Not long ago, virtual events were an untested, relatively untapped concept. Fast forward to 2022, and they've become the go-to way for businesses of all sizes to connect with their audiences. For this, we have the global pandemic to thank, which well and truly accelerated the need for digital-first experiences.
With in-person events screeching to a halt, virtual events have been the ideal solution for companies to maintain connections with their customers and prospects. In fact, digital events have been so successful that the industry is expected to continue its growth trajectory at a more than healthy CAGR of 21.34% over the next four years.
Clearly, virtual events have been a win-win for event professionals and their clients. But how do you measure the impact of such events? The good news is that this can be done with relative ease. With the right strategy and tech stack, it's possible to measure key performance indicators (KPIs) to effectively gauge your event's success. On that note, here are five KPIs you should be tracking to measure virtual event success:
Number of registers
The first and arguably most important KPI to track is the number of registrations for your event. This metric will give you a good insight into how effective your marketing campaigns are, as well as provide you with an indication of the interest level for your event. If your numbers are significantly lower than you anticipated, then it could be a sign that you need to change up your marketing strategy.
Conversely, if your registration numbers are strong, then it could be indicative of a well-executed marketing plan. This is also worth investigating so that you can pinpoint what worked and replicate it in future campaigns.
Engagement rate
There is no use having a high number of registrations if people aren't actively engaging with the event. This is why it's also important to track engagement rates (defined as the average number of interactions per attendee). This metric gives you an indication of how actively your attendees are engaging with the event and its content.
In an ideal world, you want all of your attendees to spend the entire duration of the event engaged with its content. And while this might not always be achievable, it's still possible to measure your engagement rate and use it to gauge overall event success.
Depending on the platform you use to host your event, you may also be able to measure other KPIs such as the amount of time spent per session, the number of comments or queries submitted, as well as participation in polls and discussions.
Social mentions
These days, social media is an important part of any digital marketing strategy, which is why it's essential to track the number of social mentions your event receives. This will indicate the level of excitement around your event, and it's a great way to gauge how effective your marketing campaigns were.
For added context, you should also take a look at the sentiment of the mentions. This will give you an indication of how people felt about your event and whether or not they would recommend it to others. To make this easier, remember to create a hashtag for your event and encourage attendees to use it when they post about the event.
Website/app visits
The number of visits to your event website or app is yet another important KPI for measuring success. This metric allows you to track the number of people who came to your website or app in the run-up to the event and during the event itself.
If your event website or app is connected to Google Analytics, you can also measure user behavior on the page. This will give you a better idea of how users are interacting with your page and whether or not they are finding the content engaging.
Follow-up surveys
As they say, the proof is in the pudding. To truly gauge how successful your event was, it's important to send out follow-up surveys after the event has ended. Doing this will give you valuable insights into how attendees felt about the event and whether or not they would recommend it to others.
After all, gaining direct feedback from the horse's mouth is one of the best ways to gain an understanding of how your event was perceived. It's also a great opportunity for you to make improvements and show your attendees that you value their feedback.
Final thoughts
Measuring success is an important part of organizing any event. By tracking the right KPIs, you'll be able to gauge how successful your event was and make improvements for future events. Keep in mind that it's important to measure all the different aspects of your event, from registration numbers and engagement rates to social mentions and website visits. And don't forget to send out follow-up surveys for direct feedback from your attendees.
