As of March this year, countless businesses across the globe have been obliged to cancel in-person events. This resulted in virtual events skyrocketing in popularity. Whereas businesses used to spend a considerable amount of time conducting meetings, conferences, and training sessions in brick-and-mortar surroundings, this year has seen them having to swiftly adapt to online events technology. While in-person events will always hold a certain appeal, the benefits of virtual events to both organizers and attendees will undoubtedly change the event landscape forever.
It has been estimated that businesses spent nearly 25% of their total annual marketing budget on events during the course of 2019. Virtual events provide these businesses with the opportunity to save money amidst ever-shrinking budgets. In fact, hosting a virtual meeting or conference can cost up to 75% less than a traditional, in-person one. Typical costs associated with booking a venue, catering, travel, and promotional material have almost completely eliminated. There is also no need to hire expensive audio-visual equipment. In order to host a successful virtual event, however, a business has to have access to an online event app or software, while attendees require a computer or smartphone with stable internet connectivity.
Apart from being budget-friendly, virtual events also save businesses a lot of time. Anyone who has ever had to attend a meeting or conference in another city or state can attest to the amount of time wasted traveling. All this time spent traveling to and from a venue and planning a live event can be used in other more-productive ways that can benefit the business. Attendees only have to come online at the time the event has scheduled to start, and can log-off and leave directly afterward. Virtual event platforms also make it possible for multiple meetings to held on the same day. The cutting down significantly on the overall time spent out of the office.
One of the greatest appeals of virtual events is the increased reach an organization can enjoy. Nationwide or multi-national organizations can include business partners and employees from across the globe. They can include in a single virtual meeting without anyone having to leave their home or office. Virtual events have also not restricted by venue availability and seating capacity like in-person events are. Depending on the platform you use. You can easily hold a meeting with hundreds of attendees from all over the world. You can extend your reach even further by throwing in a live-stream option. It can share with other platforms for the benefit of supplementary personnel and other stakeholders.
Virtual events have revolutionized the business world. Even with the world slowly returning to a degree of normalcy. The benefits of virtual events will ensure their place in the business sphere indefinitely.