Recognising Key Virtual Event Benchmarks

As an event organizer, it is crucial to analyze virtual event benchmarks. The event site Bizzabo analyzed 799 meetings held between March and June 2020, with a total of 1,826,000 participants. The analysis paved way for fruitful interpretations that tended to act as the blueprint for Virtual Event benchmarks. From their experience, here are seven important points of interest regarding the performance of virtual events and their impact on the overall industry.

In recent years, thousands of event organizers and brands have turned to the virtual world to build communities and advance business goals. Taking the recent months into consideration, virtual events have undergone metamorphosis to become the need of the hour. Hundreds of virtual events were launched in India alone every month through state-of-the-art event planning apps and the ongoing Covid phase has immensely catalyzed the process. Here are virtual event benchmarks you should be aware of.

Brand Visibility

One of the main advantages of virtual events is the ability to expand the reach of your brand. Owing to the prospect of attending them from anywhere, virtual events indeed target a broad range of audience. Virtual organizers often focus on the number of attendees and the amount of available content. In the last four months, there has been a significant increase in the number of virtual events in terms of revenue and paid registrations, owing to the fact that there’s a dearth of available options. This dearth has in fact made the populous realize the often overshadowed pros of virtual events. One can expect this new-found popularity to increase, as participants learn more about the value of a brand and their growth potential in the future.

It is also expected that prices will rise in the first few days of the event and fall again for a few weeks afterwards. And while we are still in the early stages of virtual events, reality is already the most exciting and exciting part of the virtual reality experience. This suggests that event marketers are working to break down barriers to entry by allowing more registrants to participate in their virtual events.

It is hard to say what the event industry is looking for in terms of virtual fatigue, although it could be a real phenomenon. It is hard to say, but it is believed that content and programs that are highly relevant to a particular virtual audience are part of the success.

Session Length and Quality

When a virtual session is 20 minutes long, the average participant turns on their mic for about 20 seconds. That’s a rigid fact that stands its ground. Similar to the above conversion rate statistics, this suggests that many event marketers are doing something right when it comes to programming virtual content. Perhaps more importantly, it also suggests that distant audiences are currently eager to engage with virtual experiences, but perhaps more importantly, they are also more interested in the experience itself. The average virtual event with 12 sessions also had the highest average observation time of all participants, which complements the high average observation time of the participants.

Why Interaction Matters

Among other things, webinars typically consist of a single panel discussion, and virtual events consist of a panel of up to 10 people in a room. The webinar format provides a more flexible option for participants by offering sessions of all types, and hence it’s a quite favored format that’s thriving during the current scenario. One of the most popular ways to make a virtual event a success is to rely heavily on interactive environments that allow participants to go on stage and participate.

However, these sessions tend to be smaller and more intimate, with 300 live participants (60%) and a maximum of 10,000 participants (30%). This makes it a great opportunity to broadcast large sessions in a keynote format, with a focus on the technical aspects of technology and audience experience. Such an experience tends to captivate eyeballs, thereby accomplishing what’s desired. Unlike text-based activities that go on-air, virtual sessions are limited to interactions between stage-goers in order to reach a larger audience. With the rise of the webcast and the spread of virtual events, we see a lot of opportunities to take advantage of this and incorporate a variety of new features such as live video, audio and video confab.

It is clear that virtual events break down existing barriers by providing everyone with a digital place to register, and participants from around the world respond by engaging in intense content. Given the many different types of content, the challenge for organizers is to balance content with tangible event experiences.

The ability to bring people together in a powerful and effective way is one of the most important aspects of virtual events. Also, we can expect to see a growing number of virtual event tools, such as employee apps, that help event marketers make meaningful experiences.