Important KPIs for Measuring Event Success

Gauging the success of a virtual event is necessary to obtain more sponsorships, maximize revenues, and improve audience engagement. An ideal virtual event management software offers event reports that help you track many of the key performance indicators (KPIs) that we’re going to discuss in this blog.

Even though different types of virtual events may have different KPIs, these are the most important and common KPIs used to evaluate impact of your events.

Let’s begin with the first one:

1. Net Promoter Score (NPS)

Post-event surveys are meant to collect your audience’s feedback of the event. The questions can range from asking which speaker influenced them the most to which sessions they found most engaging.

The net promoter score (NPS) is part of those event surveys, where you ask: “On a scale of 1-10, how likely are you to recommend this event to others?” Based on the response, you can group the event attendees into three different categories.

  • Promoters: These are people who answered 9 or 10 which means they loved your event hosted via online event management software like Beetsol.
  • Passives: Those who answered 7 or 8 are called passives which means they liked your virtual event but were not thoroughly impressed.
  • Detractors: Attendees that gave you a score of 6 or below are known as detractors. They were, unfortunately, not satisfied with the event.

The NPS is calculated:

           %Promoters – %detractors

The net promoter score thus helps you validate the success of your event to your investors, clients, sponsors, and other key stakeholders.

2.     Leads Acquired

Using all-in-one event management software like Beetsol helps you acquire qualified sales leads for your business. Hence, the number of leads generated is an important KPI for evaluating an event’s success – that is, of course, if lead generation was the purpose of the online event.

Most B2B businesses and corporations rely on event marketing to acquire leads. And when the time comes, they pitch their products, services, offers, and discounts through email marketing.

You would need to integrate your CRM software with virtual event management software to track leads and conversions. And the good news is, Beetsol integrates with a number of CRM tools out there such as SalesForce, HubSpot, Pardot, Marketo, Sugar CRM, Agile CRM, Sendgrid, MailChimp, and Zoho CRM.

3.  Sponsor Satisfaction

Sponsor revenue and satisfaction are important KPIs to analyze the success of a virtual event. If your sponsors make the expected profit from an event, it’s a win-win! Most of them anticipate a 2:1 ROI at a minimum.

It means that if they invested $5000 to sponsor your virtual event, they expect at least $10,000 ROI. Hence, by delivering on your promise, you ensure that they are going to sponsor your next event as well – that is, of course, if you’re not hosting a free event.

Since virtual events carry a relatively lower ticket price, it’s good to cover the event cost using sponsorship. Be sure to incorporate their suggestions before and after each event to make sure they feel heard and you meet their expectations.

Beetsol is a white label virtual event platform that allows you to host both free and sponsored virtual events easily.

4. Session Engagement

An event’s biggest attractions are its speakers. Most people who attend your event do so with the intent to understand what speakers have to say and offer. This makes session engagement an important key performance indicator.

Using event reporting and analytics, you can:

  • Figure out the number of people who registered and actually attended the session of each speaker
  • Request your attendees to give feedback after each session (event apps are a great help in that regard)
  • Check the number of profile views for each speaker to understand if your attendees truly resonated with them. You can invite the speakers with the most engagement for your next event.

This wraps our list of KPIs!

In a Nutshell

Tracking the key performance indicators is a sure-fire way of measuring the success of your virtual event. Popular white label virtual event platforms like Beetsol offer post-event summary reports, event reporting and analytics to help you track these important KPIs.

Using Beetsol, you can also run surveys and collect feedback from your attendees. Moreover, investing in a reliable virtual event management platform is important for sponsorship revenue and satisfaction.