Virtual events are here to stay, and we’re not just saying that because it’s our business. The reality is, virtual events offer too many advantages for event planners to ignore. We aren’t the only ones who are bullish on the future of virtual events. According to the Global Virtual Events Market Report 2021-2025, the virtual events market is expected to grow at a CAGR of 33%. Here are four reasons why we believe virtual events are here to stay.

https://vidionix.com/4-reasons-why-virtual-events-will-remain-popular-post-pandemic/

While both event types use the power of technology to bring audiences together, there are some key differences between the two. Virtual events are described when all attendees participate online only, while hybrid events are a combination of both online and in-person.

The complexity, length, size, scope, number attendees and technology needs all attribute to the production cost of events.

When the pandemic arrived in 2020, the business world was scrambling how to continue working, communicating, and collaborating in the midst of Covid-19.  While not an entirely new concept, virtual events became synonymous for companies worldwide as the new way to effectively meet and continue business as usual. The cost of producing a virtual event can vary wildly and depends on complexity, length, size, scope, number attendees and technology needs.  One of the benefits of hosting a virtual event is the cost savings associated with booking travel, hotels, venues, AV, food, and beverage.  Plus, the ability to tune-in from home or work added convenience to attending events that previously wasn’t an option. Turning your event hybrid, will add those associated costs back into the budget, however, we’re seeing most companies are scaling back the in-person experience to save money.  For fully in-person events, we are also seeing a scaled back production and less attendees (as compared to pre-pandemic levels) as companies realize the cost savings the virtual productions offer.

If you’re wanting to calculate the ROI, you’ll want to begin with calculating the cost of hosting the event. This includes all expenses such as the cost of the virtual event platform, booking keynote speakers, employee/contractors time setting up or creating content, equipment or venue rental (for hybrid), and so on.

Then, you’ll want to measure your results in both quantitatively and qualitatively. For example, a quantitative result could be total revenue generated. Qualitative measurement is not as easy to measure, but it could be measured by surveys, brand recognition or how many new partnerships your organization formed as a result of hosting the event.

Next, compare the costs to the results achieved. Imagine your event cost $5,000 to produce and helped you acquire 100 new leads. Based on previous results, you know that roughly 40% of your leads will turn into paying customers. So, in a nutshell, you paid $5,000 for 40 new customers. As long as your company will profit $250 or more per paying customer, your virtual event produced a positive ROI.

Always keep in mind that ROI should be measured at different stages. In most industries, the revenue is not generated overnight. We typically recommend setting up gauges to track results on 3-month, 6-month, 9-month, and 12-month marks. More often than not, if you’re patient, the ROI you generate will be well worth the effort.