ROI of virtual events: how to measure the success of your corporate event
Discover metrics to measure the success of your corporate event!
Hybrid and virtual events have become part of the corporate event landscape as a result of the limitations imposed by the pandemic and are likely to remain, largely because of the advantages and benefits they bring. In particular, a virtual version of an event makes it possible to reach a larger audience at a lower expense than an in-person event.
A Harvard Business Review Analytic Services study showed that 93 percent of companies globally consider hosting a virtual event to be essential, but only 55 percent of them are able to calculate its ROI.
The ROI of virtual events is the most misunderstood and underestimated metric in the industry, but perhaps the most important in order to justify the budget and effort that organizing an event requires at the corporate level. Below are some guidelines for calculating the results and success of a virtual event.
Measuring the gap between number of registrants and actual number of attendees is very important to get an actual idea of how the event performed. This evaluation will allow you to understand any mistakes and modify your marketing strategy for the next event.
An important factor in decreeing the success of an event is definitely participant engagement. To calculate the engagement rate of an event, some tools can be used, such as those offered by the Teleskill platform, which allows tracking important information such as: participant access, topic liking, and dwell time. All these data are useful to get an idea of the success of the virtual event and at the same time get to know the audience better.
Chatbots and Gamification
We have established that calculating the engagement rate is crucial, but how to do it as accurately as possible? Several platforms offer the possibility for event participants to connect with each other and network through the use of chats or real challenges and challenges. Tools such as those offered by Sharevent are very useful during the event and allow you at the end of the event to accurately calculate the rate of participant interactions and understand which topics or speakers performed best.
Website visits and social media interactions
When users click on the social media link to your event, it makes sense to land them on a landing page specifically designed for it. Create an eye-catching visual and specify all the information they need to participate in the event. To make it more engaging, include a teaser video on the event theme; a short video with the necessary information is proven to stimulate the user to sign up and increase conversions.
Un KPI da tenere in considerazione sono le visite al sito web successive all’evento. Questo ti aiuterà a capire se e quanto l’evento abbia lasciato un segno nei partecipanti e la loro voglia di visitare il sito per scoprire di più sulla tua azienda.
Shares and mentions on the social channels of the brand or the event itself can also be a valuable KPI. However, it is important to assess the quality of interactions as well as the quantity in order to determine whether the intended goal has been achieved. To measure interactions more easily, the advice is to use an ad hoc hashtag for the event so that all content is collected in one place. If you still don't know how to set up a social media marketing strategy for your event, read our latest article.
Surveys and evaluation forms
The attendance questionnaire is perhaps the oldest of the methods for quantifying the success of an event and remains one of the most widely used. In the follow-up email include a survey to fill out and an evaluation form. Also give an opportunity to comment on any improvements, and make sure the response options are in numerical format so you can collect data more efficiently and quantify the results. You can help with platforms such as Survio to create your survey and reach your audience on any device as efficiently as possible.
The value added
Dopo aver calcolato i risultati diretti non dimentichiamo di considerare tutti i vantaggi indiretti di un evento virtuale, in particolare l’acquisizione dei dati.
From event registration to the session itself, all phases of a virtual event are a source of valuable data for your company. The acquisition phase is the most delicate and if leveraged well will allow you to turn an anonymous list of contacts into qualified leads, i.e., potential customers who showed during the event an interest in your company or product.
The data obtained from monitoring will not only give you an assessment of the success of the event itself, but also an overview of the events your company can organize.
And remember that with Kampaay you can organize your event in just a few clicks!