Reimagining Events During/After COVID-19
If there was ever a catalyst to reimagine the events space, the coronavirus is it.
In 2018 Allied Marketing Research reported the global events industry was valued at more than 1 Billion dollars and expected to grow at a CAGR of 10.3% to reach $2.3B in 2026. But, once COVID-19 hit and the majority of the world went into quarantine, those projections drastically changed. Now virtual events and digital broadcasting went from being a cool addition to an in-person event to becoming its central focus.
Many of you are exploring virtual solutions to serve your audiences in these uncertain times. As marketing professionals and event experts, we can help you find the value in virtual/hybrid events and give your team a crash course in digital event production.
We know that the business events industry will lead the way towards global economic recovery and when it comes to reimagining what the events industry will look like in the near future, there are five things we should all be thinking about.
1. NEW FORM OF EVENT NETWORKING
We can all agree that one of the biggest benefits of attending an in-person event is the opportunity to meet people. But with the coronavirus forcing people to stay home, we now have new forms of networking emerging over platforms like Zoom, Slack, etc. These digital-first networking platforms aren’t the same experience you get when you attend an in-person event, but maybe that’s okay. Historically, events were optimized for the in-person experience, but now they will become optimized in a variety of ways for people to watch and participate because the future of events is going to be a hybrid.
2. VIRTUAL NOW & HYBRID LATER
Digital events are here to stay, and in-person experiences may become optional. With that in mind, work to have the virtual event and in-person experience compliment each other. For example, include an interactive component such as gamification, content library or chat rooms as part of the virtual event.
When preparing for an event you might not even realize what questions to ask - as the old saying goes, “you don’t know, what you don’t know!” Here are some questions to ask your team:
Do you have the correct video telephony software?
Is your zoom account equipped with webinar functionality?
Do you need a private room?
What’s the difference between a meeting, webinar and private room?
Who helps my attendees troubleshoot their login?
Who controls the back-end?
Where is the recording stored?
Do I have enough storage?
Do I need a video editor?
3. CENTER STAGE LAYOUT DESIGN WITH SOCIAL DISTANCING
In-person events aren’t going to go away completely because events thrive on the energy and excitement around interacting with others over a common interest. This could mean booking a larger venue to host a limited number of invitees and provide room for social distancing. The facilitation for entry, sanitizing, food, and beverages is certainly going to change too.
4. FLEXIBLE DATE AND TIME
You are familiar with the growing fatigue of sitting on endless Zoom calls all day and the last thing you want to do with your “free time” is spend more hours in front of the screen. Events were supposed to be a break from the work day - the opportunity to be inspired, meet new people, have a memorable experience. Not “another virtual meeting to go to”.
With that in mind...look at TED Talks. Did you know that 95% of the people to watch TED talks are not at the event? They are watching on YouTube or on the website. This model gives people the freedom to consume content on their own time and schedule. Have you considered making your business or networking event date/time flexible?
5. BUSINESS MODEL
Historically, charging for access to an in-person event has been very different from charging for virtual access and they were priced accordingly. But what if that all changes?
With an in-person event you are buying attendance and the ability to see the speaker in person. You arrive. You experience. You leave. And that used to cost a premium.
With a virtual event you consume the content from the comfort of your own home (or other desired location). You can rewind, replay, and watch on your own schedule. And this is currently a fraction of the cost (our prediction is that this cost is going to increase exponentially). And that’s because of the additional technology and access being added, such as:
Ask questions to the speaker directly in real time
Chat with the speaker one-on-one
Private invite-only VIP before and after event access
Behind the scenes access
What the future of events looks like is an open question and we cannot predict exactly what will happen. But the discovery process has officially begun and we will be there for you every step of the way to innovate.
Have additional ideas for how to have a successful event during COVID-19? reach out to us! We love a good brainstorm. Cheers!
