Our methods of conducting business and corresponding with one another have been irrevocably altered by the pandemic. Like remote work, virtual events have become increasingly common. However, now that COVID-19 is at bay and people are coming back into the world, the question stands, will virtual events remain relevant in 2023?
The answer to this question is multifaceted; while virtual events will remain popular, there will also likely be major changes in how these events are conducted. Therefore, if you are planning to create a virtual event in the future, you should take these trends into consideration when planning your event.
Now, let’s talk about some of the reasons why digital events will become more popular among organizations in the near future.
Just What Exactly Are These Virtual Events?
The term “virtual event” refers to a function that does not take place in real life. You may think of them as a type of advertising. If a corporation has released a new product, for instance, it may utilize a virtual event to promote it. However, virtual events also encompass things such as digital video recruiting and webinars.
In order to expand their customer base, businesses are turning to virtual events more and more. Another use case for virtual events is the distribution of free goods to existing clients. New product launches and client feedback might both benefit from a virtual event. One other way that businesses may use this technology is for virtual gatherings. To aid in their charitable giving, several businesses host virtual events.
That being said, while virtual events are not as necessary as they were following the COVID-19 outbreak, the technology still has its uses. In fact, virtual events offer numerous advantages that will keep them relevant for years to come. Furthermore, the exponential development of video as a format suggests that in the not-too-distant future, virtual events will be even more widely attended than they were during the pandemic.
1. Scaling Virtual Events Is Simple
The last year has seen a dramatic shift in event marketing. But the basics are, and always will be, the same. The need to promote a product or service, find new customers, and retain existing ones will never go away. You will much more easily attain these targets with the help of more scalable events.
That being said, there are many ways in which you can increase the size of a virtual event. You can increase the number of attendees, the number of available spaces for networking, and the number of speakers. The time your event planners can save using virtual events will allow marketers to use it to its full potential and make the most of online events. More accurately, it’s going to allow them to put more effort into enhancing attendee participation. This would be a lot more difficult to do if the event was in-person.
2. ROI for Virtual Events Is Higher at Lower Costs
The goal of every event planner is to maximize profit while minimizing expenditures. From this perspective, online virtual events present an amazing opportunity. Planning and executing an event in a virtual space is much cheaper. No matter if it’s a virtual career fair or a product reveal. Virtual events all you to avoid spending money on securing staff and putting on the event. You no longer have to spend money renting out spaces, staying in hotels, providing food, or taking trips.
This allows you to reallocate your budget. You can spend more money on promotional materials in advance of the event or set it aside for use in the campaign’s follow-up event. With the resources at your disposal, you may make significant improvements to the event for your guests. Online events may save you time, money, and effort while allowing you to reach a far larger audience. More and more, business owners are starting to realize this, which is one of the reasons why virtual events will remain relevant in 2023.
3. Hybrid Events Are Becoming a Norm
Hybrid events are a combination of live and online gatherings, and almost seventy-five percent of event organizers are shifting their focus from live events to virtual or hybrid alternatives. In the absence of virtual events, many businesses, customers, and groups would never have met each other’s needs. There have been numerous instances where people were unable to participate in an event due to their location or their financial situation. All of these problems are solved by hybrid systems. They allow people who want to attend an event in person while also allowing those who would not otherwise be able to experience it.
Benefits of Hybrid Events
- Adding a virtual component to your event broadens its appeal and encourages more people to participate. Potential attendees may be expanded to include others who would not have been able to come otherwise
- Increased participation by providing a digital hub where event-goers can network and share their experiences; participation may be boosted
- Hybrid events are better for the environment since they limit the number of people that need to travel to physically attend the event
- In addition to enhancing engagement, a mobile app might provide attendees with helpful information, such as a venue’s schedule or a floor layout, to help them find their way around
4. The Worldwide Shift to Virtual Environments
According to data gathered by TrustRadius, 67% of businesses intend to purchase web conferencing software in the next year. That need for regional and individual virtual events will grow in the days ahead. Attributing the recent uptick in virtual events to the epidemic is natural. However, the pandemic only hastened an emerging trend. Businesses started realizing the many advantages of doing events online, so it started to become the norm.
So, will virtual events remain relevant in 2023? The answer is a resounding, “Yes.” They are already one of the most popular ways to conduct business. They will continue to grow in popularity as more and more businesses adopt them. Therefore, if you want to ensure that your company is successful in the coming years, you should implement a virtual event strategy.