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Amidst the Coronavirus pandemic-induced transition of businesses, ‘digital’ has emerged as the pivot for most marketing strategies, particularly those requiring in-person interactions.
Virtual events, for instance, are being leveraged by an increasing number of enterprises to replace their traditional on-ground events since the viral outbreak in 2020. With little abatement in the contagion yet in sight, there is likely to be a marked increase in virtual events and greater innovations to enhance their efficacy, quality, reach, and participation.
Industry estimates suggest that the global virtual events market size, which was pegged at around USD 80 billion in 2019, is expected to grow by at least by five-times to touch USD 400 billion by 2027.
This growth will be driven by the need of businesses to organize large-scale activities even as they continue to adhere to physical distancing and work-from-home norms. Virtual events are likely to emerge as a commonplace practice to plan and execute events on a global scale, at a quicker turnaround time and lesser costs but with a larger impact and scope to build wider networks.
Improved ROI for the Sales Function
The core objective of any virtual event is to replicate on-ground events that aid the sales team to generate leads and achieve their targets. Technology has enabled businesses to organize multi-format events such as round tables, fireside chats, product launches, conferences, seminars, symposiums, tradeshows, and expos, on virtual platforms on a similar or even bigger scale but with greater advantages to the sales team. The market intelligence and data that is gathered through virtual events is much more extensive than any on-ground activity, where the sales team just gets a business card and registration details of the attendees to act upon. Whereas virtual events bring detailed insights about the attendees such as the sessions attended, the collaterals downloaded, booths visited, and time spent on a specific booth or information kiosk, etc., which enables the sales team to act with the precise interest of the target audience in mind. This targeted sales pitch results in greater conversions and better return on investments (ROI), all eventually adding on to the company’s bottom-line in the post-pandemic recovery phase.
Continuous CXO Knowledge Enrichment
Virtual events can be a melting pot for subject-matter experts, industry authorities, thought leaders, and peer groups from across nations as attendees do not have the geographical challenges to overcome or bear the high costs involved in attending an on-ground event outside their country. The variety of audiences and a large gathering of experts provide an enriching experience for the company C-Suite, who can continuously learn and upgrade their knowledge and implement changes faster within their organizations.
Converging on a common platform allows the C-Suite to garner a variety of fresh insights on diverse topics, including on ways of managing a crisis, dealing with new-world challenges pertaining to carbon footprint, sustainability or CSR, technology advancements in the industry, investment and financial trends, and many other emerging global trends.
The Coronavirus pandemic has upended on-ground events as a crucial element of marketing and sales strategy for businesses. Alternative to on-ground events, virtual events have proven to be a cost-effective and environmentally friendly alternative to extend the reach of marketing efforts. For the above-mentioned reasons, the trend will, most likely, increase much beyond the pandemic years.
The above article is authored by Paras Lohani, Founder and CEO, B2B Sales Arrow.