The benefits of hybrid events are massive. Discussing the current pandemic state, industries have concluded that hybrid events platform is the one, well-defined solution to promote engagement, enhance business growth, drive sales and generate ROI. Research states that over 70% of sponsors are incorporating hybrid event strategies into their business budget planning. Nevertheless, you cannot measure event effectiveness without setting key performance indicators (KPIs) for your event. The KPIs are factors that decide whether your event will be a success or failure or needs improvement. So today, in this article, we share the 6 top KPIs for measuring hybrid events. Read on.
1. Click-through Rate(CTR):
Customized emails with compelling CTAs are proven best strategies for event broadcasting, sending invitations, content sharing, engagement creation and gaining ROI. What defines your success rate in email campaigns is the number of link clicks. The click-through rate (CTR) factor can determine the value your content strategies rendered to audiences. Better content strategies lead to better CTR, thereby bringing more attendance to your hybrid events platform or hybrid virtual & in-person events.
2. The Absence Rate:
There is no 100% surety that all your event registrants will attend the event. Attrition rate represents the zero-attendance factor in a hybrid virtual & in-person event space.
The formula for calculating attrition:
(no. of absentees/ total no of registrants) * 100.
Simultaneously you can assess the attrition rate factor for both hybrid virtual & in-person events individually. It clarifies which event strategy proved less effective in the process. There can be many reasons for your audience to miss the event. Learning the reason can alleviate a great deal of stress in your understanding. To know that, sending automated emails to absentees asking for their miss out will help.
3. Audience Retention Rate:
You can always measure the success of your event through analytics & KPIs. But the real success of your hybrid virtual & in-person event depends only on participants loyalty. The audience who loves to attend all your events must have gained confidence in your products or services. These are the loyal participants who will add value to your event by doing purchases and referral marketing. Make a list of repeated participants on your hybrid events platform. Send customized thank you emails to your audience appreciating their hybrid virtual & in-person event participation. Introducing referral programs for online & offline marketing strategies not only elevates your business presence in the market but also rewards your audience in the best way.
4. Sponsor Engagement:
Sponsors are the keystone personalities of any event. Their benefit is as crucial as your business growth & audience engagement.
Data analytics plays a significant role in gaining, managing and retaining sponsors.
So, here is the data that your sponsors would be interested to know.
- Brand promotion statistics report.
- Event participation count.
- Revenue generated.
And here is what you can track on the hybrid virtual & in-person event platform.
- Sponsor link clicks.
- Chat data.
- Social hashtag mentions.
- New sponsor requests.
Other benefits of hybrid events are that you can ask the hybrid events platform to set up special teams to track new sponsors & leads at the hybrid virtual & in-person event.
5. Attendee Satisfaction Rate:
Reviews & testimonials are one way to measure attendee satisfaction. But, to evaluate on a deeper level, using Q&As, live polls, surveys and feedback forms are suggested. The key is to ask the right questions to your hybrid virtual & in-person event participants. Like,
- How will you rate the event experience?
- What aspects of the event carried the best engagement?
- Were speaker sessions informative? etc.,
6. Lead Conversion Rate:
For any hybrid virtual & in-person event, evaluating goals is essential. Most of the event goals include business expansion, lead generation, branding, sponsor relationships, etc. Well planned strategies and gathered data insights help in monitoring attendee behaviours and make some potential direct conversions. The benefits of hybrid events are: you can evaluate, modify and track your marketing plans for better engagement & lead conversion.