In the days when print ads dominated advertising, measuring their effectiveness was a challenge. Advertisers often relied on the number of redeemed discounts or coupon codes and tracking customized contact information. With the rise of digital advertising driven by Google and Facebook, tracking customer behaviors through website traffic, page views, and bounce rates became much easier.
Similarly, measuring ROI for in-person events can be challenging, much more so than for virtual events. Let's explore traditional ways to measure ROI for both types of events and delve into more effective KPIs specifically for virtual events.
Traditional Ways to Measure Event ROI
1. Event Registration
Track the number of people who register for your events and compare it to actual attendance. This gives a clear measure of initial interest and follow-through.
2. Social Media Presence
Monitor engagement on social media before, during, and after the event. Use KPIs like mentions, engagement rates, and post views to gauge interest and interaction.
3. Website Traffic
Compare website traffic before and after the event to see how much traffic the event generated. Tools like Google Analytics can provide detailed insights into visitor behavior.
4. Event Communications
Use tools like live polling and surveys to measure engagement during the event. These interactions can provide real-time feedback and gauge attendee interest.
5. Event Apps
Many event apps, such as Whova and Bizzabo allow you to track how attendees use in-app features, participate in sessions, and engage with content.
6. Leads Generated and Customers Converted
Track the number of leads generated and how many of these leads convert into customers. This is a direct measure of the event’s impact on your bottom line.
Measuring ROI for Virtual Events: More Explicit Metrics
Goal #1: Brand Awareness
1. Event Attendance Trends For virtual events, attendees can join and leave at any time. Tools like Zoom and GoToMeeting provide data analytics for attendance rates and trends, helping you understand participation dynamics.
2. During-the-Event Social Media and Website Performance Track social media traffic and website visits during the event to measure engagement. Tools like Hootsuite and Google Analytics can help you monitor these metrics in real time.
Goal #2: Sponsor Engagement
1. Embedded Hyperlink and Badge Scanning Integrate clickable logos or hyperlinks into your video conferencing platform. Track the number of leads generated through these links to measure sponsor ROI.
Goal #3: Event Engagement
1. Session and Speaker Engagement Track engagement for specific sessions or speakers using event tech tools like Cvent and Stova. Measure metrics like average time spent on each session and participant drop-off rates to optimize content for future events.
2. Communication Participation Monitor participation in Q&A sessions, audience response tools, and other engagement methods. Tools like Piccles and Slido can help you track these interactions to understand attendee interests and engagement levels.
Post-Event Analysis
1. Feedback Surveys Conduct post-event surveys to gather feedback on the event. Keep surveys short and focused, and express gratitude for participants’ time. Tools like SurveyMonkey can streamline this process.
2. Email Communication Send follow-up emails with thank-you notes, newsletter subscriptions, and additional offers. Track open rates, click rates, and engagement to understand what resonates with your audience. Perform A/B testing to refine your messaging.
3. Social Media Community Engage attendees on social media post-event to build a sense of community. Use event-specific hashtags and create campaigns that encourage sharing and interaction. Platforms like LinkedIn and Facebook are ideal for maintaining post-event engagement.
Final Thoughts
Organizing a successful event is just the beginning. Measuring performance and reflecting on ways to improve are crucial for sustained success. By leveraging traditional KPIs and the more granular metrics available for virtual events, you can demonstrate tangible value and validate your event planning strategy.
Invest time in qualitative analysis and contextualize quantitative data. Take one step further to prove your event's success, demonstrate tangible value, and validate your event planning strategy!
Thanks for reading 😊
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