Virtual Events have become an integral part of the corporate world, and it is going to stay the same for a few years at least. Though there are several advantages and definitive factors about virtual events, people still find it difficult to measure the success of their events. However, making things easier, let us tell you, some definitive factors can help the organizers decide if their event was a success or not. These factors are known as the Key Performance Indicators.
Let us first tell you what key performance indicators are. One can define the Virtual Event Key Performance Indicators as the metrics used by the event organizers to measure the success of their virtual events over the virtual event platforms.
There are several indicators used by hosts to decide if they have achieved their targets or not. These indicators used by the organizers depend on the scale of their event and organization. However, a few of them like the number of registrations and opportunities the event created remain the same for all.
Apart from that, there are several other KPIs as well. Here are a few of them:
The main objective of all profit organizations is to make money; and rightly so. After all, these profits and deals will help them pay their employees. Hence, they focus on deals and business more. It is the reason as many as 71% of event organizers look up to this factor and consider the number of deals closed in a virtual event as one of their Key Performance Indicators (KPIs). However, if you would think why the percentage of these organizers is only 71% and not 100%, it is because many organizers host events for various other reasons, such as enhancing customer relations, increasing their PR reach, and even boosting their sales.
There are various key accounts that the organizations use special strategies for to generate leads. These are their go-to strategies that businesses generally focus on. However, it is very obvious that if your sales department focuses on them, you should align your marketing teams with it and they should equally be focusing on these accounts. So, when you are hosting an online event or are a part of a third-party event, you need to focus on the number of key leads you get. Once you get their contact details, you can use them to make business with them. It is a vital point, and one should focus on these leads to make the most out of a virtual event.
Attendee retention rate is one of the most vital factors that one needs to focus on and is a key factor that can easily help the organizers decide if their strategies worked or not. Since virtual events such as a virtual conference or virtual summit last for longer hours, the organizers can use the number of attendees retained as one of their key indicators. It means, the longer your attendees are present in the event, the better. For example, data suggests that if the majority of your attendees say 70%, have dropped off your event within the first 30 minutes of joining, it indicates that you need to focus more on your strategies. Hence, the next time you are hosting a virtual event, measure for how long your audience attends the event. It shows how satisfied your attendees are with your event.
Many organizers overlook this, but it is one of the most crucial ways to measure if your event was successful or not. The audience engagement rate can tell you if your strategies and features of the event were effective or not. Also, no matter how many attendees you have at your event, if they are not engaging with the event, nothing makes sense. Hence, as an organizer, you should always ensure that your attendees stay engaged throughout the event.
There are several measures for this; you can use any of the features to ensure the audience engagement rates of your virtual event. One of them is the live poll feature. Some of the best Virtual Launch Platforms come with several engagement features. The reason we focus on this is, the engaged audience will promote your event directly or indirectly. Also, while ensuring audience engagement rates, make sure you use the live analytics tool. It will help you keep a track of the audience engagement during the event.
Another Key Performance Indicator that you can use to measure the impact of your strategies is the audience satisfaction rate of the event. Of course, if you are hosting the event, you would want your audience to be satisfied with it. Hence, this becomes a key indicator. But to measure this, you need to take the Net Promoter Score. You need to ensure that your audience promotes your event effectively, giving you a score of 9 on the scale. To make sure it happens, incorporate effective strategies into your virtual event.
Hosting a large-scale event means you will be getting sponsors aboard. The sponsorship packages are used as revenue models. However, you can use these packages to measure the success of your event by calculating the revenue you have received. If the revenue you collected is more than you had anticipated, it is a clear-cut success; however, if it is less than what you expected, maybe you need to focus more on things that went wrong.
One of the most commonly used indicators, the registrant’s numbers can directly tell if your event is successful or not. It is an early indicator that allows you to take measures to improve the impact of your event in due time. Also, you need to ensure that people who have registered for the event show up for it.
We hope you know all the factors that one needs to measure the success of their virtual event. However, to access this data, you need to have in-event analytics. And for that, you should get your hands on an efficient virtual platform that comes with this feature.