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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.

Hubilo

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.

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Partner Voices
Less than six months ago, Lisa Messina joined the Las Vegas Convention and Visitors Authority (LVCVA) as the first-ever chief sales officer after leading the sales team at Caesars Entertainment. A 12-year Las Vegas resident, Messina is a graduate of Cornell University’s School of Hotel Administration and serves on MPI International’s board of directors. TSNN had a chance to catch up with this dynamic leader and talk to her about her vision for the new role, current shifts in the trade show industry, creating more diversity and equity within the organization, and advice to future female leaders. Lisa Messina, Chief Sales Officer, LVCVA With Las Vegas becoming The Greatest Arena on EarthTM, what are some of the things you’re most excited about in your role? Our team was at The Big Game’s handoff ceremony earlier this month, and I couldn’t help but think, “We’re going to crush it next year!”  These high-profile events and venues not only drive excitement, but also provide unmatched opportunities for event planners. Allegiant Stadium hosts events from 10 to 65,000 people and offers on-field experiences. Formula 1 Grand Prix will take place in Las Vegas in November, after the year-one F1 race, the four-story paddock building will be available for buyouts and will also offer daily ride-along experiences that will be available for groups. And, of course, the MSG Sphere officially announced that it will open in September, ahead of schedule, with a U2 residency. It’s going to be the most technologically advanced venue as far as lighting, sound, feel, and even scent, and it will be available for buyouts and next-level sponsorships inside and outside. There’s no ceiling to what you can do when you’re doing events in Las Vegas.  Allegiant Stadium As the trade show and convention business returns to the pre-pandemic levels, what shifts are you noticing and how do you think they will impact the industry going forward? Our trade show organizers are very focused on driving customer experience. Most of our organizers are reporting stronger exhibitor numbers and increased numbers of new exhibitors, with trade shows proving to be almost or above 2019 levels. Now our organizers are really doubling down on driving attendance and focusing on the data to provide that individualized, customized experience to help attendees meet their goals and get the best value. Some companies continue to be cautiously optimistic with their organizational spend when it comes to sending attendees, but I think it will continue to improve. As the U.S. Travel Association makes more progress on the U.S. visa situation, we also expect a growing influx of international attendees. What are some innovative ways the LVCVA helps trade show and convention organizers deliver the most value for their events? We focus on customer experience in the same way that trade show organizers are thinking about it. We got rave reviews with the West Hall Expansion of the Las Vegas Convention Center (LVCC), so over the next two years, we will be renovating the North and the Central halls, which will include not just the same look and feel, but also the digital experiences that can be leveraged for branding and sponsorship opportunities.  Vegas Loop, the underground transportation system designed by The Boring Company, is also a way we have enhanced the customer experience. Vegas Loop at the LVCC has transported more than 900,000 convention attendees across the campus since its 2021 launch. Last summer, Resorts World and The Boring Company opened the first resort stop at the Resorts World Las Vegas , with plans to expand throughout the resort corridor, including downtown Las Vegas, Allegiant Stadium and Harry Reid International Airport. The LVCVA also purchased the Las Vegas Monorail in 2020, the 3.9-mile-long elevated transportation system that connects eight resorts directly to the convention center campus. This is the only rail system in the world that integrates fares directly into show badges and registration. For trade show organizers, these transportation options mean saving time, money and effort when it comes to moving groups from the hotels to LVCC and around the city. Also, the more we can focus on building the infrastructure around the convention center, the more it supports the customer experience and ultimately supports our trade show organizers. Scheduled to debut in Q4, Fontainebleau Las Vegas will offer 3,700 hotel rooms and 550,000 square feet of meeting and convention space next to LVCC.  What are some of the plans for advancing DEI (diversity, equity and inclusion) within your organization? We’re currently partnering with instead of working with a leading consulting firm, to lay the foundation and create a solid DEI plan and be the leader when it comes to DEI initiatives. The heart of that journey with the consulting firm is also talking to our customers about their strategic approaches to DEI and driving innovation in this space.  What are your favorite ways to recharge? My husband and I have an RV and we’re outdoorsy people. So, while we have over 150,000 world-class hotel rooms and renowned restaurants right outside our doorstep, one of my favorite things to do is get out to Red Rock Canyon, the Valley of Fire, and Lake Mead. Five of the top national parks are within a three-hour drive from Las Vegas, so there’s a lot you can do. We love balancing the energy of Las Vegas with nature, and we’re noticing that a lot of attendees add activities off the Strip when they come here.  Valley of Fire What advice would you give to women following leadership paths in destination marketing? I think it’s about being laser-focused on what you want to accomplish; building a team around you that lifts you and helps you achieve your goals; and being humble and realizing that you do it as a group. No one gets this done alone. Thankfully, there are a lot of women in leadership in this organization, in our customers’ organizations, and in this city that we can be really proud of. We’re a formidable force that is making things happen.   This interview has been edited and condensed. This article is exclusively sponsored by the Las Vegas Convention & Visitors Authority. For more information, visit HERE.