Did you know that 55% of virtual event organizers plan to invest more in virtual events in the upcoming year (2021)? Virtual events may have started as a means of re-igniting the events and tradeshows industry following the outbreak of the ongoing global pandemic - but there’s a reason these events are here to stay. The advantages introduced by virtual events are actually turning them into a rival to physical events, instead of just a short-term solution. Here are 10 reasons why virtual events may supersede in-person events in the corporate ‘new normal’.
1) Cost Savings: Virtual events can cut your event budget in half
A virtual event platform can save as much as 50% of your event budget by eliminating venue rental and venue insurance costs, the cost of food and drink (and licensing), equipment rentals, and printed material costs.
2) Time Savings: Virtual events reduce event preparation time by 50%
You can reduce the time it takes to prepare for and deliver an event by as much as 50% by choosing to host a virtual event over an in-person event. Virtual events require an average of 4-6 weeks of prep time, and as little as 2 weeks for a small event, while in-person events require an average of 6-8 weeks or more.
3) Higher Registration: Virtual events increase registration potential
Eliminating geographic restrictions increases global event registration potential, and on-demand access to event content further increases attendee potential. Approximately 10% of individuals who register and are unable to attend a virtual event live have been reported to attend on-demand instead.
4) Increased Booth Traffic: Virtual booths experience 30% higher engagement
Attendees are 30% more likely to speak to a virtual booth representative than an in-person booth attendee.
5) Increased Engagement: Virtual interactions enable higher event engagement
Virtual events report higher attendee participation in product demonstrations, 1:1 meetings, presentations, and with brand content during and post-event. Approximately 20% of virtual event attendees return after the event to review content on-demand, and the added opportunities for virtual interaction enabled by virtual events provide a further increase in overall engagement.
6) Accurate Analytics: Virtual events result in 90% more engagement data
Virtual events offer a 90% increase in content engagement data and analytics because every session and interaction are recorded, providing a significant increase to traditional events, where a mere 10% of attendees were responding to post-event surveys.
7) Higher Conversions: Virtual events create greater potential for sales conversions
An average of 30% higher attendee engagement and a 90% increase in analytics means a significant increase in likelihood of sales conversion.
8) Flexibility: Virtual venues with flexible timeframes increase event accessibility
Virtual events aren’t limited to venue rental periods, so they can remain live or even on-demand to a global audience year-round, drastically increasing your event impact—and your ROI.
9) Scalability: Virtual events eliminate waiting lists
Virtual events aren’t limited to a physical venue, which means the event can scale as rapidly as needed to accommodate increased interest and awareness without having to wait list potential attendees or exhibitors.
10) Travel: Virtual events eliminate limitations and restrictions imposed by travel
The US alone recorded 175 million person-trips for business meetings and events in 2018. Virtual events eliminate the need and cost of travel while increasing the reach of each event globally.
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