One Year Into the Disruption in the Event Industry: Where do We Stand?
The recent times are the most accurate examples that affirm the age-old adage, ‘change is life’s only certainty.’ It appears to be more true now than it has ever been. Fortunately, the event industry adapted to the changes most efficiently. It amazed the world with the resilience and flexibility it has. The two linchpins that propelled the industry to new heights while all others were struggling to stay afloat.
Eventers across the globe adapted to the technology-based virtual realm of events in no time. Their dedication and rapid response made the industry’s transition through these testing times comfortable and fruitful. Here we present the current picture of the event industry after embracing some dire changes. We also try to provide you the best strategies to tackle these alterations.
Evolution of Virtual Platforms
Virtual platforms have served as the backbone of the industry’s transit through these times. Platforms such as zoom, Facebook and Instagram lives, etc., were the immediate resort for the eventers after the pandemic struck. No doubt, these platforms need an honorable mention in the remarkable accent of virtual events in the past year. However, virtual platforms are getting more intricate and dynamic every day.
Event techs are constantly innovating to add new dimensions to event platforms. Today, virtual event platforms can be 100% customized to meet your specific requirements. They are delivering a holistic experience to the attendees instead of simply connecting bring them together.
Innovations in Engagement and Networking
Since the divergence to the virtual realm, engagement and networking have been two major pain points of the eventers. These are the two mainstays that also determine the monetization capability of the event.
But the good news is, the industry is rapidly finding ways to surmount these challenges. For that reason, a resounding 70% of respondents in the cred’s survey value virtual events as much as in-person events, if not more. Interactive sessions, gamification, and several other methods are working great in keeping the audience glued to the event. Also, numerous marketing strategies are seamlessly accommodating these events to build and grow a colossal virtual network.
Scheduling and Planning
When it all began in 2020, the world was not ready for virtual. Most events get suddenly shifted over to the virtual platform without adequate planning and scheduling. However, with time, the event organizers got a knack for the new format.
In the present times, they understand the nuances of virtual and hybrid events more than ever. They are more systematic and organized in their approaches. Unlike the past year, eventers get enough time to research, plan, design, and execute every event with perfection. They have also gained pace in arranging these events and delivering fully customized event experiences to the audience that harmonizes with expectations.
Enforcement of Virtual as We Return to In-Person
Many would argue that we are on the road to returning to in-person events as the world recovers from the pandemic. They might suggest that virtual events would diminish in the upcoming times. While this is only one perspective to the story, we cannot overlook the current economic status of businesses globally.
The market is dealing and struggling to recover from the massive economic blow the pandemic has laid. In the light of this state, they are not going to invest big budgets on events. Most businesses and eventers see virtual events as an opportunity to deliver the same impact with much lesser expenses on venue, food, beverages, and travel. Also, both organizers and attendees are getting accustomed to the ease and potential of the virtual event format. These factors affirm that the virtual portion will continue to dominate events even as we return to in-person.
- Virtual has become an enduring component of events, even as we return to the in-person format, making hybrid events more promising than ever.
- Virtual events can deliver more content and value in a shorter duration.
- The market is getting flooded with virtual event platforms. In such times, ubiquity, ease of use, and applicability will be the determinants of success.
- There is still some time when in-person events or the physical portion of the hybrid events see high attendance.