The popularity of virtual events in India has been soaring. The lower costs, wider reach, and more flexibility associated with these events has made every business sit up and take notice. So, rest assured that even after the world opens up post the pandemic, some form of virtual events will still exist.
What Do Marketers Think Of Virtual Events?
Okay, so we know that businesses and attendees have adapted to the new virtual reality of events. However, it has not been easy for companies to put together successful virtual events in India. Nearly 50% of organizers say that they have been moderately challenged in the process and a learning curve to it. Interestingly, only 33% of marketers feel that they have executed a successful virtual event. This goes to show that there is a lot of scope for improvement.
How Do Marketers Measure The Effectiveness Of Their Events?
Before we understand what measures of success marketers should gauge for virtual events, let us see the top three goals of businesses as far as virtual events are concerned.
We found that businesses mainly look at virtual events to engage their audience. Nearly 45% of marketers aim at building engagement. The next biggest objective is to create brand awareness, with nearly 20% of businesses highlighting it. Only 14% of businesses want to generate sales through these events.
With platforms like Virtex, most businesses can easily fulfill their objective of building strong engagement with their prospects and clients.
The 10 B2B Virtual Event Metrics To Look Out For
1. The attendee number
In general, the one metric linked to engagement is the number of registered people and the number of people who attended the event. This number may vary depending on the industry you are in. However, it is still a good metric to measure success. Be watchful of how many registrations you have who eventually show up for the event. The work to be put in is between these two stages. Ensure that you have a plan in place to reduce the number of no-shows.
2. The Attendee attention span
It’s one thing to have a packed house, but the true success of your event lies in ensuring that it retains the packed house until the end. So, look for the duration for which your attendees stayed. However, someone who stayed till the end does not necessarily have to be engaged. For that, you need to dig deeper.
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3. Attendee activity
To filter down further, look at what your attendees did during their participation. An attendee who is asking questions, responding to surveys, chatting with other participants, and so on is highly engaged. The more you have of such attendees, the more successful your event is.
4. Sponsorship metrics
Now, you may think that getting sponsors onboard is all that there is. However, you also need to be able to see how well-received your sponsors’ content was. Were there views? What was the click-through rate (CTR)? Did the attendees click on the call-to-action (CTA) links? These are pertinent questions that will also determine your success with sponsorships in the future.
5. Social media engagement
Using some of the best virtual event platforms in India, you can generate a lot of buzz on social media. And the response can be an indicator of your event’s success. Look at post-event discussions, shares, reposts, etc. These activities can directly boost your brand awareness, and you can leverage this increase in followership by posting regularly on your social media channels.
6. Website traffic
Social media activity is good, but another metric that follows close behind is website traffic. Your website is where your product/service is, and if there is an increase, that means there is an intent to buy. So, observe pre-event and post-event website traffic closely. Also, look at how you can drive sales further by creating specific landing pages and CTAs.
7. Opportunities
B2B sales almost always take a few months to complete. Several people are involved, and there is usually an entire buying team that needs to consensually decide on something. And that is why just an opportunity created at your virtual event is considered the first step. A lot could transpire between; however, it still stems from a solid lead that the event has generated. If your virtual event has helped create more opportunities for your sales team, then you can say that it has been successful.
8. Attendee feedback
Every business wants to be promoted by its clients. However, virtual events in India allow you to be talked about even by your attendees. So, ensure you gather feedback and ask relevant questions on the delivered content, the technology you used, the order of events, etc. Also, make sure to find out their likelihood to attend future events that you might organize and whether they would recommend others to attend it. Those who rank higher on these questions are your likely promoters. Hold them close, and they could be future clients too.
9. Faster sales cycle
If a consequence of your event is faster movement of your sales pipeline, then you can consider your event to have been a success. Sales pipeline acceleration is a fantastic metric to consider. As we know, B2B sales are complex and much longer. If you have an account stuck in the pipeline and has now moved ahead, you know that your virtual event worked.
10. Qualified leads generated
It isn’t enough if your event creates leads alone. Your sales team needs named leads. These are those accounts that you have earmarked and have been wanting to close but, let’s say, have fallen in your lap after the event. You must include named leads generated as a critical metric post your event.
Platforms like Virtex can help you with metrics- both during the event and after. You can export this data and use it to measure the success of your event.