recent study has shown that about 72% of corporate event sponsors are now making room for hybrid events in their budget planning. Hybrid events have proven to be an effective strategy to boost local and global audience engagement for varied industries. You can boost your ROI manifold by devising the right hospitality plans to cater to your in-person participants and engagement strategies to tune in more virtual participants.
However, you cannot judge the efficacy of any event without focusing on a distinct set of return-on-investment (ROI) factors known as key performance indicators (KPIs). These KPIs are essential data sets that offer an insight into the successful, failed, and improvable aspects of your event.
Here are some of the essential KPI factors for hybrid events that you must calculate to gain a factual foresight and invest in your promotional strategies wisely.
Email click-through rate:
To know if your email content strategies work, you must consider the click-through rate (CTR) of every email you broadcast. The CTR is a ratio of the total number of participants who clicked on the link in your mail out of all the participants in your mailing list.
Though the average event CTR is a little less than 5% today, you can improvise on the specific content strategies that get better CTR and potentially increase the number of participants in your virtual and personal venues.
The attrition rate:
The Attrition Rate conveys the average fraction of your audience who didn’t attend your event after registering. It is represented by the formula: (number of absentees / total registrants) x 100.
You can calculate this factor for your virtual and in-person audience separately to know which event strategy is proving less efficient. To dig deeper, you can send out automated emails to the absentees asking the reason for missing the event. This campaign will help you modify your future marketing strategies to tackle those reasons.
Participant retention rate:
Gaining new participants is great for your event’s success, but gaining loyal participants is essential for your business growth. Participants who attend all your events and develop faith in your product or service are sure to contribute to your revenue through purchases and referrals.
Hence, maintain a list that allows you to detect repeat participants at your event venue and on your virtual event platform. Acknowledge their interest with personalised emails containing your gratitude, future event plans, or special offers. You can also introduce a referral program in your online and offline marketing strategy to reward your local audiences.
It is vital that your sponsors also benefit from your hybrid event to ensure their continued backing of your future events. Your sponsors will expect some statistical proof of brand promotion, audience connection, or revenue generation caused by your event.
Here, you can set up your virtual platform to track the sponsor link clicks, chat mentions, social media mentions, and sponsor inquiries occurring throughout the event. Also, set up a team to track the sponsor brand’s inquiries and leads at the venue.
Participant satisfaction score:
Statements and phrases don’t reflect actionable analysis. Hence, asking your audience to write down reviews won’t help understand their satisfaction level, which is why you will have to use live polls, topical surveys, and ratable feedback forms.
The key is to devise the right questions to ask your online and in-person attendees throughout the event. Some questions can vary for the online and offline audience. However, you can include some general questions as well, such as ‘How likely are you to recommend us?,’ or ‘How satisfied do you feel with the speaker’s answers and explanations?.’
Lead conversion rate:
The goal of any event, be it virtual or physical is to drive in business. And business grows with qualified leads. You must have a strategy laid out to increase and monitor participants that can convert into direct or potential prospects, for all your events.
Track your new prospects generated via virtual or in-person engagement. Observe where your product or service is received better and modify your marketing plans accordingly. While tracking the converted leads, keep an eye out for non-converted inquiries and pursue them ethically via emails or phone calls.
Profit vs expenditure:
The actual profitability of your event can only be judged in terms of its expenditure. This factor is typically calculated by considering the average expenses per participant versus the average revenue for the same. It can be represented by the following formulas:
(Total Participants/Total Expenses) x 100
(Total Participants/Total Revenue) x 100
You can analyse these factors separately for your virtual setup and your venue setup. Ultimately, if your cost per participant is greater than your revenue, you have incurred a general loss. Though the gains cannot always be monetary, you must avoid recurrent losses in your hybrid events to support your business in the long run.
Gaining new participants is great for your event’s success, but gaining loyal participants is essential for your business growth.
Apart from these essential KPIs, you can identify unique and specific ROI factors for your hybrid event and work towards achieving them through calculated strategies. Generating connections or revenue from an event is always a trial and error process, and these KPIs will guide you in the right direction, helping you surpass your set ROIs.