Event-driven growth companies prioritize physical and virtual events as their catalyst for business expansion. Their events range from conferences and workshops to product launches and in-person sessions, all aiming to interactively engage, educate, or promote to their target audience.
However, there is a challenge. Event-driven growth necessitates aligning with various teams, continuous experimentation, measurement, and adaptation. Without cohesive alignment, it is akin to a disjointed body, struggling to move. Many people in such companies have yearned for a compass, a guide for empowered and autonomous decision-making.
Enter the North Star Metric Framework.
While primarily associated with product management, the North Star Metric Framework is equally pertinent in event management, bridging product growth with event success.
Coined by Sean Ellis, the pioneer of ‘growth hacking’, the North Star Metric Framework is not merely a KPI. It encompasses a company’s core offering to customers. The North Star Metric Framework stands out due to the following:
Singular Focus: A specific metric to focus on.
Universal Understanding: A metric that resonates across roles.
Customer-Centric: An emphasis on the value delivered to customers. (Learn more about hosting customer-centric events here. https://www.meetingbox.com/post/how-to-host-customer-centric-virtual-events-with-meetingbox-mobile-event-apps)
Sustainable Value: Encouraging enduring, value-driven habits.
Reflects Progress: A lighthouse, aligning with the company’s mission and vision.
Quantitative: Focused on tangible data, not just perceptions.
Action-Driven: Responding to shifts in the metric.
Future Indicator: A predictor of long-term business prosperity.
It’s crucial to note that the North Star metrics are distinct from conventional KPIs or fiscal markers like LTV/CAC. They are strategies that are also intended to complement a company’s overarching objective.
In terms of exploring North Star metrics, Amplitude’s framework stands out distinctly. Their extensive research spanned products from more than 11,000 companies and led them to identify three predominant ‘games’, or focal areas, which companies pivot around.
👁️ Attention: Refers to the amount of time or engagement that customers invest in a company’s offering, suggesting its inherent value.
💲 Transactions: Focuses on the frequency of interactions or purchases made by customers, indicating the tangible value derived from the company’s offerings.
⚒️ Productivity: Measures the efficiency or efficacy with which customers can accomplish specific tasks using the company’s product or service, reflecting its utility.
However, where do products and events converge? Essentially, successful events mirror successful products. They both endeavour to offer unparallelled value. If an event resonates, attendees often acknowledge the value of the associated product, stimulating growth.
For example, the triumph of a product launch is gauged by the audience’s engagement with product demos, reflecting genuine interest and potential uptake, as well as the number of people in attendance. To illustrate:
Virtual Events: Shift from ‘Total Registrations’ to ‘Active Participant Hours’.
In-Person Events: Prioritize ‘Engaged Sessions Attended’ over ‘Tickets Sold’.
Product Launches: Focus on ‘Product Demos Engaged’ rather than ‘Page Views’.
These examples highlight how integrating event metrics with product-centric North Star metrics symbiotically elevate both event and product growth.
To sum up, the North Star Metric Framework is a comprehensive strategy, not only for product-centric teams, but also for holistic business. By pinpointing and leveraging the appropriate North Star metric, businesses ensure their events captivate audiences and pave the way for their product’s ascent. Dive deeper into North Star metrics in event management through this table.