This document outlines 17 key performance indicators (KPIs) that can be used to define the success of a virtual event, including visits and downloads, registration rates, abandonment rates, conversion rates, retention rates, traffic from referrals, interactive sessions, poll response rates, effectiveness of new features, social media engagement, sales management, feedback and surveys, click-through rates, return on investment, cost per acquisition, average daily attendance, and sponsorship revenue. It concludes by emphasizing the importance of analyzing these metrics to improve event performance and growth over time.

1. Important
Metrics to Define
the Success of
your Virtual
Event

2. Introduction :
In virtual events, there are four significant
facets: the attendees, engaging
programs, content strategies and
marketing, and revenue management.
Starting from attaining an audience,
reaching out to the public, delivering
quality content to how these efforts
increase the ROI- measures the success
of an event organizer. Some of the worthy
of note metrics are:

3. Visits and Downloads
1.
Analytics platforms calculate the website visits. Most virtual event platforms are in-built
with analytics tools to determine the traffic and more active areas to pinch the content.
How many people visit your application on the Playstore? What is the average number
of downloads for your application? These metrics about visits and downloads help in
fixating on specific lead generators.

4. 2. The number of registrations
The registration rate gives off many meticulous key points like- the peak time of the
visits, occasions that trigger registration, demographics of your target audience, etc.
This rate provides insights into the type of events that attract the audience. The
constant progress in maintaining an average ratio between the number of registrations
and participants boosts the ROI and success of the events.

5. 3. Abandonment rate
Do you find your attendee dropping off after attending an event? It is known as the
drop-off rate that gives the number of participants who skipped the conversion process.
A recent 2020 study by Markletic shows that the average abandonment rate of a virtual
event is around 35%

6. 4. Conversion rate
47% of the people who registered for the virtual live event attended it – the highest
average conversion rate. The conversion rate metric monitors the number of
participants who come back for future events and whether the show-up rate is
considerable. The number of customers or the attendees who recur often enter the
conversion funnel results in this metric.

7. 5. Retention rate
Do you know earning a new customer can cost five times more than maintaining an
existing customer? Trust is incredibly crucial to gain possible lifetime customers. The
success rate is directly dependent on how satisfied your customers are with your
events. Happy audiences retain back as qualified leads and are perfect for word-of-
mouth advocates. The retention rate reflects the number of participants who bounced
back to your upcoming event from any previous events. Increasing the retention rate
increases ROI automatically.

8. 6. Traffic from Referral
Detects from which platforms and sources more people acknowledge your
company. Digital referral and incentives are excellent referral marketing tactics.
Some strategies like- providing unique digital referral links for customers to pass
around, or the total number of downloads brought in via such links, also regarded as
leads traffic from referral.
And apart from that, Word-of-mouth (WOM) marketing will always remain a
common advertising medium. According to Forbes, 71% of customers recommend
the brand to others if they get quick responses on social media.

9. 7. Interactive sessions
Regardless of the nature of the event- an in-person event or a virtual event, no one
likes a dull session. Only quality events can bring the audience’s involvement. An
active chatbox, getting more responses, questions from the audience are some of
the factors to be noted manually during the events. In digitized virtual events, there
are many features to enhance engagement.

10. 8. Polls Response Rate
Response rate and live polls differentiate active and passive audiences. Polls find out
the number of audiences that are an active part of the discussions. Additionally, they
enlighten the speakers with psychological insights. The choices of the audience
reveal their mindset, and it also gives options to choose which type of poll gets the
highest response in the future.

11. 9. Effectiveness of new features
During a pandemic lockdown, the event industry has become diversely innovative.
Virtual event platforms come with various features like – 3D environment, virtual booths,
gamification functions, AI chatbots, etc. For example, some platforms make content
delivery fun and interactive with gamification features. They set scavenger hunts and
leaderboards to improve audience engagement. Thorough analytics with engagement
dashboards and advanced reporting will exhibit the performance of each new feature.

