Organizations who adapt to curve balls are those that survive. They come out the other side stronger and more resilient. When you find the opportunity through the obstacle, you may actually surprise yourself with the outcome.
We know that it’s stressful and tiring to be blindsided by uncontrollable events.
Along with you, our company has navigated and charted new paths through unknown territories.
You may be like us and wonder if life will ever go back to ‘normal’ and if so, when? The question that haunts everyone’s minds: Will COVID-19 forever change the face of in-person events?
We’re optimistic that in-person events will come back in full swing. They are a vital aspect to human culture and human connection. But in the meantime, we’ve seen organizations explore options they never needed to before just to ensure they stay afloat until next year.
The challenge is there is no good playbook in the industry for virtual events. After much research, we can say we’ve found what makes a valuable and meaningful virtual event. We have seen why hosting this type of event is an incredible opportunity for you to present to your organization.
Here is why putting on a virtual event could be an untapped revenue generator for you:
1. Greater Reach
Attending a virtual event couldn’t be easier. Since travel and lodging expenses are no longer an obstacle for registrants, with just a click of a button, more people can attend your virtual event. One of our first virtual event clients, who averaged about 300 registrants per year for their in-person event, jumped up to over 1000 registrants when they switched to virtual! In addition you now can offer more speakers. In-person events can be limited by the speakers’ scheduling conflicts. This allows a speaker to teach at your event anytime and anywhere whether pre-recorded or live!
2. Less Cost
The common story we hear time and time again is related to the cost savings tied to hosting your event virtually rather than in-person. You don’t need to worry about travel & lodging for your speakers, the venue expenses, catering, room block fees and more. Though you still have your registration and virtual event platform costs, they do not come close to the costs of all the aspects of hosting an in person event.
3. More Revenue
With the combination of greater reach with less costs, your organization has already increased the ROI. A common question asked, “Will people want to pay for a virtual event?” The answer is, Yes they do, as long as the price matches the value. We’ve seen how even when events cut the registration fee by half, they still made more revenue than their in-person event due to the larger reach and lower costs. Don’t underestimate the cash flow opportunity in hosting your event virtually.
4. Bring a Different Type of Value to your Attendees
Value is key when deciding to host a virtual event. Attendees come to in-person events for the experience, the content, the exhibitors, & the networking. If you can incorporate these aspects into your event, you can rest assured that your event doesn’t feel like a YouTube binge when finished. We’ve seen clients use Slack to build a community around their event. Our own Hosted Video Chat solution allows for a more interactive experience to add for your event, along with some other things up our sleeves.
5. Opportunities Untapped
Virtual Events do not have the same limitations as an in-person event, so this is the time to get creative! Time becomes relative with a virtual ‘event’. You can host mini sessions of valuable content and Q&A for 2 hours each week for over a month. You can put on Virtual Fireside Chats with influential speakers. You can put on virtual happy hours with various topics and discussion points each month for networking purposes. We’ve even seen virtual wine tastings where the wine was shipped to the viewer. The opportunities are there, you just need to find the ones that work for your organization and audience!
Charting new territory and being a pioneer can create doubts. We are here to tell you that YOU GOT THIS!, and we are in your corner. Thousands of customers just like you have already pivoted to virtual events and they are reaping the benefits right now.
Let’s chat more, just give our team a ping and we’d be happy to brainstorm with you.
