While the world is fighting the virus, the event industry is also combating a battle within itself. People are accustomed quickly to the advancements of virtual workflow and environments. Thus, the demand for innovation pressured the virtual event industry to bloom. Events had to be more spontaneous, innovative, and dynamic. The event industry strives to implement features like facial recognition, augmented and virtual reality, and artificial intelligence as simplified as possible. According to the CEO of 6Connex, Ruben Castano, the virtual event business grew by 1000% in just a few months.
More features need more analysis. Regardless of the nature of the event, it is crucial to scrutinize the key performance indicators. KPIs indicate the productivity of each parameter and how it affects overall event performance. The goal is to analyze the pattern and progress of the event and identify the low and high-scoring areas. These metrics help in formulating the strategy execution that leads towards the key objectives of the business.
In virtual events, there are four significant facets: the attendees, engaging programs, content strategies and marketing, and revenue management. Starting from attaining an audience, reaching out to the public, delivering quality content to how these efforts increase the ROI- measures the success of an event organizer. Some of the worthy of note metrics are listed below:
1.Visits and Downloads
Analytics platforms calculate the website visits. Most virtual event platforms are in-built with analytics tools to determine the traffic and more active areas to pinch the content. How many people visit your application on the Playstore? What is the average number of downloads for your application? These metrics about visits and downloads help in fixating on specific lead generators.
2.The number of registrations
The registration rate gives off many meticulous key points like- the peak time of the visits, occasions that trigger registration, demographics of your target audience, etc. This rate provides insights into the type of events that attract the audience. The constant progress in maintaining an average ratio between the number of registrations and participants boosts the ROI and success of the events.
Do you find your attendee dropping off after attending an event? It is known as the drop-off rate that gives the number of participants who skipped the conversion process. A recent 2020 study by Markletic shows that the average abandonment rate of a virtual event is around 35%
47% of the people who registered for the virtual live event attended it – the highest average conversion rate. The conversion rate metric monitors the number of participants who come back for future events and whether the show-up rate is considerable. The number of customers or the attendees who recur often enter the conversion funnel results in this metric.
Do you know earning a new customer can cost five times more than maintaining an existing customer? Trust is incredibly crucial to gain possible lifetime customers. The success rate is directly dependent on how satisfied your customers are with your events. Happy audiences retain back as qualified leads and are perfect for word-of-mouth advocates. The retention rate reflects the number of participants who bounced back to your upcoming event from any previous events. Increasing the retention rate increases ROI automatically.
6.Traffic from Referral
Detects from which platforms and sources more people acknowledge your company. Digital referral and incentives are excellent referral marketing tactics. Some strategies like- providing unique digital referral links for customers to pass around, or the total number of downloads brought in via such links, also regarded as leads traffic from referral.
And apart from that, Word-of-mouth (WOM) marketing will always remain a common advertising medium. According to Forbes, 71% of customers recommend the brand to others if they get quick responses on social media.
Regardless of the nature of the event- an in-person event or a virtual event, no one likes a dull session. Only quality events can bring the audience’s involvement. An active chatbox, getting more responses, questions from the audience are some of the factors to be noted manually during the events. In digitized virtual events, there are many features to enhance engagement.
8.Polls Response Rate
Response rate and live polls differentiate active and passive audiences. Polls find out the number of audiences that are an active part of the discussions. Additionally, they enlighten the speakers with psychological insights. The choices of the audience reveal their mindset, and it also gives options to choose which type of poll gets the highest response in the future.
9.Effectiveness of new features
During a pandemic lockdown, the event industry has become diversely innovative. Virtual event platforms come with various features like – 3D environment, virtual booths, gamification functions, AI chatbots, etc. For example, some platforms make content delivery fun and interactive with gamification features. They set scavenger hunts and leaderboards to improve audience engagement. Thorough analytics with engagement dashboards and advanced reporting will exhibit the performance of each new feature.
