What do we do when event attendees do not show up, resulting in less leads?
Digital events have proven to be superior to physical events in numerous ways. Digital events provide for greater flexibility and democratization, are more sustainable, and generate more income prospects.
However, actual events are vital for generating leads, exhibiting items, and producing commercial value. To be able to produce events that provide economic benefits and meet the requirements that digitalization imposes, a comprehensive strategy is required.
Reduced travel budgets restrict business travel opportunities.
In 2020, when the epidemic struck, global spending on business travel decreased by 52%. United States business travel expenditures decreased by 71%, or $94 billion. It is now 2022, and it is exceedingly uncertain whether business travel will return to the same levels, for a number of reasons.
In a McKinsey & Company study, workers who business traveled before the pandemic were asked if they would return to travel after the pandemic. The results showed that we can expect a 20% reduction in companies’ travel expenses by 2023. The change has also attracted attention in Sweden, with Telia, SEB, and Volvo, among others, signaling reduced travel budgets. The Swedish travel industry organization predicts a 50% drop in business aviation.
It is uncertain whether physical meetings and events will return to pre-pandemic levels due to companies’ reduced travel expenses and the new conditions brought about by digitization.
Virtual events are not the solution to all problems
Digital events have enabled participants to be flexible, prioritize their time on work, and participate in information remotely. On the other hand, demand also exists for physical events. Companies rely on physical events because they are frequently superior at generating commercial prospects and fostering consumer relationships.
The term “digital event fatigue” became more widespread during the epidemic. At the onset of the epidemic, everyone signed in and participated virtually in meetings and events, but this participation decreased with time.
In a poll of marketers, the majority responded that they are only “moderately effective” or “not effective” at conducting virtual events that add value to their organization.
Several businesses are uncertain as to how they should conduct events and meetings. They need on-site activities, but it is impossible to go back to how things were before due to increased worker needs and global conditions.
When society reopens, a retake of business events is necessary due to limited travel costs and new needs among the participants. The administration of events during the epidemic has taught us that digital events are the answer for specific occasions and groups. In other situations, physical events or a hybrid event solution is the best option. Companies must determine their best blend from case to case; this involves adaptability and an agile approach to events and meetings.
A comprehensive plan for events and meetings is gaining importance
Many firms and organizations take an all-encompassing approach to event and meeting strategies due to the requirement for more internal control for more flexible event management. The objective is to design events where participation is prioritized by participants. Moreover, the events must provide corporate value and be efficient.
Companies have started to see the advantages of holding a number of smaller events rather than a few major ones. This allows them to develop events with clear relevance to the target audience and in a format that is appropriate for that audience. Additionally, new technologies offer novel meeting and event formats. Popular new sorts of meetings include “digital communities” and “hybrid hub events,” which digitally connect actual meeting locations. Such events allow for physical meetings while minimizing the need for travel.
In order to address today’s challenges, businesses must master all types of events and meetings and provide participants with value. This requires the ability to organize and execute high-quality events, whether they are real, virtual, or hybrid.
Your marketing department is expected to collaborate with other departments. You must create a complete strategy in which each event and meeting is tailored to the company’s goals and designed accordingly. This creates the optimal conditions for maximizing the event’s business benefits.