Tech-savvy innovation by tech enthusiasts has transformed the world of business. With the sudden emergence of the pandemic locking us behind the doors, virtual events came as a savior and prevented many businesses from dipping down.
While having a closer look at the possibilities offered by virtual events, it indefinitely has the potential for taking businesses to precipitous heights.
A virtual event is an emerging trend that promises consistent growth in popularity.
Grand View Research estimates that the global virtual events industry will grow from $78 billion in 2019 to $774 billion by 2030. This is nearly tenfold in increase.
By Grand View Research
If you want to take your business to the next level you need to keep up with the trends. Now is the best time to embrace the virtual event trend.
In case your mind is boiling with questions about this phenomenon, don’t worry – the answers are coming your way.
In the following lines, we will help you understand how virtual events can contribute to business growth.
Remove the Borders
There are around 4,66 billion internet users in the world. A virtual event can welcome anyone with an internet connection and make them interested in your presentation. How many people can a physical event accommodate? Certainly not as many.
By levering technology, you can introduce your business to worldwide users. There are no limitations in terms of location. You can reach out to a wide audience and thus embrace the possibility of global growth.
Even if your goal is to spread locally, virtual events are still a more favorable option. Physical spaces can accommodate a limited number of attendees. Therefore, the number of people you can invite will also be limited. With virtual events, there is no limitation.
Position Yourself as a Thought Leader
What makes a good leader? Among many traits, a good leader needs to have the ability to spread knowledge. Virtual events can help your business attain that trait.
Turn your company into an authoritative and credible source of information by hosting experts around the world. Their place of residence won’t be an issue if they are invited to speak at your virtual event.
Take as an example Adobe SUMMIT. Adobe’s virtual event is fully pre-recorded. The guest speakers (consisted of executives and celebrities) film their sessions beforehand. Therefore, experts from different corners of the world can be a part of this event.
Hosting experts in the industry as your guest speakers will not only improve how customers perceive your brand, but you can also attract potential investors. An innovative company that is a thought leader and that values industry experts is an attractive investment to clever investors.
Avoid Extensive Costs
Hosting a physical event is a costly ordeal. You need a considerable budget that can cover the logistics, venue, catering, décor, staffing, equipment, and much more.
A virtual event can save you from these costs. Most of the costs of a physical event will be avoided if you opt for a virtual event.
What’s more, the speaking fees for a virtual event can be 25-50% lower than in-person appearance fees.
While hosting a virtual event, you need only need a virtual event platform, event manager, and a reliable internet connection.
Virtual events allow you to create engaging and attractive product launch events, summits, or webinars with a minimal budget.
The money you save on hosting virtual events can be invested in business growth. You can increase your marketing budget, outsource experts, or invest in new equipment.
Humanize Your Brand
Bring your brand closer to your audience, and you will win over new customers. The connection established with the consumers is the bridge that connects you to growing your business.
But how do virtual events fit into this picture?
By giving virtual tours of your workspace or organizing virtual behind-the-scenes that showcase how your products are created, you’ll humanize your brand. The transparency will evoke trust in consumers and motivate them to become your customers or clients.
Take as an example Mindspace. They are an international collection of boutiques and flexible workspace solutions. With locations all around the world, they’ve decided to attract new members with virtual office tours.
Gather Valuable Data
Gathering data during a physical event is a tricky business. It’s hard or impossible to keep track of people’s impressions, likes, and dislikes. With virtual events, collecting data is a simple process.
Considering that the event takes place online, you can collect valuable data without any trouble. The information you can gather is:
- The number of people who registered for the event
- The number of people who attended the event
- The audience’s demographics
- The most visited segments
- The segments that people didn’t watch through
- The exit points
- The number of people who watched the entire event
Based on these insights you can get a better understanding of your audience’s interests and behaviors. Use that information to tailor your future events and marketing campaigns.
A fun, interactive, and engaging virtual event can catch the attention of consumers and help you raise brand awareness.
Virtual events that include challenges or gamified experiences can be an innovative solution to building your brand reputation. The Zenith Live 2020 is a great example of an engaging virtual event. They created “The Zenith Live Challenge” where participants went on a mission to rack up points for completing activities. The attendees also got to select prizes or donate to a Zenith-Live-sponsored Charity.
Share the information about your engaging virtual event on social media to gather more attendees and widen your reach.
Virtual Events as a Tool for Sensible Growth
Keeping up with business trends is essential for staying afloat in this competitive world. Virtual events are still a rising trend but with huge potential for business growth.
Dare to experiment, and you’ll be rewarded with new business opportunities and more loyal customers. There is no getting around technology, so use virtual events as a powerful tool to take over new markets.