Published On 2023-05-23
Hybrid events are dominating the event landscape. Most companies are jumping on the digital bandwagon to meet the demand for in-person meetings while encouraging others to participate digitally. Using innovative technology, event planners are implementing customised virtual event platforms that provide the online audience with an immersive experience & keep them engaged throughout the event.
Post COVID-19 pandemic, companies prefer video conferencing and streaming services to communicate with global audiences. Independent studies state that 72% of event planners said that organisations choose hybrid and virtual events over in-person events to increase customer engagement as well as return on investments (ROI). But, how can one calculate these advantages? The answer is Key Performance Indicators (KPIs).
Key Performance Indicators are essential data sets that quantitatively & qualitatively measure the performance of hybrid as well as virtual events. It enables event planners to measure the efficacy, challenges, and success rate of online events.
Whether it's growing the online audience base, boosting conversions, or generating revenue; It's imperative to determine the primary objectives and understand the target audience while planning a hybrid event. Event planners adopt hybrid event platforms to empower higher experience and measure the event's success through key metrics.
These metrics include audience engagement rates, email click-through rates, conversion rates, and return on investments. Furthermore, these evaluations enable the organisation to overlook the performance of the ongoing events and generate potential leads from the audience.
Read further to know the top 3 KPIs an event planner uses to measure the overall success rate of hybrid events.
It is one of the most crucial metrics used to measure the success rate of hybrid events. This KPI represents the total number of in-person and online participants who have attended the event.
On average, 56% of hybrid event attendees prefer to attend events physically, while 44% choose to join virtually (according to a Markletic study). To calculate the virtual participation rate, divide the total number of online viewers by the total number of event attendees. Likewise, to know the in-person participation rate, divide the number of physical participants by the total number of event attendees.
Events are all about engaging the audience from start to finish. And in most organisations, the engagement rate is the ultimate indicator to measure the overall success rate of virtual or hybrid events.
According to Markletics, 89% of event organisers measure the success rate of hybrid events by viewers' satisfaction and engagement rates. The hybrid engagement rate is calculated by dividing the collaborative number of online and in-person participants who responded to interactivity during the ongoing event by the total number of attendees.
The main objective of every organisation is to reach potential audiences and generate maximum revenue from hybrid events. And to evaluate that, event planners use this indicator for calculating return on investments.
After seven months from the date of events, 86% of B2B organisations see a positive ROI on hybrid events (Markletics). The return on investment (ROI) is measured by dividing the total amount of revenue generated by the total cost of the hybrid event.
To Conclude:
Defining and measuring KPIs for hybrid event success is a specific process. And to achieve that, event planners need to undertake the parameters mentioned above to increase engagement and generate potential leads. However, there are many other factors an organisation must consider to optimise event marketing strategies and monitor the success rate of the hybrid event.
If you would like to host a hybrid event with 24 Frames Digital, schedule a call now. Our marketing expert will be happy to assist you.
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