Return of Investment (ROI) is a necessary tool of judging how successful your virtual or hybrid events are. It’s all good for your attendees to enjoy and rave about your virtual or hybrid event. But if you don’t see any ROI then you are clearly not doing something right.
What is ROI
Return on investment is a performance measure used to evaluate the efficiency or profitability of an investment or compare the efficiency of a number of different investments. ROI tries to directly measure the amount of return on a particular investment, relative to the investment’s cost.
Here are the best ways for you to increase your virtual event ROI.
Grow your online Audience
Increased reach is one of the biggest advantages of virtual and hybrid events. One of the greatest advantages of virtual and hybrid events is that you are not limited by the number of people who can attend your event. This means that you can continue to grow your online audience however you see fit thus increasing your virtual event ROI.
The benefits from expanded attendance are obvious: more ticket sales, more potential business leads, more brand awareness.
Invest in audience engagement
Audience engagement is a vital part of increasing your virtual event ROI. Engagement among virtual, physical, and hybrid events creates more of an atmosphere within your event. An event with no engagement is going to come across as boring and pointless. Increase your audience engagement by investing time in your audience. Hold Q&As, check in on them and let them know you as an organization cares about them.
Engaged audiences enjoy themselves more, get more out of each session, and are more likely to view the hosting brand in a positive light. All of these things are essential if you hope to expand ROI for your online and hybrid events.
Setup online ticketing
For your virtual and hybrid events, it is necessary that you sell as many spaces as possible for your events. The best way to do this is to set up an online ticketing system whether this is with a ticket retailer such as ticket master or on your own website. Selling tickets online boosts attendance for your events and thus increases your virtual event ROI.
A good way to increase your virtual event ROI is to include call-to-actions in your event. This can be done by sending all your attendees an email list asking them to help you with one of your goals.
Call-to-actions aren’t a cry for help, they actually work as it keeps your audience informed about what you hope to achieve as a group.
Invest in content
One way to grow your audience is to invest in high-quality content like blog posts, infographics, YouTube videos, and the like.
Great content is the key to retaining your audience whilst also simultaneously growing it. Without decent content, your virtual and hybrid events will not be appealing to your audience and therefore your ROI will drop over time.
One of the easiest ways to improve event content is to hire better, more noteworthy speakers. Yes, these folks generally charge more for their time. But you can cut back on these expenses by hosting their keynotes virtually, eliminating travel costs. And, by hosting an event virtually or in a hybrid format, you will free up the budget for content.
And there you have it, our top tips on how to increase your virtual event ROI. Why not check out ‘How to Build a Successful Brand Community for your Customers’