12. 10. Social media Engagement
The quality of leads generated.
The target audience attracted more to your service.
From a report by Content marketing institute, On24, and MarketingProfs, 83% of
marketers rank social media promotion second best way to achieve success rate.
Social media is one of the best customer service forums as well. The helpful
parameters associated with social media are: The number of subscribers and
followers
A comparison between the social media traffic and the conversion rate defines the
success of your promotion.

13. 11. Sales management
Ticket or product sales is a simple and efficient KPI. High quantity means higher ROI.
This metric scrutinizes the ticket pricing proximity, the sales rate of different ticket
categories- early bird ticket, GA- general admission, VIP.
The sales management department works intending to fetch more attention and
audience. But generating sales qualified leads (SQL) improves the net revenue of the
company.

14. 12. Feedback and Surveys
Survey responses, net promoter scores, and feedback are the most effective and
direct ways to assess audience opinion and expectations. The best way to know the
impact of your attendees is by asking them directly.
Thus, post elaborated questions in the feedback section for more straightforward
answers. Overseeing the reviews, comments, and feedback serves as any other
metrics in examining performance.

15. 13. Click-through rate
The length of subscriptions
Referral-link clicks
Direct transportation to the website,
Marketing dashboards with sales data.
More than half of millennials prefer conversations via electronic mail. It also keeps the
customers updated in noticeable short mail letters about all affairs of the
organization. The Click-through rate and Open rate of emails depict the involvement
of the customer. There are other credible metrics of email marketing:

16. 14. Return of Investment
The formula for total revenue generation is simple. What is the percentage of profit
made above the investment? The main focal point of revenue management is staying
as away as possible from the negative profit margin. A positive profit margin (PM) can
identify where the investment is high and where it should be. The PM directs you in a
path of controlled and essential expenses.

17. 15. CPA and CAC
All campaigns aim at gaining customers. Cost per acquisition is a ratio between the
investment on campaigns or free demos to the conversion rate reached through
such marketing. It may require a high CPA on specific advertisements and offers to
lead to the conversion rate. But since, awareness is the first step of the marketing
funnel to reach a paying customer. CPA promotes future benefits.
Customer acquisition cost (CAC) summarizes the entire marketing cost invested for
acquiring a certain number of new customers. These metrics help in estimating an
average revenue exception for your marketing efforts.

18. 16. Average Daily Attendance
Although new leads catalyze an event’s growth, having a standard set of audiences
elevates the profit margin and client retention rate. Average Daily Attendance gives
a sort of assurance for constant and guaranteed income flow.
By sticking with recurring attention, recurring revenue is a guarantee. Retention
rate also leads to another metric- Customer Lifetime Value (CLV). It evaluates the
value of existing customers and strategies to retain them, and CLV guarantees a
future cash flow unaffected by upcoming revenue generation.

19. 17. Sponsorship Revenue
Sponsors contribute the required funding for hosting an event. How many sponsors
do you attract? And how do you lead them? Multi-tracked events need multiple
sponsors. You can calculate sponsorship revenue in many touchpoints. Firstly, the
profit and leads brought in by the sponsor campaigns. Secondly, how successful
were the sponsors in achieving their objectives? It includes expanding market share
or sales performance, branding, corporate social responsibility (CSR), and press
coverage, claiming minimum guaranteed ROI.

20. Conclusion :
A post-event analysis can be one of the most
effective practices that accelerate the event’s
performance and growth. The KPIs help you
determine which factor does wonder in your
business and which metrics need improvements.
Most importantly, it also figures out which tactics
did not work for your event. Implementing these
discoveries and formulating new strategies
accordingly as your event demands can help you
reach your business objectives and beyond.

21. The event industry continues to grow with a promising future. Between 2016 and
2026, employment growth and opportunities for event planners will increase by 11%.
To survive the competition, stay as updated as possible with the never-ending trends
and advancements in the field. The way to make your day-to-day events international
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