The advantages of virtual events are fairly obvious!
The global virtual events market size could reach $504.76 billion and grow at a combined annual growth rate (CAGR) of 23.7% between 2021 and 2028, according to a ResearchAndMarkets report. Those who understand how to leverage virtual events could reach new prospects, engage (and re-engage) existing ones, increase conversions, and track results.
Virtual events are easier to organize, are less expensive, and are more accessible to attendees than traditional in-person events. They are great for general brand awareness, thought leadership, community involvement, charity fundraising, and new product launches.
Here are the reasons why brands are winning by taking their events online.
1. They Provide More Opportunities for Audience Engagement
Virtual events will maximize engagement with the brand allowing an event organizer to personalize the event experience. You can organize the agenda in a way that allows remote attendees to customize their event experience by enabling them to choose which sessions they wish to attend, creating multiple networking channels, providing gamification, and offering multiple content types.
Your audience is a mix of people, that learn in different ways, so if you can create content that speaks to multiple learning styles like downloadable pdfs and interactive demonstrations, the audience will be more likely to find a way to relate. In this way, they will form a deeper connection to it and are more likely to think favorably about the brand and even make purchases in the future.
2. They Amplify Audience Reach and Business Opportunities
Traditional events can present access barriers to your target audience. For many, travel and accommodation can be cost-prohibitive and prevent people from attending. While virtual events allow attendees, speakers, sponsors, and exhibitors to participate in global events without spending time or money. It has also made events accessible to people with medical conditions and disabilities.
Successful virtual events also provide increased business opportunities. Spain for example generated 41% of sales leads from virtual events. 1 in 5 Spanish respondents also said that they increased their sales, profits, or new customers.
3. They Cost Less to Produce Than Traditional Live Events
A virtual event can save you venue costs, catering costs, costs related to physical branding and on-site staffing costs. However, this does not mean that there aren’t some unique costs associated with this format. These costs include a virtual event platform, paid social media advertising, and a potential increase in event technology costs as you will want to ensure access to proper audio and video equipment.
While you might be able to host only 200 people at your physical event, you can potentially reach thousands with your digital event, generating more revenue through ticket sales.
4. They Provide Excellent Audience Analytics
You can learn much more about your target audience as they will be logging on to your virtual event platform and using it to navigate event sessions. This information can help you better understand which parts of your brand your target demographic is interested in.
With a virtual event, you can monitor which virtual exhibit booths people visited and whether they downloaded related materials. Similarly, you can monitor session attendance, video views, length of video views, material downloaded, as well as text and video chat engagement.
5. They Generate More Qualified Leads
Virtual events can put from dozens to hundreds or thousands of qualified leads at your fingertips as by registering for your virtual event, attendees pre-qualify themselves as leads. This means that by attending, these individuals are already warm to your brand.
You could spend your entire marketing budget trying to reach those numbers without success. A virtual event will bring these leads to you.