10.Social media Engagement
From a report by Content marketing institute, On24, and MarketingProfs, 83% of marketers rank social media promotion second best way to achieve success rate. Social media is one of the best customer service forums as well. The helpful parameters associated with social media are: The number of subscribers and followers
- The quality of leads generated.
- The target audience attracted more to your service.
A comparison between the social media traffic and the conversion rate defines the success of your promotion.
Ticket or product sales is a simple and efficient KPI. High quantity means higher ROI. This metric scrutinizes the ticket pricing proximity, the sales rate of different ticket categories- early bird ticket, GA- general admission, VIP.
The sales management department works intending to fetch more attention and audience. But generating sales qualified leads(SQL) improves the net revenue of the company.
12.Feedback and Surveys
Survey responses, net promoter scores, and feedback are the most effective and direct ways to assess audience opinion and expectations. The best way to know the impact of your attendees is by asking them directly. Thus, post elaborated questions in the feedback section for more straightforward answers. Overseeing the reviews, comments, and feedback serves as any other metrics in examining performance.
More than half of millennials prefer conversations via electronic mails. It also keeps the customers updated in noticeable short mail letters about all affairs of the organization. The Click-through rate and Open rate of emails depict the involvement of the customer. There are other credible metrics of email marketing:
- The length of subscriptions
- Referral-link clicks
- Direct transportation to the website,
- Marketing dashboards with sales data.
14.Return of Investment
The formula for total revenue generation is simple. What is the percentage of profit made above the investment? The main focal point of revenue management is staying as away as possible from the negative profit margin. A positive profit margin( PM) can identify where the investment is high and where it should be. The PM directs you in a path of controlled and essential expenses.
15.CPA and CAC
All campaigns aim at gaining customers. Cost per acquisition is a ratio between the investment on campaigns or free demos to the conversion rate reached through such marketing. It may require a high CPA on specific advertisements and offers to lead to the conversion rate. But since, awareness is the first step of the marketing funnel to reach a paying customer. CPA promotes future benefits.
Customer acquisition cost (CAC) summarizes the entire marketing cost invested for acquiring a certain number of new customers. These metrics help in estimating an average revenue exception for your marketing efforts.
16.Average Daily Attendance
Although new leads catalyze an event’s growth, having a standard set of audiences elevates the profit margin and client retention rate. Average Daily Attendance gives a sort of assurance for constant and guaranteed income flow.
By sticking with recurring attention, recurring revenue is a guarantee. Retention rate also leads to another metric- Customer Lifetime Value (CLV). It evaluates the value of existing customers and strategies to retain them, and CLV guarantees a future cash flow unaffected by upcoming revenue generation.
Sponsors contribute the required funding for hosting an event. How many sponsors do you attract? And how do you lead them? Multi-tracked events need multiple sponsors. You can calculate sponsorship revenue in many touchpoints. Firstly, the profit and leads brought in by the sponsor campaigns. Secondly, how successful were the sponsors in achieving their objectives? It includes expanding market share or sales performance, branding, corporate social responsibility (CSR), and press coverage, claiming minimum guaranteed ROI.
A post-event analysis can be one of the most effective practices that accelerate the event’s performance and growth. The KPIs help you determine which factor does wonder in your business and which metrics need improvements. Most importantly, it also figures out which tactics did not work for your event. Implementing these discoveries and formulating new strategies accordingly as your event demands can help you reach your business objectives and beyond.
The event industry continues to grow with a promising future. Between 2016 and 2026, employment growth and opportunities for event planners will increase by 11%. To survive the competition, stay as updated as possible with the never-ending trends and advancements in the field. The way to make your day-to-day events international is a short bridge connected to captioning and translation industries.
According to the statistics published by Market research future, the market for translation services grew by 40 during the pandemic. Captions and subtitles are far more beneficial attributes to a video, and it resolves the accessibility, learning, and language indifference with a simple solution. CaptioningStar serves the right captioning and translation service and solutions to take your videos to the next level.