Since the beginning of the coronavirus pandemic, people, businesses, companies and corporates all over the world have had to cancel a lot of usual trends which includes in-person meetings and conferences. A major shift in technology and human upgrade was seen within months and everyone was forced to adapt to the situation.
Though the pandemic enforced a lot of businesses globally into virtual events, now we can give a verdict that there are multiple reasons to hold virtual events and why it is superhit amongst the organisers. Virtual event platforms are now so advanced that they have many features that you couldn’t take advantage of in person.
We've jotted down some of the reasons why organisers are preferring online and virtual events along with mentioning the benefits of virtual events that can help you understand the importance and significance of such events from a larger perspective. Let's discuss this in pointers.
It's quite obvious as the price range between the two has quite a difference. When you compare virtual and online events to physical events, it cost a lot less in terms of the planning & execution department. A lot of expenses are cancelled out including pricing of the location, venues, set-up cost, conveyance, hospitality etc. In terms of ROI, virtual events generate a lot of returns while compared to physical ones.
Reduced Time in Planning:
The planning and execution of physical events take up a lot of time, effort and manpower. Time consumption is the most significant of all.
In an online event set-up, you don’t need any manpower, products placements & banners for marketing. The required things for online events will take not more than 2 weeks to plan an appropriate virtual event for your business. Whereas, a physical event, can take a minimum of six to eight weeks for planning and execution.
Simple & Flexible:
Virtual events are quite flexible in terms of their approach. It allows remote audiences and employees of different time zones and schedules to connect and network seamlessly over online platform. Organizing virtual summits, conferences, meetings, events etc. works on a more flexible approach when compared to physical events. On a wider scale, the biggest plus of virtual events is when people show great interest in attending online virtual events due to its easy and flexible approach, altogether.
Permits Networking at a global scale :
As technology has made its advancement with time, virtual event companies have started offering a lot of interactive and engaging networking features. There are a lot of such features but to name a few, Live audio and video one-on-one and group chat functionality offered by the platform closely replicate the face-to-face interactions.
Apart from it, engaging and networking features such as quizzes, live polls, surveys, Q & A sessions keep the audience engaged while enabling them to network and put across their opinions with the fellow audience.
Ample Analytics & Insights:
Organizing an online event states that businesses can have open access to a lot of data, analytics, insights & statistics. These studies and surveys are like feedback to boost the organiser and get an insight into what the audience actually demands. Encouraging attendees to fill up short survey forms or answer short questionnaires just between session slots can give organisers a great insight into your attendee’s likes & dislikes, needed enhancements or features, how to interact with your clients better & engage with new clients, all in all.
Also, Most of the virtual events platforms today record every session & communication to be referred to later. Also, a complete track of mass data collection makes it easy to measure the success of the event and enhance the next events coming along.
Impact on ROI
If we compare the two, We believe that the Virtual events can run for days and eventually generate better quality leads while reaching maximum attendees. The mass data collected during virtual events results in generating better leads and overall, a good revenue. As per our vision, virtual events has the possibility of long term impact on ROI, but it entirely depends upon the company goals.
So, as we discussed on the preference of organisers and inclination of theirs on virtual events. We can conclude that Virtual events are a unique blend of creativity & technology and is given an upper hand for now. Although, Virtual, as well as physical events both, will remain in prevalence for years serving multiple sectors.