{"id":11467,"date":"2022-10-05T15:50:07","date_gmt":"2022-10-05T19:50:07","guid":{"rendered":"https:\/\/blog.acadiate.com\/?p=11467"},"modified":"2023-02-01T11:29:28","modified_gmt":"2023-02-01T16:29:28","slug":"planning-your-next-conference-in-the-post-pandemic-era-what-generates-the-best-roi-in-person-hybrid-or-online","status":"publish","type":"post","link":"https:\/\/blog.acadiate.com\/planning-your-next-conference-in-the-post-pandemic-era-what-generates-the-best-roi-in-person-hybrid-or-online\/","title":{"rendered":"In-person, Hybrid, or Online. Which approach to student events generates the best outcomes?"},"content":{"rendered":"
As we have emerged from the pandemic, everyone is seeking to have their life return to pre-pandemic normalcy. One of the biggest yearnings we hear is the desire to return to in-person experiences or events, whether they are sit-down restaurants or conferences. We are all thinking about and trying to re-establish in-person social interactions while being mindful of each other\u2019s different comfort zones with social distancing.<\/p>\n
Some event organizers feel so much pressure to return to the pre-pandemic status-quo that we have seen some events return with only an In-person option. We all value face-to-face human connectivity and the warm effect of spontaneous human connectivity without technology. However, one significant and undeniable outcome of the last few years is that many technologies have emerged that make it easier and more convenient for us to connect, communicate and collaborate, remotely.<\/p>\n
Although there has been a wide range of experiences with online events and conferences over the last few years, one thing remains sticky; video calls are continuing to play a prominent role in human communication because of their convenience, time savings and, accordingly monetary savings. This basic functionality is now intertwined and embedded in our interactions to a greater or lesser extent depending on your employer or type of job. Many employers of white-collar businesses are experiencing pushback as they try to transition back to in-person work. As much as we appreciate in-person experiences, there are many scenarios and use cases where virtual and online technologies have massive and clear benefits.<\/p>\n
Different vendors apply these technologies differently, with some solutions generating very positive outcomes and others less so. Many vendor solutions work well in an entirely virtual application but are awkward or do not transfer well to in-person event environments. But one thing is clear many barriers to accessibility have been reduced with these technologies at a low cost. Therefore, implementing some of these online event technologies at In-person events, also called Hybrid events, is a real consideration. Why? They enable access and participation by individuals in an in-person event who otherwise would not have participated.<\/p>\n
But is hybrid worth the cost and effort?\u00a0<\/strong><\/a><\/p>\n Depending on the conference purpose, demographics of attendees, the make-up of sponsors\/vendors and speakers, we see various degrees of success. Everyone has different definitions of success, with trade-offs between pure financial benefits and the less quantifiable qualitative benefits. We thought it would be timely to measure and outline the ROI (Return on Investment) based on a conference organizer we observed over the last few years who ran the same conference distinctly in three different formats over the last few years: Online, Hybrid, and In-person.<\/p>\n <\/p>\n Methodology<\/u><\/strong><\/p>\n We are taking advantage of observing the same conference being held at different times over the last two years in three different formats: in-person, full-online and hybrid. To a large degree, the public health environment drove the format chosen at each time, where the conference organizer always preferred the in-person option as their first choice but compromised to an on-line and hybrid format forced by circumstance.<\/p>\n We would note hybrid is a whole separate subject of discussion and definition. Some are run in parallel with full functionality in both formats, some are offset and held at different times, some are held simultaneously, but with limited functionality etc.<\/p>\n Our methodology is focused on comparing the overall magnitude of numbers between each format, instead of on the absolute numbers to better contrast and compare numbers. As the conferences are designed to generate revenue and profit, the conferences are vital to the health and ongoing success of the organization. We share this case study to provide insight and perspective on the trade-offs and benefits of all three formats, in-person, hybrid and online.<\/p>\n <\/p>\n Conference Attendance<\/u><\/strong><\/p>\n The most defining factor for this conference and, to a large degree, any conference is attendance. For simplicity, we are presenting results based on registered attendees. The numbers broke down:<\/p>\n In-person<\/strong>:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0X<\/p>\n Online<\/strong>:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.7X<\/p>\n Hybrid<\/strong>:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.0X<\/p>\n For every person who attended the in-person only event, 3.75 people attended the online only event and 5 people attended the hybrid event.