In 2020, the number of organizations planning virtual events doubled, according to research conducted by Wild Apricot.
Digital events are not necessarily something new. They had existed for some years. However, the events sector had not yet integrated the idea of digital into the segment fully until the COVID-19 pandemic.
Fear regarding the production of virtual events were based on some common and understandable concerns, like: how can a virtual event accelerate my sales pipeline? How would networking be done online? How to get over the lack of such a meaningful gesture like a handshake?
The role of virtual events in the sales pipeline
The COVID-19 pandemic accelerated 5.3 years of digital transformation in 6 months. That’s the key finding of the recently released Twilio’s Digital Engagement Report.
Before the pandemic, many companies had never been in contact with virtual events. They had to adhere to it overnight. Most of these businesses did not have the expertise or experience needed to migrate to digital.
However, with mandatory social isolation and distance activities becoming part of everyone’s daily life, the online format has grown exponentially, becoming the only form of communication possible between companies, professionals, customers and vendors.
Thus, the events sector found itself opting for the only logical, coherent, profitable and efficient solution at that moment, which were virtual events. Even now, with the travel and corporate events re-gaining traction, the anti-agglomeration regulations will still be valid for quite some time. It’ll probably last until we have a vaccine discovered and a mass vaccination campaign.
In the first moment, this abrupt change was a matter of survival. But as companies keep finding out the benefits of virtual events, the future indicates that this digital revolution will not fall back.
“Our clients have been experiencing a greater reach and reduced operational costs with their virtual events. So, even after the risks of COVID-19 are minimized, they have declared their expectations to keep connecting with their communities through this channel, both via 100% virtual events or hybrid events”, says Pedro Goes, CEO at InEvent.
In fact, even though companies and agencies are still getting used to it, this first period of tests showed that virtual events have what it takes to continue to be in evidence. Grandview Research shows that the virtual events market is currently valued at USD 94.04 billion. Within 7 years, it’ll grow in a 23.2% CAGR, reaching USD 404.45 billion.
The moment of truth: what consumers think of virtual events
89% of consumers feel live events are the most effective medium to increase product understanding. As human beings, we are really doomed to create connections with each other.
This sense of community is more noticeable in face-to-face events, where people are inclined to make spontaneous contacts. However, virtual events technology is capable of being simultaneously entertaining and straight to the point, saving attendee’s time and money. As Carina Bauer, CEO @ IMEX, stated earlier this year: “The best virtual events are succinct”.
Participants are not required to move from other locations and companies reduce travelling and logistics costs. However, the new virtual event attendee won’t tolerate tedious virtual events or those long explanations that make them feel like they would rather be doing something else.
For the latest resources on event marketing, virtual events trends and technology, visit InEvent.
Categorized in: Work
This post was written by Elevate, Inc.