Due to the worldwide pandemic situation of COVID-19 the industry of organizing events had to be redefined. No matter if you organize an online event for someone or yourself, whether live or on-demand, just getting through promoting and hosting it can feel like a big win. Measuring online event success might be helpful to verify your return on investment.
When you host an online event, you need metrics to measure its success too. Whether you host a live event or an on-demand one, measuring these metrics is a must. You need to do so to verify if your online event has performed well.
Measuring your success helps you identify what’s working for you and where you can improve.
The global webinar and webcast market is anticipated to expand at CAGR of 7.6% over the forecast period i.e. 2016-2023. The market was valued USD 547 Million in 2015 and is estimated to reach USD 800 Million by 2023.
Let’s take a look at some of the metrics you should monitor if you are interested in “Measuring Online Event Success”.
METRICS YOU NEED TO MEASURE (& IMPROVE) FOR WEBINAR SUCCESS
1. Find the click-through rate (CTR)
The CTR shows the impact of your content and channel. With the CTR you can learn about your audience, if your audience is well defined your CTR will tell you. It will also show you how good your Call-for-action (CTA) is performing. All over it can improve your CTA and drive more traffic.
2. Check the number of registrations
Count the number of people who’ve registered for the online event. This will help you to find out how effective the promotional campaigns are. You can get an idea of how effective your landing pages are. Without knowing the number of registration you can’t know the ratio between registrant-vs-attendee conversion rate. Use the won information to optimize your campaigns and landing page content.
3. Measure the registrant-vs-attendee conversion rate
On average 55% of registrants will convert to attendees. So make sure you identify how many people registered actually attended the event. This will help you to understand if registrants are truly interested in your event. Check the conversation rate of on-demand versus live online events. The conversion rate will help you to drip email campaigns for reminding your audience of the event.
4. Key a tab on the average viewing time
The average viewing time of webinars is by 56 – 67 minutes depending on the topic. Track how long the attendees actually stayed present in the webinar. This will help you to determine how effective your event’s content is. Participants longer viewing time suggests that your online event was interesting. This can help you understand how well you engaged with your audience.
5. Figure our your engagement rate
Your audience can have different ways of engagement with your brand. These include; Q&As, resources for downloading, surveys, social media messaging, group chat, or polls.
A webinar management platform like Flow provides a unique and customizable dashboard to measure engagement. Leverage the dashboard to get an in-depth view of your online event engagement.
6. Find out your return on investment (ROI)
38% of marketers consider leads to be generated through webinars above average. ROI is an important metric for understanding the success of your event. counting Calculate the cost by counting the time spent by you and your team to plan and run the event. Divide the profit by the cost and multiply it by 100 to get your ROI. Now you can start to optimize your event for better ROI.
The key players of the webinar and webcast market as follows:
Cisco WebEx, Adobe Connect Pro, Microsoft, Mega Meeting, Skype, Click Webinar, OmNovia, Cisco WebEx, Adobe Connect, Microsoft Corporation, Mega Meeting, Skype, Click Webinar, OmNovia, Webinato, Clickmeeting, Onstream Media and Others.
These are just some of the metrics that you need to track to improve your online events. You need to be on top of these metrics to be able to improve your performance. Below Infographic was prepared by Flow who helps with end-to-end webinar management and be on top of “Measuring Online Event Success”.