By Anna Anisin, founder and CEO at Formulated.by, overseeing client strategy and business development.
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Hybrid events are a great way to bring in-person and virtual attendees into the same experience using both on-site and off-site tech stacks. This is significant as it helps marketers extend their reach to prospective attendees anywhere in the country or across the globe. Hybrid events not only keep the flavor of physical experiences but also bring the virtual vibe into the mix, and with the new hybrid workforce, having this flexibility is more important now than it was ever before.
If organizing a hybrid event, here are some important KPIs that you can use to measure its success.
1. Total Registrants
What’s the total registration and how does it compare to the hits on your event’s landing page? Bear in mind that the more narrow your topic niche, the lower the numbers. However, you can record higher-quality leads when you narrow them down. This can mean more ROI for your event.
2. Number Of Attendees
You can measure attendance in relation to the registrations recorded. In my experience, this rate is usually between 10% and 50% for online participants. You can increase attendance by selling tickets. People who pay to attend an event will likely show up. You can request both in-person and virtual attendees pay different amounts to access the event. Also, take note of the attendance rate for special sessions and on-demand offers.
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3. Session Attendance Duration
Attendees can go on and off during sessions but you need to know how much time is spent on your platforms and which sessions recorded the highest patronage and concentration. Track these important stats with your event tech analytics.
4. Engagement
Use an event tech solution that has a mobile app so both in-person and virtual attendees can meaningfully engage. This will also make it easier to track important stats such as numbers of private and public messages exchanged, poll replies, questions asked and more. You can also track event social media engagement using custom event hashtags.
5. Net Promoter Score (NPS)
Net promoter score reveals how satisfied attendees are and their willingness to recommend you to their friends and associates. To determine NPS, send a post-event survey to attendees and ask them how they will likely recommend your event on a scale of one to 10. People who mark nine or 10 will likely recommend you, while those who marked below seven are probably not enthusiastic about your event.
6. Number Of Booth Visitors
How many people visited the sponsor booths and how many of those visitors are quality leads? You need this data to report to both current and prospective sponsors of future events.
7. Revenue
How much in USD was generated from event tickets, sales, sponsorships and other offers? What is the profit margin and ROI?
Conclusion
The above are general suggestions for measuring your hybrid event’s success. It’s really up to you and your marketing goals to determine what the most important success factors are. However, you will have to consider both the physical and virtual components of your event.
