How do virtual exhibitions deliver more ROI than physical expos
Trade shows and expos were a catalyst to draw attendees for a business, but with the outbreak of the pandemic, the physical expos came to a standstill. People are now afraid to attend any gatherings, which appears to have changed the landscape of events. With safety in mind, many firms have taken the plunge this year and are hosting virtual events.
Hosting a physical expo is a costly affair, you have to gather people and convince them to stay interested in the expo till the end. An exhibition hosted virtually gathers audiences beyond geographical boundaries, is cheaper to host than in-person ones, and in the process enhances ROI
While we understand what is in it for brands to organise virtual exhibitions, we shall delve into how brands are generating more ROI from these virtual exhibitions than physical expos.
1. Better brand exposure
Compared with physical expos, the virtual event platform has a longer lifespan. It can last for several days, as long as the organizer wants. The brand has a better, faster, broader, and in-depth reach. Brand exposure leads to brand recognition, which can easily persuade prospective customers to sample your brand for little to no cost at all.
Furthermore, firms with a loyal customer base do not need to spend a lot of money on new customers, because loyal customers will constantly come back for more. These same loyal customers are likely to become brand ambassadors, recommending your business to their friends, family, and other online customers.
Moreover, brand awareness and recognition improves the effectiveness and impact of other marketing efforts, resulting in increased sales and repeat business.
2. Global reach
Virtual events have a large audience and can reach worldwide markets. Because virtual events are scalable and accessible to anyone with a smart device and internet, they generate leads. Virtual events reduce restrictions such as physical barriers and time zone differences, resulting in a significant increase in audience size.
Conferences, trade fairs, and exhibits all have the same purpose: they are utilised by businesses and organisations as marketing tools to interact with their customer base and generate leads. The larger your customer base, the more people are aware of your brand. This can translate into higher sales, increased revenues, bigger profits
3. Virtual events helps to get valuable feedback
Feedback is a crucial component that allows every organiser to assess how well he has done thus far. While gathering feedback at on-ground events can be difficult, collecting data from virtual events is simple. Through feedback sessions, the brand can obtain a sense of the pulse of the target audience and gain clarity on the audience’s exact demands.
The audience also feels appreciated because their opinions are taken into account, resulting in long-term brand loyalty. Customer loyalty assesses not only a company’s ability to acquire new customers, but also its ability to keep existing customers happy. It also improves ROI and attracts new customers.
4. Virtual events are cost-effective and lead to larger customer base
Virtual events are both less costly and more effective than traditional events. You do not have to plan out the travel costs, the venue budgets or any other type of logistics. For a much lower fee, the virtual platform is custom-made to suit the brand and business.
The combination of larger attendance and reduced cost results in a higher ROI for every event. Larger audience means larger potential customer base and a larger customer base means the company will make more sales and generate more revenue.
5. Enticing virtual booth designs can enhance ROI
Virtual trade show organisers must design their events from a single location, allowing viewers to peruse a variety of exhibits. Using a website or app to display organiser profiles, photos, logos, and posters to make your business stand out allows attendees to seek more information and eventually converts them into leads. Adding a highly recommended booth staff option allows attendees to contact you, learn more about the product, and become prospective leads for your company.
In the coming days, virtual events will prove to be an essential marketing tool that firms will use to grow their customer base. With a clear set of ROI and other advantages in play, it’s time to abandon the traditional method of event execution and go digital.
Virtual Exhibitions: B2B Trends for 2020
Covid-19 has hit the economic activities with a purpose and vengeance. There are hardly any areas or sectors which are left unaffected due to the pandemic. However, one of the greatest impacts have been taken by marketing and promotional plans of companies. There are countless events which were either postponed or cancelled in wake of the pandemic. However, even though nobody realises or acknowledges it today as there’s no research on how “virtual events and exhibitions ‘saved the day’ during the pandemic”, virtual exhibitions have helped in reducing the overall pressure off the decision-makers around the world. The total size of B2B virtual exhibitions shall be close to $774 billion by the end of year 2030. Furthermore, 84% of the organisations that held a virtual summit reported that the total cost of organising the event was reduced considerably. Furthermore, 74% of the event organisers feel that virtual exhibitions will dominate the future of B2B summits. Even if the pandemic subsides soon (which we wish so much), around 97% of event managers predict that the overall number of hybrid events will increase in the coming years.
