Why should you be hosting the virtual events this year?

The year 2020 has given us many surprises. It has posed new challenges before us, and these challenges are now newer opportunities. In the event planning industry, one such opportunity is virtual event planning. This trend of hosting the virtual events is now is the air and there are genuine reasons for that.

Here are the top reasons as to why is 2020 the best time for hosting the virtual events-

An Alternative during COVID-19 pandemic

This is the first and foremost reason why virtual events matter more than ever. Owing to the COVID-19 outbreak, lockdowns are being imposed and social distancing is the need of the hour. Physical Events have suffered the most out of it and hence, event planners are considering virtual events as an alternative. It’s high time that you switch towards virtual events. From monetization to marketing, it’s time to explore the hidden potential of virtual events.

Larger audience and enhanced visibility

The digital presence of the event-goers has boomed for the last few years. So far, Event planners have utilized this presence for the promotion of physical events. 2020 is about going one step further to virtual events. More so, as most of the countries are under the influence of the digital revolution, better internet connectivity and upcoming 5G infrastructure are only going to make things better. Till 5G becomes commonplace, you have time to become comfortable with virtual event planning. The biggest advantage of virtual events is that location won’t be a restriction anymore. This will enhance the visibility of the event, making it global in true sense.

Improvised virtual event ecosystem

The virtual event ecosystem is on constant improvisation. Earlier, virtual event interaction was limited to audio and video interaction with normal content sharing if needed. Then it moved on to real-time content sharing, Q&A sessions, chat features, screen sharing. The next stage is of virtual reality in a virtual event, which will bring it almost parallel to physical events. It’s the right time that you become a part of this extremely dynamic and innovative field with lesser entry barriers. Otherwise, the virtual event industry is only going to get tougher for new entrants.

Changing values of event-goers

As millennials are on their way to dominate in the event-goers community, event planners need to cater to this change. The choices and preferences of millennials are different from previous generations. These millennials prefer the ease of access over anything else. Hectic travel for business networking and the long time invested is the last thing they want during their business networking. The event industry needs to adjust itself in accordance with the values of these millennials. The best way to do so is through Virtual events- the new-gen solution for business networking. It’s high time that event planners make this much-needed change.

More autonomy for event planners

As an event planner, you must have dealt with numerous venue owners. It’s tough to negotiate with venue owners. Right? Why just venue owners, a major portion of your event planning professions go in convincing stakeholders. Virtual events are going to lessen the number of stakeholders involved in the event which will automatically increase the stake of event planners. This will provide more autonomy to event planners in terms of decision making.

Lesser Risks involved

Contingency planning is a crucial element of physical events. After all, there are so many factors involved that even a small mishappening is enough to impact event experience. The risk is quite high and it involves hefty financial risk if the event gets postponed because of any reason.

On the other hand, there are lesser risks involved when you are going virtual. Even if you need to postpone it (because of any reason), it’s feasible to do so. Thanks to the ease of finances, many sponsors are looking forward to investing in virtual events. This propensity towards virtual events is only going to increase with time.

Changing priorities of advertisers/sponsors

Advertisers/Sponsors are looking forward to more concrete results out of their investment. They demand a proper metric of measuring results for every dollar that they invest. Event planners can fulfill their demand with virtual events. Virtual events are going to make the relationship between event planners and advertisers/sponsors more data-driven. It is much easier to track the audience during the virtual event. As an event planner, you can get data of almost every interaction that participants have within the event ecosystem. From registration to feedback, there are so many touchpoints in a virtual event viz email, banner, notification, etc. All these touchpoints provide you with a strong case for attracting sponsors and advertisers.

It is clear from the above discussion that virtual events are the new reality for the industry. You can consider it as a short term alternative for physical events or a long-term networking solution, but you cannot ignore it for sure. If you’re still confused regarding how to proceed ahead with virtual events, you can contact our industry experts-