2020 has marked the beginning of virtual events, understanding their growth and popularity, we can say that virtual events will continue to stay.
And the advantages of virtual events are obvious: they enable you to maximize your global reach, it is cost-effective, and provides detailed analytics of attendee data and insights.
But the major concern of event planners is how to gauge the ROI during the reformation of on-site events to virtual events.
The total number of enrollments is one of the most noticeable measures to estimate event progress, but it’s also necessary to compare that with the absolute number of check-ins. If you notice a significant rift between the two, then you should spend some time examining why the applicants drop off after registration. It is also necessary to keep a track of these numbers for each event so you can set a benchmark and understand where you are lacking. Analyzing which virtual events had the maximum and lowest participant numbers will provide you relevant insights into how to target your audience in a better way.
Social Media Metrics:
When we talk about gauging the achievement of virtual events, social media analytics can be extremely helpful. You must have posted about your virtual event on various social media platforms, and so data analytics can be efficiently observed. This can be performed by:
- Check and observe if the number of followers has increased
- If attendees are applying your virtual event’s hashtag
- If the audience is liking your posts
- If people are tagging you, posting, or creating stories about your event
A meaningful factor that defines an event’s victory is the engagement level of attendees. But, when you are hosting an event virtually on various event platforms, it is important to implement features that keep your attendees engaged and involved throughout the event. Software specialties like gamification, live polls, surveys, quizzes, etc can give you an estimated measure.
Another factor that will let you gauge the event’s success is audience retention, as it helps define how well-liked your virtual event was and if this event resonated well with your audience. This is extremely helpful if your virtual event is not just a one-time experience and you have a series of such upcoming events piled up. To assure attendee retention, exciting engagement tools and profitable networking opportunities are very essential. For instance, think of adding breakout rooms or Q/A sessions. Lead conversion is also a key factor for attendee retention that will eventually boost the event’s value and ROI.
Another KPI that can help interpret event success is the total number of visits you observe on your website post the event. This activity will help distinguish if the event left an impact on your audience which is why they are exploring your website for further information
Participation in live polls and Q&As
We understand that sitting at the same place for long hours can be tiresome. In this situation when you are attending an event remotely, the chances of getting sidetracked are quite high. Hence, giving your virtual attendees a real on-site event experience is like a cherry on the cake. Effective participation in Q&A sessions or live polls is a hint that your audience is interested and engaged with the sessions. Virtual event platforms have the accessibility to check the number of questions that were asked during the event. Similarly, response ratios for live polls and surveys act as another effective tool to gauge engagement and hence event success.
Feedback forms and surveys
Feedback Forms and Surveys: A great and extremely effective method to connect with your audience and get their viewpoint on your virtual event is via feedback forms and surveys. The post-event feedback form shouldn’t be complicated and lengthy; it should simply incorporate the relevant questions that can further assess event success. For instance, you can keep the following questions:
- How likely would you suggest this event to your companion, relatives, family member, or associate?
- Are there any revisions you wish to recommend?
Quality of social media mentions
In this age, when people love socializing and spend ample time on social media platforms, audiences posting regarding your virtual event and tagging your event account or creating stories using your hashtag is a sign of the event becoming more popular among potential attendees. While the count of social media namings is good to track, the nature of those hashtags or mentions is more crucial when deciding whether your virtual event was a breakthrough.
Likewise, you can estimate event performance via your app downloads and the count of visits. Several virtual event management tools build apps for particular events, which are obtaining traction. This assists in tracking yearly events, attendee engagement and also streamlines the complete planning method of events. At this time, when most of the things are entering the digital space, keeping a check on the number of downloads regarding your apps can be a valuable KPI.
10 Ways to Measure Virtual Event Performance and ROI
You can always estimate how content your audience is with the speakers by monitoring the Q&A Ratings provided. Answer ratings cannot be viewed by everyone but the host can surely check and keep track. The better the rating, the more connected the speaker was while addressing inquiries from the attendees, and the more prosperous your event was. Speaker ratings also present you acumens into which speakers you should think of inviting for your future events. Understanding why few speakers adapt better than others will help you make a better choice for your audience and the next event, or what your attendee is expecting from an event.
The achievement of any virtual event depends on various metrics and the nature of the event. Gaining data analytics or insights into the virtual event is an important tool to gauge event success.