Virtual and online exhibitions not only helped in ensuring that not all events were cancelled or postponed; it also opened up new arenas for event planning and management which will be used even after the pandemic is over for good. Continuing with the positive trends for virtual exhibitions and hybrid event platforms, the following factors should dominate the B2B trends in the year 2020 in respect to online exhibitions:
1. Live Translation:
2. Event-based Applications:
Since there are a number of applications that are used currently for facilitating online exhibitions, the trends in future, especially in the context of B2B virtual event platforms will include personalisation of event apps for calculation of brand activations and engagement level of an event. From a B2B perspective, it would mean better reporting to monitor the overall success of the event.
3. Inclusion of chatbots and machine learning:
4. Connection through live streaming:
5. Improved Engagement:
6. Facial Recognition:
7. Inclusion of multi-sensory experiences:
One of the important reasons due to which virtual exhibition platforms have become popular during the past few months could be the fact that businesses around the world realised that virtual and hybrid event platforms can not only help in coping up with the pandemic-induced environment but it is an answer to a simple problem. For instance, there could be a number of events and meetings wherein online exhibitions are more feasible than the traditional ones. In the upcoming years, it is expected that events shall be more interactive, informative and dynamic. Virtual exhibitions, especially in the context of corporate event management, are here to stay, and platforms like VIRTEX are helping to make it possible.
Checklist for choosing a hybrid event venue
The event industry saw a massive shift in trends and technology in terms of hosting an event. Hybrid events are one such trend that has taken off and is the future of the events industry. Hybrid events are like the traditional events and new technology (virtual events) being together under the same umbrella to redefine how the events will be held in the future.
A hybrid event platform is essentially a blend of technology and networking equipment that will make the hybrid event venue stand out from the rest.Here are some things that you should consider while choosing your perfect venue to host a successful hybrid event:
1. Venue capacity
3. Efficient power supply
4. Internet Connectivity
5. Safety Measures
Since hybrid events became popular during the pandemic, safety measures will be the core thing to have in the future. While choosing a venue, make sure to check the venue’s safety measures as advised by the government, like social distancing, clean restrooms, masks, sanitizers, etc.
7. Cost and flexibility
Finding the right venue to host your hybrid event can be a daunting task, but it will be all worth it if you host it properly. We hope these things have helped get you thinking critically and creatively to find your perfect venue.
6 Common Blunders To Overcome In Your Next Virtual Show
Hosting a live event is an uphill task with lots of planning, workforce, and a big budget involved, with no room for errors to pop up. The same happens with virtual events. It takes a lot of hard work and focuses on organizing a virtual event successfully. Virtual events have been a blessing since the events shifted from in-person meetings to virtual meetings. Virtual events are getting exceedingly popular with time. According to Grand View Research, the virtual events market size was valued at USD 78 billion in 2019 and is projected to grow at a rate of at least 23% per year from 2020 to 2027. The transition was newer to many organizers, and it forced them to host outside their comfort zones. Unfortunately, mistakes happen unintentionally and get rectified immediately so that the event proceeds smoothly. So to successfully conduct a virtual/hybrid event, let’s look at six common blunders and how to avoid them:
1. Choosing the right platform:
Not having a perfect platform can be a daunting task to host a virtual event. There are dozens of virtual event platforms available, but choosing the right one is tricky. To ensure that you have selected the right platform, make a checklist of features you want in your event and match the platform that suits your list. Our virtual event platform is secure, customizable, and easy to use to deliver an immersive virtual experience for the audience.
2. Avoid too much content:
Content is a crucial component of the virtual event. Having the right balance in the planning of sessions and their durations can lead to better audience engagement. No one enjoys sitting through heavy PowerPoint presentations for longer durations in an event. To not let that happen, focus on delivering informative, short yet engaging content with having frequent breaks in between sessions for the attendees to relax and look forward to the event. VIRTEX provides attendees with café and game zones so that attendees’ excitement stays for the entire event.