Maximizing ROI in a Virtual World: Five Unanswered Questions
07.26.2021
Maximizing ROI in a Virtual World: Five Unanswered Questions
During Zuddl’s recent SHIFT 2021 conference, InVision had the opportunity to present our POV on Maximizing ROI in the Virtual World. InVision’s Digital Experience Director, Raymond McCarthy Bergeron, joined by our SVP Digital, Eileen Page, took to the stage to share insights on how virtual events can be more powerful than in-person ones.
We received fantastic questions during the presentation, some of which we didn’t have time to address live. Read below as we address some of the burning questions that came up:
1. What are the Top 3 factors to look for in a hybrid technology solution?
a. Mobile first: Mobile is no longer a channel — it’s the way we absorb and consume content. Platforms that take this mindset into account with tools like a second screen, personalizing your agenda on the fly, the ability to network and save contacts on mobile will carry digital experiences into 2022 and beyond.
b. Scaled to your audience and budget: Evaluate your content and audience needs. You don’t want to over-spend on a platform that has more features than your audience needs — and conversely, you don’t want to skimp on a platform if your audience needs a robust set of features.
c. Keep it streamlined: In this age of constant disruption, simplicity wins. If your audience, presenters and/or sponsors cannot immediately access relevant content and tools, no matter how much thought and planning has gone into an experience, it will fall flat.
2. What are some budget considerations for in-person vs. Hybrid?
Planning a hybrid experience is like planning any type of program; there’s a need to create an impactful experience for your audience – no matter how they access the event. And while there are variables in the planning and execution process, many elements are similar regardless of channel (in person, virtual, hybrid).
Starting with goals and objectives allows you to curate a creative approach and unique experience for each of your audiences. Additionally, understanding the demographics of your attendees, and the percentage of which will be online or in-person will help you determine how to best design the experience. Once determined, you can apply a budget strategy that aligns with each experience and takes into consideration the following areas:
· Program Strategy (communications matrix and roadmap, measurement plan)
· Creative Approach (audience journey, theming, art direction, messaging integration)
· Execution Team
· Technology (AV vendor, platform, platform integrations)
· Logistics (Reg, Venue Fees, T&E, F&B, Transportation)
· Networking Elements
· Entertainment and Activities
Other variables that can offset a budget include ticket pricing and sponsorships. Going hybrid allows you to access additional potential revenue streams. We suggest charging for virtual access and thinking of innovative ROI solutions for sponsors.
Taking all this into consideration, one can see how the budget impact can vary wildly. While there are additional costs to be considered like a virtual portal and content design, some of those costs can be offset by changes to your in-person experience. Fewer people traveling onsite means there is a reduction in logistics costs (T&E, F&B, hotel attrition, etc.). We recommend quality over quantity: reduce the number of days an event is onsite and deeply think through the in-person experience, knowing that what people are most craving is human connection, networking, and a unique experience.
While there’s no simple answer to budget impact, the silver lining is that you have choices. Choices that allow you to work within your budget parameters and create unique experiences for your entire audience, no matter how they choose to engage.
3. How do I decide on my event format – live, recorded, in-person, or virtual?
In 2020, event format was a little easier to determine as the main question was live, simulive or on-demand. InVision’s rough approach to digital has been 90% pre-recorded, 10% live. The different content formats keep things authentic and interesting for the audience. The presenters who do want to go live, because of timely information or other factors, can do so, with a pre-recorded version of their content as a contingency, of course!
Now that we are halfway through 2021, it becomes a lot more complex as we contemplate fully in-person, fully remote, or a FLEX (hybrid) approach with both audiences. Let’s break it down for US-based events vs. Global:
· US vaccination rates are tracking and many in-person experiences are returning. Travel restrictions are starting to lift in certain places, and Las Vegas has reopened. With proper precautions around duty of care, it can be safe to bring your entire US-based audience together in person.
· Globally, vaccination rates are lagging far behind the US and data shows that some countries (e.g. India and China) could take until 2024 and beyond to catch up. Consider fully digital or FLEX (hybrid) for global audiences. Fully virtual experiences are still engaging, timely and relevant when planned properly.
Regardless of your approach, be prepared to over-communicate about why you made the choice you did to your audience – so they feel that their safety and careabouts are top of mind.
4. What are the top data points to measure before planning your next event?
InVision’s measurement POV goes beyond attendee surveying — we evaluate platform analytics, measure sentiment of what attendees are saying on social and other channels — and make insightful recommendations accordingly. We do the diligence of evaluating reams of attendee data gathered from multiple sources and provide our clients with 3-5 insightful nuggets to help them continuously evolve their campaigns.
5. What are the top technology challenges of hybrid?
We’ve all become very familiar with platform technology over the past year — how to join, how to mute/unmute, how to connect with fellow attendees in a myriad of ways. Prior to the pandemic – app usage was on the decline (median # of app downloads for a U.S. user per month is 0; Once downloaded - 80% of native apps get opened 1 time; 75% of native apps are uninstalled within a week) — so the biggest technology challenges are around adoption vs. education. Providing relevant technology to attendees that enhances their journey vs. disrupting it, whether they are absorbing content from their couch or a ballroom, and fully integrating it into the experience is what will deliver the most value.
To watch the full presentation on "Maximizing ROI in a Virtual World," check it out on-demand. If you have any further questions for the InVision team, please email us at info@iv.com