expenditure to hold activity

Eg. $5000 - $2000 / $2000 x 100 = 150%

Customer relations

  • Number of visitors / customers
  • Percentage split between new and returning customers
  • Customer testimonials/anecdotal/endorsements

 Brand building

  • Number of mailing list registrations or future leads
  • New wines/vintages released or sampled
  • Website traffic increases/time spent on website
  • Social media metrics – new Facebook fans, Twitter followers, sentiment of discussion on social media platforms

 Channel/relationship building

  • Retail or wholesale distribution contacts / partners gained or other leads
  • Retail or wholesale orders gained
  • Relationships gained with local tourism or regional associations
  • Relationships gained within local community and partnering wine businesses

 PR /media

  • Quantity and quality of event editorial/press coverage generated from event
  • Relationships developed with journalists/visiting press

 

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