Key Performance Indicators abbreviated as KPIs are the best ways to judge the success of your event. These indicators help you determine the efficacy and prominence of your event amongst your target audience. They provide information or an overview regarding various aspects of your event, for example, attendee engagement, number of registrations, click-through rate, and much more.
So are you hosting an event?
Below are 7 important KPIs that provide an insightful report on the success of your virtual event that you can apply to your virtual or hybrid event and check for yourself!
1. No. of Registrations on your platform
To get an idea about the KPI's, you must first align them to your event aims and goals. You can start by calculating the number of registrations for your virtual or hybrid event. The more the number of registrations for your virtual or hybrid event, the better it is! This way you are aware of the number of prospects for your event and the attendees who are interested in it.
2. Absentee rate
This step
is to be done after your final event when you are all set to measure the
effectiveness of your campaigns, promotions, and all that you’ve done from Day
1. It can be calculated by subtracting your total number of absent attendees
from the total number of registrations and dividing it further by the total number of registrations once again.
You can
check it out here – Total No. of Registrations – Absentees *100 divided by
Total No. of registrations.
The rate should be lower for the possibility of calling it a successful virtual or hybrid event. Once you have numbers it is easy for you to determine which aspects you need to work on.
3. Engagement Rate
The
engagement rate of an event can be calculated by taking a look at the time an attendee
spent on each session or conference by an attendee. The metrics can be easily
found out from the Virtual Events platform that you are using for your event!
To grab
such meaningful data reports that provide you insightful metrics and logistics
about your event and attendees, try reaching out to a specialized Virtual Event platform that can look after your pre-event needs, guide you during the event
and help you understand the metrics post-event.
ibentos Virtual Events platform is one such platform that provides rich and meaningful that allows you to gauge the success of your Virtual or Hybrid Event.
4. Attendee Retention Rate
With Virtual Events gaining popularity among event organizers, despite its longevity, there are also a few challenges that one can face from an attendee’s POV. For example, the attention span of any individual is comparatively less in the case of Virtual events. And in order to deal with this, there is constant pressure on the organizers to entertain the attendees without hampering a thing. Many event platforms have come up with features like gamification to get a higher retention rate.
ibentos Virtual Events platform allows you to record every attendee’s movement once they are on the event platform.
5. No. of Sponsors
Try to get
as many sponsors, as you want for your event, this will essentially increase
your brand awareness, take you to newer markets, and on the brighter side, there
is a bigger investment that will experiment more at your virtual or hybrid event.
Also, if your rope in a specialized Virtual events platform that will help you set up virtual booths for your sponsors, that will provide them extra visibility and space to exhibit themselves and make themselves available to the event attendees. In this way, you as an organizer as well as the sponsor benefit - all stakeholders are in profit.
6. Feedback score
This is the most underrated yet effective way of checking out the popularity and versatility of your event. It is fast and helps you understand the mindset and impact of your event on your attendees immediately. These scoring sheets or surveys can be provided to the users on various accounts – starting from the beginning of the event till you plan your next event. Such feedback scores come very handy to judge your event content-wise, usage-wise, and mainly their wants and interests.
7. ROI (Return over Investment)
The ROI or
Return over investment must be lower than the revenue that you generate from
your event. And the above KPIs will help you identify and strategize to
increase the ROI of your Virtual or Hybrid event. They will be keys in helping
you create your event according to your requirements as well as provide
valuable insights that you can work upon for the successful execution of your
event.
Once you’re set and ready to go ahead with your virtual event, partnering with the right Virtual Events platform is mandatory. This way you have your event in the right hands who’ll be able to handhold with the technology throughout the event as well as provide you insights on what works well in the events industry.
ibentos Virtual Events platform is one such platform that allows you to experiment and create events
like you imagine. Reach out to them here
- www.ibentos.com
Resource: https://theibentos.medium.com/7-important-kpis-to-gauge-your-hybrid-events-success-6c6d015f0ab3