Or, as they say: getting the most bang out of a buck! Let’s explore how to get the most out of our events and get a greater virtual event ROI.
“How to turn every penny spent on virtual and hybrid events into a million dollars.” That’s what everyone secretly wishes to know, and that too in a single google search, probably in a two-line article. Right? In other words, we are all in search of the shortest ways to boost our event ROI, aren’t we?
Maximizing virtual event ROI is one of the key goals when hosting virtual events on virtual event platforms like Airmeet.
Minimizing investments and skyrocketing the event ROI has been an all-time concern of people hosting events. Even when revenue generation isn’t the primary goal, getting tangible results on qualitative metrics like brand awareness, audience education, and lifecycle retention is a coveted output from a virtual/hybrid event. However, there’s a secret sauce to maximizing the event ROI, and this secret sauce works flawlessly for virtual and hybrid events too!
While this article discusses the data-backed techniques and top tools to gain compounding returns from virtual events in 2022, sadly, it’s a lot more comprehensive than just two lines!
So here’s the first tip:
Invest less, but do it on the right things to boost virtual event ROI!
Here’s the thing; the number one rule of squeezing the most out of the lemon is to do it with the right tools! Generating maximum virtual event ROI isn’t any different. So, you would need the right virtual event platform to host a successful event, period!
How to decide the right virtual event platform to maximize event ROI?
Looking for a tool that could stand seamlessly on the said parameters would be a good start. Here are some parameters to check. P.S., Airmeet has been built for event planners while keeping these below-mentioned parameters in mind, i.e., it offers a top-notch event experience, tools to boost audience engagement, unique branding features, and much more. Let’s explore!
Top-notch virtual event experience drive great ROI
It’s 2022, and now the event ROI pivots around the overall customer/attendee experience. So, your platform must offer revolutionary features and tech to leave your event attendees inspired, engaged, and impressed.
How do you improve the event experience?
— By replicating a near-to-real experience.
In an actual event, the attendee gets a chance to network, explore the range of services, talk to designated people at different booths, and more.
Platforms like Airmeet can create the same immersive event experience too. They offer virtual spaces to the participants to move freely across sessions, network at the lounge, explore different booth services, checkout sponsor areas, interact with the advertisements, and have meaningful interactions like making a purchase and enhancing the event ROI.
For your event to be a success, your event attendees need to walk away impressed, engaged, inspired, or motivated — all of which comes from having a stellar event experience.
Boost audience engagement to boost virtual event ROI
As an event host, you can spend weeks, if not months preparing the perfect pitch or event content. However, what result would it bring if your audience wouldn’t follow through? Thus, The second step is to ensure they listen, watch and engage.
To summarize, you want your target audience to participate, not spectate.
Encourage social engagement throughout the event and in between the sessions. You can invest in increasing social media engagement for your teaser posts and event page for a future event.
How to boost audience engagement?
— Or, as you may ask, how to make them drool over your pitch?
What is event gamification?
In simple words, it is a feedback and reward mechanism that rewards or penalizes the consumer/audience based on their behavior. It works because everyone inherently likes to be appreciated, recognized, and win.
A good gamification model can tap into the inherent competitive traits of the target audience and compel them to participate. With gamification, participants chase positive rewards and thus, complete the activities and tasks expected by the host.
However, it’s advisable to identify key engagement metrics to utilize the power of event gamification fully. Plan an event activity in advance and time it strategically before the most critical parts of your event to get maximum engagement from the audience.
And how do you gamify an online event? What are gamification methods?
Remember how we kept scores in rock-paper-scissors? Data suggests that scorekeeping is the easiest and most effective way to gamify an event.
Virtual event platforms like Airmeet offer leaderboards assigning badges to top-performing participants.
The participants earn scores when they participate, answer questions, fill forms, etc. This feature can come in handy for all the event planners looking to maximize their event ROI.
Put your brand in the spotlight to drive event ROI
If you know how to calculate the event ROI, then you’d be aware that a significant chunk of return comes from the post-event phase. During the event, an attendee might become a warm lead. In the consecutive days, that qualified lead might also convert the chances of a lead converting into a customer skyrocket when the consumer can remember the brand.
Airmeet offers you the ability to customize your virtual event to showcase your brand.
