Business

Virtual Event Analytics: Ways to Measure Event Success

Without a quantifiable way of analyzing the outcome, it’s not possible to have a precise idea of your virtual event’s success. There are a few things you need to consider to host bigger and better events in the future. 

In this article, therefore, we explore how to measure event success. Use the framework below to perfect your processes in the future. 

  1. Translate Your Goals into KPIs

Every virtual event should have at least one primary goal. Without it, the event is just a shot in the dark. To have a sense of direction, you need to figure out your purpose for conducting online events. 

The key performance indicators (KPIs) of your event, will ultimately, depend on your vision. To undertake a data-driven approach, assign numbers to your goals. It could be generating 5000 leads or selling 10,000 tickets. 

When you measure event success, the possible KPIs can be:

  • Number of tickets sold
  • App downloads
  • Returning guests ratio 
  • Actual visitors/subscribers ratio

And this is just one example. Based on the goals set, you can frame many such KPIs and then measure the performance of your online event against those. 

Another indispensable way of measuring event success is making use of virtual event analytics, which we’re going to talk about in the next section. 

  1. Leverage Virtual Event Analytics

If you’ve been networking with event professionals, you’ve probably heard the buzzword ‘event analytics’. Surely, online events never can fully replace in-person events, and the future looks like more of a hybrid. 

But if there’s one aspect that makes virtual events way more powerful than the traditional ones, it’s virtual event analytics. Data is power!

You can track every action, click, and movement by attendees within a virtual event management platform. Virtual event analytics (including the KPIs mentioned before) allow you to identify which presenters, topics, and sessions were most engaging. 

They tell you about the most effective sponsor ads. Moreover, you get to understand your audience’s demographic on a deeper level. 

Leading online event management platforms in the market offer you the power of analytics to ensure that your virtual events only improve with time. 

However, if you also have in-person attendees besides virtual ones, you can utilize a hybrid event platform. This allows you to track the interest and engagement of both types of attendees, after which you can easily analyze the data gathered.  

  1. Gauge Your Net Promoter Score

Net Promoter Score (NPS) is one of the best ways of evaluating virtual event success. It tells you about the likelihood of attendees recommending your event to someone else. In other words, word-of-mouth marketing. 

On a scale of zero to ten, the audience then gives you the score (either immediately after the event or via an email survey sent later to the attendees). 

Based on their scores, respondents are grouped into the following three categories:

  • Detractors (0-6 rating)
  • Passives (7-8 rating)
  • Promoters (9-10 rating)

The NPS is:

               “Percentage (%) of promoters – Percentage (%) of detractors” 

Anything above zero indicates that your event attracted more promoters than detractors. To ensure that the results are fair, however, follow-up with your survey attendees and try to understand the reasoning behind their scores. 

Take this feedback as a useful insight into planning your next event. 

  1. Send Post-Event Surveys

While net promoter score offers you a way to perform quantitative analysis of your virtual event success, descriptive post-event survey forms enable you to conduct qualitative analysis. 

Allow your attendees to explain how they felt about your virtual event. 

Understanding the attendee experience will not only help you measure event success but also give you a benchmark of what’s accepted and not accepted by your audience. 

  1. Calculate Return on Investment (ROI)

To determine if your event was a success or not, ask yourself this – did it help your business thrive? 

  • Did your business actually benefit from investing in a virtual event management platform? 
  • Were you able to generate social buzz and engagement?
  • Did your lectures and speakers bring enough value to the table?
  • Were you able to foster brand awareness and attendees’ satisfaction?

Virtual event analytics, surveys, NPS, KPIs will answer those questions for you. But you also need to consider the ROI. 

Set a precise expenditure target during the event planning phase and see if you were able to generate an impressive profit against that budget. That’s a sure-fire way of measuring the success of your event! 

Keep a bird’s eye view of your event’s progress and don’t forget to apply your learnings for the next event

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