As much as we might miss the energy of in-person events, the reality is money is better spent investing in virtual or hybrid events.
Virtual events have shifted the way we view and engage and how we approach strategizing events. Additionally, there are lots of ways you can expand your ROI as a business or corporation.
Some of the critical benefitting factors include: expanded reach, saving on cost, repurposing content, in-depth analysis, etc.
Let’s dive into some of the benefits of virtual events that can increase ROI and the strategy to help get you there!
You can increase ROI by expanding your audience beyond physical location. You can reach all over the globe, leading to an increase in potential customers and profits.
Creating a virtual or hybrid event allows increased engagement since it isn’t limited to a venue and space. It naturally offers extended head count and
You can ensure a boost in ROI when the possibilities of extended reach are available.
Save on Cost
There’s no better way to boost ROI than to save on overhead and general costs. Virtual events have allowed for
“34% of planners consider increased attendance the most positive result of pivoting to virtual, followed by lower overhead costs (27%)” (EventMB, 2020).
Everyone saves on cost, even your attendees. Virtual events require fewer significant expenses, no travel or limited travel, no venue, or a small one. The amount you save when switching from in-person to virtual is substantial.
You save on speakers since you don’t have to pay for travel expenses and configure around their tight schedule.
Repurpose Content for Marketing
Consider how much you spend on marketing content. It adds up quickly, especially with how many social media handles to keep track of and create new content.
You can increase ROI by saving money on new content by refurbishing attendees’ posts and social tags. Not only will this increase visibility when attendees engage via social media, but all the content tagged or taken during the event can be used later, lowering your marketing costs.
“60% of the most successful B2B content marketers have a documented content marketing strategy” (Content Marketing Institute, 2020).
You save money on time and cost for content. To save, reuse during and after the event, and save on marketing expenses. Virtual events perfectly complement existing digital marketing initiatives and can extend
As the saying goes, “don’t let the party end.” In a way, virtual events allow the party to continue.
Virtual events are an evergreen approach to the event industry since there are no restrictions on venue engagement, any time, and can be year-round.
Without the restrictions of venues, space, and time restrictions, virtual events are continuous.
You can do events on-demand or live, and all event aspects can be broken down into smaller components.
It’s easy to boost ROI when you can prolong event engagements or have as many or as long as you wish.
Younger Generation Attraction
As a new generation of young people enters the professional world, it can be expected that the trend of virtual events will only increase, given the comfortability younger generations have with technology.
Most younger generations learn technology earlier than previous generations and feel at ease meeting new people virtually.
Between social media, remote learning, and dating online, younger generations are generally more comfortable meeting people virtually. They will only help grow the virtual event industry as they become the majority.
Remaining mindful of the demographics of your virtual event can help boost ROI when you’re appealing to the tech-savvy portion of your target audience.
Virtual events allow you to track analytics easier than in-person events.
Using virtual or hybrid platforms allows for more polls, analytics, and information regarding the event. You can measure attendee tracking & lead retrieval. You have access to data-driven insights to improve circumstances or provide better sponsorship opportunities.
Finding the right platform can provide the analytics you need to improve your strategy and drastically increase your ROI.
Make a Strategy to Increase ROI
We’ve talked about the ways you can increase ROI, now let’s look into how to maximize potential success. Developing a simple strategy can go a long way.
Step 1 : Pre- Launch Strategy
Of course, you’re concerned about the event itself but don’t miss out on time before and after. Having a strategy prior will only ensure a better ROI.
Have measurable goals, and make sure to set them in advance before the event.
Step 2 : Create KPIs
What are the metrics you’re looking at after each event? Are you using polls or tracking ticket sales? Think about the essential metrics or KPIs you’re looking at for each event. It’s vital to consider this first.
Look at all the factors that can be measured and tracked during and after the event. Having these numbers will benefit in the future.
Step 3 : Review Analytics for Next Event
Analytics are gold when it comes to marketing. Use of SurveyMonkey or polls available on the virtual platform used.
Tracking metrics, as mentioned earlier, helps you target primary KPI and ROI goals. Tracking and setting goals is your best bet for a higher bottom line.
Once you’ve looked over the last events’ analytics, use them to create new goals and milestones for the next one.
Step 4 : Track Progress
We just covered the importance of analytics. Of course, you need to review them but also track them.
Creating goals for the future and having a measure of success will help guide your decisions. These are the metrics for success in the future.
See what works and what doesn’t over a year and then years.
Step 5 : Utilize Social Media
You can engage with attendees before the event to encourage socialization.
Social media is a priority for events. In fact,
“Social media is used for pre-event engagement by 89%. 49% use it to engage attendees during the event, and 13% interact with speakers during educational sessions. 38% use social media as a feedback mechanism” (EventMB, 2018). As these stats prove, social media is a crucial component of all types of events and particularly pre-event engagement.
Have a pre-launch social media plan to use social platforms prior, during, and after the event to help boost awareness, sales, and ROI.
It’s Time to Increase ROI
Summarize the ways to increase ROI and ways to improve your habits to increase ROI strategically.
39% of planners expected to recoup at least 25 percent of their revenue by pivoting to virtual events in 2020. (EventMB, 2020).
As we talked about earlier, a younger and technologically savvy generation entering the workforce will undoubtedly lean toward virtual versus in-person. Especially when you consider advancing technology. Additionally, after the pandemic period, our need for virtual has changed how we run businesses, engage with others, and host events.
Virtual events are here to stay and therefore, it’s time to strategy and boost your ROI.
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