Pump the Oil: 3 Ways to Power Your Virtual Event Via Data Analytics
April 20, 2022
Famed British mathematician and data science entrepreneur Clive Humby said it best: “Data is the new oil. (Just as oil) has to be changed into gas, plastic, chemicals, etc., to create a valuable entity that drives profitable activity, so data must be broken down and analyzed for it to have value.”
As the world embraces virtual events to cope with the disruption caused by the pandemic, there’s an opportunity for event professionals to leverage data. And one of the best things about virtual events is that they generate a goldmine of data — granular details that can help you pinpoint exactly how your event fared. There are quite a few ways you can harness the power of these numbers, but three of them stand out.
Know what your attendees want — and what they don’t
Virtual event data helps you understand your attendees better, both individually and as a whole. For instance, by charting weekly registrations, you can gain insight into what content your attendees deem most useful, audience demographics, and derive trends. Or you can review which ticket types performed best at your previous events and build an appropriate pricing strategy. You can also discover which sessions, speakers, and booths were liked more, the most popular contest formats, and even the preferred mode of networking among attendees.
Are your attendees enjoying the event? Which session had the maximum attendance? Are the attendees participating in polls? Instead of wondering, use event data and analytics to help you get answers to these questions and so much more.
Show sponsors they’ve invested in the right place
Sponsorships are a significant contributor to the overall event revenue, which is why you should provide your exhibitors and sponsors with relevant metrics to showcase the value your event offers. To do this, your virtual event platform must provide you with relevant insights like metrics on sponsored banner ads, unique impressions, clicks garnered for ads placed at different locations, and attendee details.
Another useful metric is booth traffic data. How many attendees visited? What actions did they perform? Did they request a product demo? All this helps shed light on the amount of visibility and lead generation opportunities your sponsors received at your event. This enables you to build a convincing case for why they should continue sponsoring your events.
Estimate the ‘real’ event ROI
Virtual event Return on Investment (ROI) isn’t just about what you gain from a monetary point of view. While expenditure vs. revenue can offer a good starting point to calculate your financial ROI, the real ROI varies according to your event goals. Say you’re selling burgers. Your ROI is not just the profit you earn, but also any word-of-mouth marketing that happens for your burgers.
Similarly, when you define your event’s Key Performance Indicators (KPIs), look at what it is that you want to achieve. Is it a specific profit figure? Is it high audience engagement? Is it increasing discussion around a specific topic or gathering membership for your association? A virtual event platform will enable you to track each data point and provide you with detailed insights. You can then chart this against your ROI goals and measure what the event helped you achieve.
And this is only the tip of the iceberg. To keep drilling for oil, book a demo with us and explore all that’s possible with an event analytics platform.
Partner Voices
Overview:
The award-winning Orange County Convention Center (OCCC) goes the extra mile to make every day extraordinary by offering customer service excellence and industry-leading partnerships. From their dedicated in-house Rigging team to their robust Exhibitor Services, The Center of Hospitality brings your imagination to life by helping you host unforgettable meetings and events. With more than 2 million square feet of exhibit space, world-class services and a dream destination, we are committed to making even the most ambitious conventions a reality.
In October 2023, the Orange County Board of County Commissioners voted to approve allocating Tourist Development Tax funding for the $560 million Phase 5A completion of the OCCC. The Convention Way Grand Concourse project will include enhancements to the North-South Building, featuring an additional 60,000 square feet of meeting space, an 80,000- square-foot ballroom and new entry to the North-South Building along Convention Way.
“We are thrilled to begin work on completing our North-South Building which will allow us to meet the growing needs of our clients,” said OCCC Executive Director Mark Tester. “As an economic driver for the community, this project will provide the Center with connectivity and meeting space to host more events and continue to infuse the local economy with new money and expanding business opportunities.”
Amenities:
The Center of Hospitality goes above and beyond by offering world-class customer service and industry-leading partnerships. From the largest convention center Wi-Fi network to custom LAN/WAN design, the Center takes pride in enhancing exhibitor and customer experience.
The OCCC is the exclusive provider of electricity (24-hour power at no additional cost), aerial rigging and lighting, water, natural gas and propane, compressed air, and cable TV services. Convenience
The Center is at the epicenter of the destination, with an abundance of hotels, restaurants, and attractions within walking distance. Pedestrian bridges connect both buildings to more than 5,200 rooms and is within a 15-minute drive from the Orlando International Airport. The convenience of the location goes hand-in-hand with top notch service to help meet an event’s every need.
Gold Key Members
The OCCC’s Gold Key Members represent the best of the best when it comes to exceptional service and exclusive benefits for clients, exhibitors and guests. The Center’s Gold Key memberships with Universal Orlando Resort, SeaWorld Orlando and Walt Disney World greatly enhance meeting planner and attendee experiences offering world-renowned venues, immersive experiences and creative resources for their events.
OCCC Events:
This fiscal year, the OCCC is projected to host 168 events, 1.7 million attendees, and $2.9 billion in economic impact.
The Center’s top five events during their 2022-2023 fiscal year included:
AAU Jr. National Volleyball Championships 2023
200,000 Attendees
$257 Million in Economic Impact
MEGACON 2023
160,000 Attendees
$205 Million in Economic Impact
Open Championship Series 2023
69,500 Attendees
$89 Million in Economic Impact
Sunshine Classic 2023
42,000 Attendees
$54 Million in Economic Impact
Premiere Orlando 2023
42,000 Attendees
$108 Million in Economic Impact
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