Showcase your brand at the virtual reception, at virtual lounges, on the virtual stage, in the chatroom, and…, everywhere! Brand and style your event quickly with our easy-to-use platform.
Allow economics of scale to tip the event ROI scale
—in your favor.
Physical spaces are limited by their size and the capacity to accommodate a certain number of guests. However, this is not the case with online webinar platforms in 2022, killing two birds with a single arrow.
The true cost of virtual events is relatively insignificant to a physical event. Thus, scaling the virtual event can reduce the overall event cost and drive up the event ROI exponentially.
With advanced online event platforms like Airmeet, you can scale your event to entertain up to a whopping 100k people at a time.
Airmeet is highly scalable, agile, customizable, and comprehensive hybrid events and virtual events platform to boost your event ROI.
Ticketing systems and seamless payment integrations
If generating immediate revenue is the primary goal, setting up a ticketing system for your virtual or hybrid event would significantly boost the event ROI. Setting up a tier system is the best choice to generate revenue further. A tier system allows you to sell premium tickets with extra perks at premium prices.
Offering a tier system would also allow people with a lower budget to join the event. Since scalability isn’t a limiting factor online, you can generate high returns on minimal investments.
Airmeet’s cutting-edge software lets you make multiple-tier systems and collect payments via widely accepted payment platforms like Stripe.
Comprehensive attendee analytics for max virtual event ROI
–Data is the new gold.
You can leverage attendee analytics to drive sales and ramp up your post-event marketing campaigns.
Go beyond common metrics and extract nuanced actionable insights from your events. For example, Airmeet offers seamless integration with tools like Zappier, Mailchimp, Marketo, and Hubspot to launch retargeting campaigns during or after the event.
With an inbuilt event analytics tool, your sales team can target those who engaged with your event separately from those who didn’t engage much. You get valuable stats like attendee engagement, attendee presence, and more post-event.
Options to cater to the interest of event sponsors
–With separate sponsor booths and analytics.
Finding sponsors for your event would quickly skyrocket your returns from the event. However, finding sponsors is much easier said than done.
Offering separate booths to engage with the audience directly can get you quality sponsors.
With virtual event platforms like Airmeet, sponsors can get valuable analytics information about the booth visitors. Sponsors can then use this information to launch their marketing and retargeting campaigns.
Robust technology stack
“Am I audible? Is my screen visible? ” Connectivity and synchronization issues can ruin the whole event experience for the attendees. Airmeet’s technology stack ensures that no such problems occur during the events. A glitch-free experience is a memorable experience. With future proof and rapidly evolving event technology, you stay covered even for the upcoming events you plan in the future.
Bonus tips and F.A.Q
As per our data, the best days to host an event are Monday, Friday, and Saturday. Tuesdays are the worst to host an event as the data suggests it gets sparse participation and less engagement.
The best time to host a virtual event is between 1 to 1:30 pm. The events happening around this time see the best event engagement and attendee rate.
Virtual events can supercharge any of the stages of your sales funnel. Virtual events can be strategically used depending on business objectives, from lead generation to upselling and improving customer retention.
How to set up online ticketing
How to calculate event ROI?
Step 1: Identify the key metrics to drive up the return on investment
Step 2: Gather advanced data and track your metrics
Step3: Build robust attribution models
Step 3: Meticulously analyze your event data and identify the warm leads
Your takeaways on how to maximize ROI of your virtual event?
- Invest in the right platform
- Identify your business objectives and event goals
- Lay down metrics to measure event success
- Develop top quality pitches and event content
- Develop event strategy to simplify the customer journey
- Keep your target audience engaged with gamification
- Brand your event with custom graphics, logos, and content
- Try to offer real-to-near event experience in virtual and hybrid events
- Call sponsors on-board and for a fee and offer them virtual branded booths
- Set up online ticketing systems
- Gather event data to reach out to warm leads post-event
- Sell the gathered data like user info to relevant customers or businesses
- Choose the right virtual event platform
Choosing the right virtual event platform can be the difference between a winning and an unsuccessful event. Boosting virtual event ROI is easy with Airmeet’s superior tech and features. Airmeet is the leading virtual event platform that provides superior features. Schedule a demo with us now.