If you are a digital event organizer then you must be aware of the term, data analytic. Data analytics is the science in which raw data of an event is used and conclusions are made based on that data. Today when the whole world is ruled by technology, data has become an integral part of every business. Data analytics is giving opportunities to the business to come up with new innovative ideas and strategies to achieve the targeted goals.
A good digital event platform enables you the feature of data analytics during live sessions, which can be used to formulate new marketing and sales strategies. Earlier, pen and paper were required to collect the data of the attendees of an event but with emerging technologies and the right digital event platform, the collection of data has become very convenient. Mixhubb is one of the leading digital event platforms that come with this powerful feature of data analytics.
Have you ever wondered how data analytics of an event can drive growth for your brand? Here in this blog, we will help you to explore the ways by which data analytics can be used to expand your business or can drive growth for your brand.
Get Useful Insights: One of the foremost benefits of data analytics is that it enables the organizers to collect comprehensive data on attendees. Organizers can get insights into the details of the attendees' behavior to gain a more personalized experience.
With the help of this data, a virtual event organizer could analyze its sales data. Data analytics help event organizers target their promotions and marketing strategies to increase their sales and widen their customer reach.
Data like the rate of attendees can help you to track what was working well for an event and what didn't work at all. Let us understand this with an example: if your event has two virtual booths and one booth has a greater rate of engagement than the other then you can make changes accordingly in the next events. Based on this data, organizers can find what are the things that we're unable to engage the attendees, and make changes accordingly to the landing page. Virtual event platforms can run behavioral analytics and can run analytics models on attendees' behavior to optimize attendees' behavior.
Effective Marketing: Data analytics helps in identifying the target audience; based on this data, attendees can be segmented according to their age, gender, sex, and usability of the product. Effective segmentation of data helps in formulating marketing strategies accordingly. It will lead to a reduction in the cost of unnecessary marketing efforts., thus saving time and money.
Decision making: Virtual event platform uses data analytics to guide its business strategies and decisions. Using a data virtual event platform can minimize their financial losses. Predictive analytics of data lets virtual event platforms know about the responses of attendees about their changed policies and decisions related to their company. For instance, a virtual event platform can model changes in its pricing or service offering to determine how changes will affect the organizers' demand.
Streamline operations: Data collected by using data analytics also helps organizers to decide the engagement capacity of speakers, by using this data organizers can analyze the profitability of the speakers participating in the event. Which speaker gave them positive results by keeping the audience engaged for a longer time, this data will also let organizers decide which speaker they should invite again to increase their sales. Similarly, with this data and virtual event platforms can discover which features proved beneficial to them, and which features did not meet their expectations. Which features kept attendees more engaged, and which type of games or quizzes did they enjoy most.
Mitigate risk and handle setbacks: Well, there is no success without taking the risk. Risks included in virtual events are lack of proper content strategy, lack of technical expertise, lack of engagement of attendees, lack of security issues, lack of understanding about return on investment, etc. Data analytics helps the virtual event platform to understand the risk and ensures all preventive measures. Data analytics mitigate the risks. Virtual Event platforms can also use data to limit losses after a setback occurs. Organizers can also use data analytics to revise their prices related to tickets for an event, by the help of the data organizer will come to know how much participants can spend on the events. According to this, prices of the tickets can be adjusted to gain maximum registrations
Improved Customer Services: Data analytics provides you insights about the event, allowing you to create a strong customer service that attendees need; it also helps in building a smooth relationship between attendees and the organizers
Customization of Product: Data of attendees, collected with the help of data analytics is used for customization of the product, customization keeps a company in competition, feedback collected from the customer is examined on that basis, and new marketing strategies can be formulated.
As outlined in the above blog, data analytics is of great importance for virtual event organizers as well as for other businesses. The success of a business has come to rely on technology in recent years. It means data analytics has played a crucial role in analyzing the success of a business, and data analytics help an organization to make more information and data-backed decisions, as well as provide invaluable insight into key business areas.
Data analytics helps a brand to let you know about the product, and the response it is getting. What modifications are required in the product ? Data analytics can increase sales of the brand. Along with this data analytics help virtual event organizers to build strategies for new upcoming events.