March 31st, 2021

Virtual Events are Here to Stay!

The event industry experienced one of its greatest paradigm shifts at the onset of the pandemic.  Virtual events went from a “nice to have” to a “need to have” almost overnight. One of our more basic human needs is the desire to connect; to feel a part of something greater than ourselves.  Ironically, the pandemic      reminded      us of just how significant this need for connection is when it forced us to disconnect and isolate because we are a part of something greater than ourselves.  We had no other choice but to go virtual with our events and begin blazing a trail to a new future of connection. 
 
Rest assured, live events will come back, there is little doubt.  The Post Covid-19 Event Outlook Report indicates 95% of event organizers believe virtual will not replace live events.  However, the virtual element is here to stay.  92% of the same event organizers plan to make investments in virtual events going forward (Bizzabo).  So, what does that tell us?  There is real value to be gained in a virtual platform.  Here are some of the more significant:
 

1. TIME & ACCESSABILITY – The barriers to attend a virtual event are low.  No travel to manage, no hotels to be booked and time away from work is minimal and more predictable. Attendees can optimize the knowledge and information being shared through the availability of recorded sessions and online resources after the event as well.   
2. BUDGET FRIENDLY – There are virtual platforms for every budget from free “do-it-yourself” to full scale event production teams to help you create higher impact and engagement. Even with the higher end production, the costs are significantly lower than your traditional live event.  In addition, your marquee keynote speaker or celebrity performer are available at a fraction of the cost for an in-person appearance.  Don’t underestimate the influence a little star-power can have on your virtual event.
3. DATA ANALYTICS – Whatever insights and relationship development we lost not being in-person, the virtual environment provides the opportunity to learn about your audience in ways never available face to face.  This can be as basic as real time audience polling to incorporating data analytics tools into the virtual platform itself.
4. MORE VIRTUAL OPTIONS – Virtual events have been around for nearly a decade.  The technology isn’t new, but the demand for their application has pushed the advancement and availability of broadcast, collaborative, networking and extended reality (xR) streaming platforms to incredible heights.  The capabilities are expanding every day and we have only just begun.
5. PARTICIPANT EXPERIENCE – On a virtual platform the participant experience is paramount and not all participants are created equal.  There are      myriad      virtual tools and resources available to meet each participate where they are to provide the best experience possible.  And because of accessibility, event organizers are able to open their events to new participants who have traditionally not been able to attend in the past. 

 
I don’t think you will find anyone who would disagree that the world has changed.  The way we communicate, interact and engage is different on almost every level.  Approximately 65% of people who have been working from home have indicated they would like to continue to do so even after the pandemic restrictions are lifted (Gallup).  Employers are finding, on average, $11,000 of savings per year for every employee who works remotely half time and telecommuters are finding approximately $5,000 in annual savings working from home (Review 42).  The only way to sustain this kind of efficiency is continuing to embrace the virtual world and leverage our gains to continue to develop new and creative ways to connect.