The Event industry in 2021

The pandemic changed everything about our usual way of life.  Events like trade fairs and conferences were hit the most by the wave of the pandemic, so, in this video, we are going to be looking at the effect of the pandemic on these events and how things look going into the future.  Since the beginning of the pandemic, most businesses and companies have shifted to hosting all their meetings virtually. In fact, the number of organizations planning virtual meetings doubled in this year alone.  So, before we start discussing why most companies will have to adjust to virtual meetings, and why some have already, I will begin by laying down some statistics concerning virtual meetings and events.  The 614 group performed a survey and shared a report exclusively with Marketing Dive. The report states that 72% of media and marketing executives believe that virtual meetups and conferences will become the only option for businesses moving forward.  Here are some other facts to keep in mind as we go further in this discussion.  

A large 70% of the organizations that hosted virtual gatherings featuring a guest speaker recorded a lot more in attendance than they would have had at the usual live event. 

To make it even more interesting, a larger percentage of corporate sponsors are looking to invest more in virtual events. The one deal-breaker that could set it all up is interaction.  Let’s define online interaction in an online event scenario; It’s communication or direct involvement with someone or something,  Meaning the attendee should be able to easily chat with other participants, booth staff, or speakers on the virtual floor or during a webinar or virtual conference.  It could also be AI bots, Quizzes & games.  This is understandable considering that the biggest challenges facing virtual meetings start with engagement, and then interaction. Apart from the fact that there are already a lot of events, participants are not very happy with online calls. The second most common challenge is that a large number of supporters are not tech-savvy.  

 

49%  of marketers believe that being able to engage the audience is the biggest contributing factor to hosting a successful event.

 

Statistically speaking, organizations that did not implement any measures to engage the virtual event attendees were 150%  more likely to be unsuccessful.  Nonetheless, an estimated 86% of the attendants of virtual events have reported a higher or equal level of engagement in comparison to in-person gatherings.  One thing to note is that 71% of businesses already run virtual events in addition to in-person events. Companies that have hosted virtual events made use of discussion and Q&A sessions as the engagement technique. The technique that was recorded to have made the most impact was for organizations that hosted a live hangout before or after the event, after which they conducted a survey or poll.  Finally, 89% of businesses that are using event technology save approximately 200 hours per year.

 

84% of the organizations that hosted virtual events this year report that there was less expenditure on virtual events.  

 

Let us now talk about the reality of virtual events compared to in-person.

Lower Production Cost

It is pretty broken down, virtual events cost a lot less to plan and execute than in-person events. Organizers do not need to worry about travel bills, hospitality, or event venues. As a result, the return on investment sky-rockets, leaving in-person events in the dust.  Cutting execution costs means that you can now have more money to invest in order profitable ventures like more virtual events. Better still, you can always add some extra flair and uniqueness to your virtual event with gifts and activities.

Lesser Preparation and Promote time

Since everything is all-in-one place with virtual meetings, you do not have to spend too much time trying to put things in place. On average, it should take about three to four weeks to plan a virtual event. Furthermore, according to the majority of surveys, a lot of marketers say that it can take as short as two weeks to plan a small virtual meeting, depending on details,  compared to the six to eight weeks or more that it would take to plan an in-person event.

Easier on Attendees

Traveling can be a nightmare for most people who run tight schedules or have family responsibilities. Simply put, if a meeting is not in their location, they are more likely to miss it.  But, with virtual events becoming more common, people are attending more events than they usually would.  This creates a lot of opportunity for this industry since this enables more networking possibilities otherwise not possible in live events.

Intercontinental Connections 

The internet is a very wide place exposed to people all over the world. No matter how good the publicity for an in-person event is, people will still be geographically restricted because no matter how much they want to attend.  With a virtual meeting, on the other hand, anybody can attend from anywhere, increasing your chances of growing into a global business.

More Focused Conversations

With all we have mentioned so far, an event that is focused on a particular niche topic will be very helpful for the business owner. With every other thing taken care of and a wider range of audience, you can spend more time going in-depth into your work.  Paying more attention to the details means that your customers will be more interested in knowing more about and even trying out your product or service.

More Data and Insights

Knowing what your attendees’ experience was at your event is very important to the growth of your business, and getting feedback forms around after in-person is very challenging.  Virtual events make it as simple as a-b-c to gather all the information you need from your attendees, with most platforms offering data records for all sessions and interactions.

Higher Chances of High-Profile Speakers

This point still boils back to the challenge of schedule for busy people who have to take out two to three days to attend your event.  With high-profile people, they will be more interested in staying in the comfort of their office or home to make their presentations, instead of traveling all the way. And, since the event is virtual, the presentation can always be pre-recorded in advance, opening up more ways for flexibility with schedules.

Easier Scaling

An in-person event is only as big as the venue it has taken place in. A large number of events always find themselves with long waiting lists. But, with virtual events, scaling as big and fast as you want is a seamless process.

Easier Product Launch and Announcement

Since virtual meetings are so easy to set up and run, you can always host small events to introduce a new product and spend more time focused on that one and easily get the much-needed feedback from your customers.  In the case of in-person events, you have to wait for several products to be out, then plan a big launch and rush the conversation.

Build Faster and Easier

Virtual events allow you to integrate appointment calendar technologies, therefore, you can set up follow-on conversations even as your event is going on. This way, qualifying leads become faster, and you can speed up the journey through the sales funnel.

The Tech You Need

While your creativity is useful in making the virtual event a success, you will also need technology for proper planning, promotion, and execution. Thankfully, this tech is easily accessible.

Unique Trade Show experience

 

It is very difficult to replicate a real-life experience when attending a trade show.  Walking on the floor & seeing different booths, being able to talk with people, and also viewing & interacting with the products. There are many options for virtual conferences, but very few have been able to capture the real trade show experience.  This presents a new opportunity to make the experience even better than attending the physical event by introducing functions through web browsers.  Special features like 360 Trade show floor with realistic 3D renders, 360 showrooms, 3D objects, and much more!

These could be customized for a unique immersive experience!

Congrego uses advanced technology that enables and enhances the “in real life” trade show experience allowing exhibitors to present products, answer objections, and close sales.  We offer custom fully interactive 360 degree booths, engaging active product showrooms, live demos, and advanced real-time face-to-face communications.

Congrego quickly facilitates the relationship between buyers and exhibitors with a suite of Real-time communication and sales tools. Congrego has the most up to date Interactive ordering and transaction functions With 3D Product demonstrations and Augmented Reality extensions.

 

Source : 614group