Press release | The information is free for publication 18/11/2020
Lyyti Ltd, a software company that specialises in event marketing and participant data management, has published a new tool for measuring participant experience. This tool is called Experience Value Score (EVS).
The participant decides if the event was a success
More than anything else, events are often seen as an expense, and up to this day, there’s been no standardised way of measuring event success. It’s also easy to forget that it’s not up to the organiser to define if an event has been successful because that's the participant’s job.
“When we learn how to prove the effectiveness of events, we’ll no longer have to keep defending their relevance. Instead, we’ll be able to measure it” says Petri Hollmén, CEO of Lyyti.
It’s common for event organisers to try to prove the value of their events by calculating event ROI, i.e. the net profit gained in relation to the cost of investment. The problem with ROI in this regard is that there’s no standardised way of measuring it. It also focuses merely on those organisers that organise events for financial profit, thus leaving the non-profit operators out of the equation. Furthermore, ROI excludes an essential nominator, namely, the participant.
EVS tells you if an event was worth the participant's time
To measure event success from the participant’s standpoint, the organiser needs to ask their customer one very relevant question: was the event worth your time? In Lyyti, EVS takes care of this, fully automated and after every event. The result is a numeric value or score, that tells the organiser how they did and how their score compares to the rest of the industry.
Lyyti Virtual Summit 18/11/2020
EVS was published earlier today at Lyyti Virtual Summit. At the webinar, Petri Hollmén (CEO of Lyyti) discussed customer experience and measuring events together with Fredrik Sauter, Head of Growing Markets at American Express. American Express is world-famous for its customer loyalty program and considered a pioneer in creating valuable customer experiences.
EVS isn't Lyyti’s only novelty of the year 2020. The company has also created a new brand look, that can be experienced on the company website: www.lyyti.com.
Petri Hollmén, CEO, Lyyti Ltd