<\/p>\n Key observations:<\/p>\n <\/p>\n Conference Costs<\/u><\/strong><\/p>\n It\u2019s interesting to see the comparable costs of running the same event in three different formats. Generally, the major cost categories for the event organizer are:<\/p>\n In-Person<\/em><\/strong>: Venue rental, staffing + accommodation, catering, security, printing\/decorations, speaker fees, travel & expenses<\/p>\n Online<\/em><\/strong>: Platform, graphic design, staffing, speaker fees etc<\/p>\n Hybrid<\/em><\/strong>: Mixture of both, with lower costs for some items like venue rental, catering with some higher costs from duplication of physical and virtual spaces, although there are some savings from reusing archived virtual spaces from previous online events<\/p>\n <\/p>\n Cost broken-down on a per registered attendee basis:<\/p>\n In-person<\/strong>:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10.0X<\/p>\n Online<\/strong>:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0X<\/p>\n Hybrid<\/strong>:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.5X<\/p>\n We are not presenting the absolute numbers. We are presenting them on a per attending person basis. So these numbers contextually are heavily impacted by the volume of attendees, so please note the fixed costs of a lower attended event have fewer people to spread the costs across.<\/p>\n Key Observations:<\/p>\n We must add to this discussion the debate between the perceived superior qualitative experience of face-to-face interaction from in-person events vs the perceived inferior experience from remote interfaces. The in-person interaction and the quality of personal exchanges is highly valued for many conference attendees, particularly by exhibitors\/vendors who seek both quantity and quality of sale leads. Vendor surveys generally weight in-person the quality of the discussions and leads generated at the in-person event higher than online. When examined deeper, there were clear camps of those who clearly preferred in-person, but just as many who preferred online and did not see a material difference between in-person and online or hybrid events when evaluated against content consumption, participation and convenience of accessibility.<\/p>\n Surveys of attendees also did not measure a material difference in the perceived quality of the online and hybrid versus in-person when considering convenience of access. \u00a0Many people attended<\/p>\n <\/p>\n the online and hybrid events because of the convenience and accessibility, who would not have attended otherwise in-person.<\/p>\n In other words, an online layer on top of an in-<\/strong>person event does not seem to cannibalize in-person event attendance from those who prefer the in-person <\/strong>experienc<\/strong>e.<\/strong><\/p>\n <\/p>\n Revenue Analysis<\/u><\/strong><\/p>\n Conferences can become vast and complex events that serve the needs of attendees\/users but also those using the venue\/conference for promoting their brand\/products in vendors & sponsors. Organizers are always trying to balance out gate receipts generated by attendees & their needs and revenue generated from vendors\/sponsors & their needs. To differing degrees, revenue from either source can be the prevailing force for generating a positive ROI. At the same time, sponsors and vendors want to see as many attendees as possible to generate a maximum number of leads, which are also based on quality interactions to drive future potential sales.<\/p>\n The absolute revenue generated by the different formats are as follows:<\/p>\n In-person<\/strong>:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0X<\/p>\n Online<\/strong>: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.9X<\/p>\n Hybrid<\/strong>:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.2X<\/p>\n <\/p>\n Key Observations:<\/p>\n <\/p>\n Bottom Line<\/u><\/strong><\/p>\n It\u2019s interesting in the analysis that each format offers distinct advantages and benefits. There are reasonable arguments for all three. Ultimately, the demographics\/situation will decide which one to use. The key is whether you can determine that a dramatically larger number of attendees\/vendors will participate more in an online or hybrid event than an in-person-only format.<\/p>\n In the final analysis, for many conference organizers, profit and loss is the over riding consideration.<\/p>\n Our analysis of the final margin and ROI is:<\/p>\n In Person: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -5% margin<\/strong><\/p>\n Online: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 87% margin<\/strong><\/p>\n Hybrid: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 70% margin<\/strong><\/p>\n <\/p>\n Key Observations:<\/p>\n <\/p>\n Conclusion<\/u><\/strong><\/p>\n The conference we analyzed has its own special circumstances that are not necessarily universal for all types of conferences, however, we hope it provides some insight into the discussion of what may offer the best ROI, in-person, online or hybrid.<\/p>\n Every conference and event have its own combination of circumstances and demographics. But at the same time online or hybrid can add immense extra value to pull in extra attendees\/vendors and increase overall participation that can make conferences more meaningful and more profitable.<\/p>\n Our customers are drawn to Acadiate\u2019s platform for its flexibility to adapt to any in-person event structure, interconnect the two formats, and better measure attendance & engagement as well online as in-person. One of the most defining aspects of our platform is its robustness to be customized for any online environment and to mirror any in-person event to create the best-in-class hybrid experience. It is not unusual for participants of our events to rate their experience 9\/10 for its interactivity and engagement.<\/p>\n\n
\n
\n
\n
\n\n
\n \u00a0<\/strong><\/td>\n Attendance<\/strong><\/td>\n Cost <\/strong>per attendee<\/sup><\/td>\n Revenue <\/strong>per attendee<\/sup><\/td>\n Margin<\/strong><\/td>\n<\/tr>\n \n In-person<\/strong><\/td>\n 1.0X<\/strong><\/td>\n 10X<\/strong><\/td>\n 1.0X<\/strong><\/td>\n -5%<\/strong><\/td>\n<\/tr>\n \n Online Only<\/strong><\/td>\n 3.7X<\/strong><\/td>\n 1.0X<\/strong><\/td>\n 2.9x<\/strong><\/td>\n 87%<\/strong><\/td>\n<\/tr>\n \n Hybrid<\/strong><\/td>\n 5.0X<\/strong><\/td>\n 1.5X<\/strong><\/td>\n 3.2X<\/strong><\/td>\n 70%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n