There has been a paradigm shift in how business promotion is being carried out. The change is so significant that around 60% of B2B marketers have reallocated their live event budget entirely to virtual events.
This increased preference for virtual events has led to a dramatic increase in the number of virtual event platform out there. This is how your business can benefit by switching to virtual events.
Enables Audience Interaction
Online events ensure that you can interact with your audiences at many different levels based on their comfort. You can offer multiple tools such as Q&A sessions, direct messaging, or group interactions during the session.
The wide range of communication opportunities for the audience allows better engagement. Cannon launched its range of new cameras using an online Q&A session. Thus, a business can use audience interaction tools to improve its marketing efforts.
Make a Large Impact on a Small Budget
No matter your business’s size, you can make a significant impact with the smallest of events, as virtual events are not restricted by physical space. Therefore, the virtual event platform that you pick unlocks the potential of their entire client base.
Costing about $30,000 each day for about ten participants, virtual events help you save at least 25% of an event’s cost, and add more value to your promotional activity. Participants also save on travel and participation costs on a virtual event platform.
Access to Diverse Audience
When hosting an in-person event, certain limitations can limit the demographic reach. With a virtual conference, you can break cultural, political, physical, and even religious barriers and reach a diverse audience without any hindrances and limitations.
Analytics and Insights
An online event will provide all the data in real-time, allowing you to glean insights such as the number of check-ins, participants demographics, attendee stay duration, poll response rate, participation in Q&A sessions, and post-event satisfaction survey. These numbers help extract meaningful insights that allow you to make well-informed business decisions. One research by McKinsey found that businesses saw about a 6% increase in profits using “big data.”
Virtual events are not just for internal business meetings but can create awareness, launch new products and services, or hold an annual general meeting. About 26% of businesses had virtual events only to boost employee morale by engaging with them online.
Ease and Flexibility
Virtual conferences are easy to organize and can be scaled up to any participant level. From intimate office meetings to large stockholders’ meetings, just about any event can be easily organized online.
Companies used virtual interviews through natural language processing, machine learning to evaluate candidates, scan resumes, and conduct job-related skills tests. In 2020, about 90% of job fairs were conducted online, and experts predicted this trend would continue in the foreseeable future.
The market for a virtual event platform has surged significantly since 2020. Businesses have switched the way they conduct business post-COVID. From employee meetings to candidate interviews and event shareholders conferences, most business interaction has gone virtual. You, too, can access these benefits by switching to a virtual platform for your next event.