The coronavirus pandemic has caused ripples across different global sectors. This also includes the event industry. A recent study says that 67% of businesses use virtual events in addition to in-person events. This means that the popularity of virtual events has grown and is expected to grow at 23.2% from 2020 to 2027. If you want to learn how virtual events are transforming the event industry, check out this guide to make an informed decision.
5 Ways Virtual Events Are Changing the Event Industry
Eliminating Geographic Barriers
Hosting online events is much more accessible. You can reach a wider audience and eliminate logistical barriers. Whether you are sick or unable to travel, you can participate in virtual events from the comfort of your home.
With virtual event platforms, you can invite guest speakers and other notable personalities to impart knowledge and engage your audience without worrying about geographical constraints. As a result, your audience can get access to a broad selection of renowned panelists, speakers, and content. Furthermore, you can design 3D immersive environments, such as auditoriums, breakrooms, conference rooms, and more to engage your attendees.
Cost-Effective & Value-Adding Option
An in-person event requires calculating additional costs, including logistical, travel, booking accommodations, and more. With virtual reality meetings and events, you can eliminate overhead costs and focus more on enriching your content.
Virtual events also offer more value than physical events. For example, you cannot re-watch the missed glimpses of physical events, but an online event platform provides you with the option of watching pre-recorded sessions to ensure that you do not miss out on critical details. You can also collaborate on many projects and share your insights through breakout rooms and brainstorming sessions. Furthermore, online events are scalable and offer businesses the flexibility to organize the event as per their needs.
Networking Opportunities With a Global Audience
For any virtual event, networking is one of the most significant reasons why people participate and engage. Online events allow people from all over the globe with diverse backgrounds to collaborate and enhance their professional network. Furthermore, since geographic boundaries are not a constraint, virtual events help attendees develop a refreshing insight on the topic and stay updated on the recent trends and transformations in the industry.
For marketers and business leaders, virtual events help them create brand awareness and build positive relationships with potential prospects. On a reliable online conference platform, you can organize a networking event that includes various ice-breaking activities to help your attendees grow their business and connect with key people in the industry.
Better Analytical Insights
While hosting an event, it is critical to keep track of performance metrics to understand how the audience engages with your content. Doing this in an in-person event can be overwhelming. However, virtual event software provides instant feedback and helps you gather essential information to help you evaluate your content performance.
Since online events provide revenue opportunities to you and the sponsors, you analyze different metrics to understand the people’s experience. For example, you can track how many attendees visited and interacted with the sponsor’s booths through engagement metrics. The utilization of analytics and real-time feedback will help you deliver the best content possible for your future events.
Virtual Events Use Technologically Advanced Platforms
Over the past years, the virtual event industry has seen the introduction of game-changing technologies and tools. From virtual reality, augmented reality, live streaming to social media, organizers can use their creativity to design the best experience for their attendees. For instance, you can conduct your virtual event in a 3D immersive environment where avatar-based attendees can visit, interact, and ask questions.
The rise of immersive technologies and online event platforms is helping brands add more excitement and create better engagement opportunities for their attendees. Such technological advancements are transforming the event industry by making them move beyond their convention centers.
The Future of the Event Industry
A recent study shows that more than 55% of event organizers plan to invest in virtual events in the future. This indicates that online events and virtual reality meetings are here to stay and will continue to dominate the event industry. Let’s look at the top trends that will impact the future of the event industry.
Sustainable Events Will Gain More Importance
Sustainability is a critical factor that will continue to influence the event industry in the future. As a result, brands need to look for new ways to host online and in-person gatherings and follow sustainable practices.
User Experience Will Continue to Be the Differentiating Factor
Engagement is one of determining factors that influence the success of any event. With users spending more time online, attendees will expect more from their virtual experience. Hence, you will need to add interactive and entertaining elements to your content moving forward. In addition, marketers need to push their boundaries and include gamification activities to impact their attendees.
Communication Tools Are a Must-Have
From hosting an in-person trade fair to organizing an online webinar, you need to provide your attendees with a seamless experience. This includes the integration of communication tools and gathering feedback. Companies need to choose reliable online event platforms with communication and presentation tools to make it easier for their attendees to connect and engage with each other.
The Bottom Line
Globalization and digital transformation are opening new windows for companies to add value to their users. Virtual events are one such avenue for companies to increase their brand reach and build lasting relationships with potential leads. Hence, it is best to take professional help and leverage virtual event software to create meaningful experiences that extend beyond computer screens.
I’m Anupam Paudel, working as a technical writer. I’m passionate about exploring and writing about innovation, technology including online event platforms, virtual conference software, virtual business meetings, virtual campus, and university campus design. In addition, I actively share my thoughts on VR and the latest trending technologies.