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Hybrid events are influencing the event landscape for good. Majority of the companies today are adopting the digital bandwagon to satisfy the demand of both in-person and online participants. Hybrid events allow you to manage in-person meetings while encouraging others to participate digitally. With cutting-edge technology available, businesses can customise their virtual events as per their unique business needs. Such technologies provide the online audience with an immersive experience and maintain engagement throughout the event.
According to an independent study, 72% of event organisers said that businesses choosing hybrid and virtual events over in-person events increases customer engagement and ROI. But, how does someone calculate these perks? The simple answer is Key Performance Indicators (KPIs).
What is a KPI?
KPI, which stands for key performance indicator, is important for measuring the performance of hybrid events. It helps businesses to measure the challenges, efficiency, and success rate of virtual events.
Be it expanding your online customer base, increasing conversions, or boosting ROI; it is a master key to analysing the major objectives and knowing the target audience along with planning a hybrid event. The number of businesses adopting hybrid event technology is increasing day by day to embrace immersive experiences and ensure event success.
These metrics include CTR, engagement rates, conversion rates, and ROI. Adding to that, these evaluations help businesses make the most of their event and generate potential leads from the audience.
Why Are KPIs Important for Virtual and Hybrid Events?
Earlier, event KPIs were traditional in-person metrics, like registrations, booked tickets, and session attendance. However, when virtual events took the surface, new KPIs emerged as attendee behaviour online is very different than at in-person events.
Virtual events are very unique and hence should be measured differently, even if the content is the same as your in-person event. This makes it important to identify your common vision of success.
With well-defined KPIs for both virtual and in-person events, you can ensure proper alignment between your product and your business goals. There are many virtual events examples that have suffered the consequences of not aligning program components with the goals of the event. Thoughtful conversation to find the purpose of your virtual event is how you will mention its success and this will also provide your event marketing or technology team the guidance they need to work through challenges.
Top KPIs To Measure Your Hybrid Event Success
1. Total number of participants
40% to 50% of people who registered will actually be present at your event, whether online or in-person. Since a hybrid event helps participants to join from anywhere around the world, you can expect to see even higher registration rates. Also, the opportunity to have a personalised event experience in a 3D immersive environment increases the chance of having more participants.
You will need to know the total number of attendees of both in-person and virtual events to measure your participation rate.
2. Brand awareness
Branding is a must when adopting hybrid events.
Believe it or not, 74% of event attendees said that a branded event experience pushes them to buy a product or invest in any solution.
Use the benefit of having more participants that hybrid events provide. For the in-person event, design attractive banners, choose colour schemes, logos, venue, etc. For the virtual event, make it AI-integrated for a more immersive, 3D experience and be creative with event technologies.
Note: The virtual part of your event should look and feel like your in-person event to offer a seamless event experience.
3. Return On Investment (ROI)
The ultimate goal of every business behind hosting a hybrid event is to expand the audience base and generate more revenues. To measure that, businesses use indicators for calculating total ROI.
After a few months from the date when an event was held, 86% of B2B companies observe an increase in ROI on hybrid events. The ROI is measured by dividing the revenue generated by the total hybrid event cost.
4. Attendee Satisfaction Rate
Response rates for live polls and Q&As are also key factors to increase audience engagement at your hybrid event. When attendees are interested in your event, they participate in live polls, Q&A sessions, and so on. With the right event technology, you can turn your vision into reality by giving a one-of-its-kind event experience.
This response rate will show the audience engagement levels and help businesses understand which sessions or aspects of their event were most successful.
Choosing and Managing Your Event Technology
KPIs also help you in deciding the right event technology. No one wants to make a hefty investment on a platform and then discover that it didn’t fulfill their business needs. When reaching out to a potential event tech partner, consider your KPIs and ask how the technology would help to accomplish them.
With KPIs, you can also create a platform evaluation factor when assessing potential partners.
Host Hybrid Events with ibentos
Embrace the potential of hybrid events with ibentos’ event technology in a safe and immersive digital environment. We help you explore endless possibilities to widen your reach and make the most out of your events in terms of ROI.
Boost engagement with interactive features such as chatbots, polls, and games to keep the audience hooked throughout the event. Along with that, ibentos enables the power of customised booths, easy navigation, event walkthroughs, and more. So, call us today to know how ibentos’ team can make your next event a big hit.
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