The Reality of Virtual: How to Make the Most of Remote Events in 2021
The titanic global business event industry — valued at $1.5 trillion, pre-COVID — was among the many industries which, relying on in-person activity, was decimated by the pandemic. Four of the world’s largest business conferences were cancelled (Mobile World Congress, SXSW, E3, and Google I-O), collectively losing an estimated $925 million in 2020 as safety concerns halted travel and made live gatherings impossible.
These sudden, insurmountable obstacles made the choice clear for hosts: Transition to virtual events, or forfeit the many upsides of conferences.
Beyond the revenue reaped by their planners, conferences offer a myriad of benefits. Those which feature excellent speakers and well-curated panels provide heavy doses of industry wisdom and insight, and attendees get the chance to trade ideas and network with a broad swath of peers. True, nothing can fully replace the experience of in-person connections. But going virtual can be a powerful — and awfully cost-efficient — alternative.
Why Go Virtual?
To make the most of in-person conferences, attendees have had to travel long distances, pay hefty sums for admission and lodging, and then wade through massive crowds and innumerable panel offerings to find the perfect events for them. Organizers also incur heavy costs — between reserving a venue, renting equipment, and feeding attendees, a lot of money is funneled into the logistical side of conferences.
Virtual conferences, meanwhile, have practically none of these issues. Attendees have to travel only from their bedrooms to their living rooms (if that); pay zero for transportation, food, and lodging; and never have to battle crowds. Planners save, too — all the money they would have spent on the venue, equipment, and catering can instead be devoted to what really matters: booking top-tier panelists, and giving online attendees the VIP treatment.
Virtual events also profile as better fits for a post-COVID world. Following the economic and health shocks that COVID-19 sent through societies across the globe, many will lead more conservative, safety-oriented lifestyles in the wake of the pandemic. 15% of travelers plan to avoid public transportation and major cities, even after vaccines make the rounds. Virtual events, which are less expensive and infinitely safer, are perfect matches for these lifestyle preferences.
In 2019, virtual events were collectively valued at nearly $78 billion. Now, given the pandemic, that figure is expected to increase by 23.2% annually over the next seven years. If you’re looking to plan great, COVID-friendly events in the next several years, now’s the time to think virtual — and to find a partner who can help you make the most of it.
How to Go Virtual
Conventional wisdom suggests that it’s harder to keep someone’s attention when talking to them virtually than when presenting to them in-person. But the statistics don’t exactly bear that out. Recent research by Data Connectors and NowSourcing finds that 86% of participants in online meetings report equal or higher levels of engagement compared to in-person meetings.
When it comes to making the most of virtual events, the guiding rule is simple: Make your content essential. Build content that engages, captivates, and inspires audiences — that doesn’t give them the chance to look away.
How do you do that? It’s the million-dollar question, sure, but for LUDWIG+, it’s the question that we devote our lives to answering. Here are a few key principles:
• Time is of the Essence. Don’t waste time on lengthy explanations, unnecessary segments, or (gulp) tech hiccups. Wasted time is jeopardized attention. Make each phase of your event airtight.
• Give Attendees the VIP Treatment. In addition to finding great speakers, the money you save on venue rental and catering costs can be redirected to things like DoorDash passes, cocktail supplies (via Shipt), and swag for virtual life (think wireless mouses and casual wear).
• Make it Beautiful. Don’t settle for boilerplate PowerPoint presentations — partner with professionals to create gorgeous images, augment reality, and make all content as eye-grabbing as possible.
• Interactive, Interactive, Interactive. No one wants to stare at their computer, unacknowledged, for hours. Find ways to engage with attendees — e.g.: breakout rooms, gamification methods, and networking spaces.
At LUDWIG+, we are devoted to reimagining categories and transforming brands. We dig down to the soul of a company and find ways to illuminate it. Planning peerless virtual events is our latest — and perhaps most urgent — method of doing so.
Make Friends with the Future
Pre-COVID, the virtual events space was already expanding. The pandemic supercharged its growth. As with many prior norms of daily life — commuting, rigid schedules, office work settings — the need for change has forced us to find better paths forward.
As you plan to take advantage of the many upsides of virtual events, remember that essential, interactive content is the surest way to give attendees bang for their buck. Since our inception, LUDWIG+ has been determined to challenge the status quo, and to keep our partners on the cutting edge of the modern world. If you need a little help going virtual in 2021, contact us.
