Why Go Virtual Instead of Physical?
In our digital-driven world today, we are witnessing a significant growth within the virtual events market. As brands like Alo Yoga and Warner Music Group dabble into the digital ecosystem, "going virtual" has become the new norm. Still hesitant about tapping on the virtual event technology? Here's a comparison between physical and virtual events:
#1 Cost effectiveness
Physical events incur fixed expenses such as venue rental, decorations, labour and other overheads. These mandatory expenses usually guarantee an immersive experience for visitors, but if the response turns out to be less overwhelming than expected, the cost-per-attendee can be unnecessarily high. In contrast, virtual events significantly eliminate the traditional costs. You are able to tap into the same great content virtually to your audiences, with a relatively lower cost.
Physical events would require participants to travel to a set location. The scale of event would also often be restricted by its venue capacity and geographical location. As a result, there will be a maximum number of attendees a physical event can accommodate. On the other hand, virtual events can be more forgiving with its list of attendees, granting access to a much larger number of people, as long as they own a digital device. Virtual events also give the ability to accommodate participants from anywhere around the globe, letting brands cast a wider net to various audience groups, no matter their physical location. Besides, physical events have a finite shelf-life of 2-3 days while virtual events can last for a few months or even more. The non-time-bound characteristic of virtual events enable it to welcome more leads and reach wider audiences.
#3 Environmental friendliness
Green marketing is a trend that has sprouted up in recent years. Brands are now stressing more on green initiatives, shining heavy light on sustainability awareness. Unlike physical events that often require physical props, massive printing materials and heavy electricity consumption, virtual events could be a stepping stone for brands to reduce their carbon footprint and control environmental damage.
#4 Data collection
Post-show work that involve data collection and report consolidation can be a great hassle for organisers of physical events, where resources to carry out tedious work as such could often be better utilised elsewhere. Throughout traditional events, data is usually collected manually as participants check-in to register. However, it is challenging to keep track of visitor behaviour and interaction throughout the show. Virtual events, on the other hand, paves a way for organisers to keep track of a comprehensive set of data including the type of content viewed, booths visited, and resources downloaded. This data can be extremely useful when gaining insight to further improve product offerings and monitor campaign effectiveness. In the context of this, automated data collection would present an effective solution to nurture leads and gain insights.
It is no doubt that virtual events currently have its edge, but that does not mean the extinction of physical events. After all, we are human beings - we long for handshakes, eye contact and connections. For this reason alone, in-person events will always have their own charm. It is foreseeable that both physical and virtual events would remain in prevalence in any marketing mix. Therefore, if you want to stay ahead of the game, one could opt for phygital events like this one to get a good mix between the both.