Virtual Trade Shows Present New Opportunities to Reach Prospects and Gain Business
By Traci Tucker
Without a doubt 2020 has been a year fraught with challenges, the likes of which many of us have never before experienced. As we continue to adapt, we have learned to overcome some of these obstacles and discovered new ways to conduct business. Consequently, 2020 has also been a time of inspiration and innovation.
Patients can visit their doctor online, office meetings are conducted on Zoom and musicians are performing via livestream. Even the NBA has gotten in on the action with an experience unlike anything else we’ve seen as fans watched themselves in the arena cheering for their favorite team.
Companies who rely heavily on trade shows and conventions as their primary revenue generator have also learned to adapt. Live events are now taking place virtually in a variety of different ways, and those companies who have embraced the concept are realizing some key takeaways. In fact, the number of organizations who were planning on running virtual events doubled in 2020!
Admittedly, I had a tough time wrapping my head around the notion of virtual networking events, specifically tradeshows and conferences. In-person events usually have tradeshow floors with booths that are manned by representatives who can talk face-to-face with attendees, share information about their company and give prospects a little branded goodie as a reminder of who they are and what they do.
How does all this work in today’s landscape? How do you convert the one-on-one in-person scenario to one that is virtual?
What is a virtual event?
The basic definition of a virtual event is an online event that involves people interacting in a virtual environment rather than at a physical location. When executed correctly, they can be highly interactive and achieve results similar to those of an in-person event.
Different types of virtual events include open houses, conferences, career fairs and trade shows. A company open house is a great way to give virtual visitors a ‘behind-the-scenes’ look at how your company operates, who is working on a specific project, answer questions and introduce staff.
Unlike a live event, virtual trade shows are not limited to a geographic location. All an attendee needs to participate is a mobile device or computer and a good internet connection. Attendees still have the ability to ‘meet’ with sponsors, ‘visit’ booths, hear guest speakers and access pertinent information.
Benefits of Virtual Trade Shows
Some may feel that virtual trade shows present little or no value. Some company officials readily dismiss these opportunities because they’ve never experienced a virtual format and therefore don’t understand how it works. However, virtual trade shows can be just as valuable and cost less—75 percent less as a matter of fact—than physical events, provided the organizer is well-prepared.
Research shows that 84 percent of organizations who had already run virtual events reported that they spent less on virtual events than in-person ones.
Think about it: there’s no physical space to rent, no need to hire caterers, no booth to schlep and no flight and hotel accommodations to book. The elimination of travel makes participation less time-consuming. Sponsorships may be less of an investment and it may cost less to register. And virtual events and trade shows can still generate leads.
“These new virtual trade shows offer even more opportunity, with fewer costs and distractions,” says Forbes Contributor John Caplan. “This fine-tuned format creates meaningful digital connections that foster the trust necessary to build trade and gives business owners critical time and resources back.”
Marketing Direction client Rivero, Gordimer & Company recently experienced great success following a virtual event their company sponsored and attended.
“I was very pleased with the result of RTO World 2020,” says Michael Helton, CPA and Shareholder at Rivero, Gordimer. “Considering the organizers only had a few months to reshape a very large live convention into an electronic portal structure, all attendees I spoke to were pleased, including vendors and dealers. It allowed our office to schedule meetings via Zoom or attendees could just ‘pop in’ our booth and speak with us. Instead of standing in a booth physically we were sitting at our desks on live web feeds. There was no lack of communication and since all information was in the portal—our ‘virtual booth’—already it made data gathering much easier for follow up. Considering the alternative was to cancel the show altogether, the virtual platform was a homerun.”
Going virtual also facilitates data mining. Regardless of the event format, feedback is crucial when determining ROI. Online attendees are more likely to answer real-time polls or surveys thereby providing valuable information as to the success of the event. Furthermore, you can determine when attendees logged on and from where, what collateral they viewed and/or downloaded, how much time was spent in your ‘booth’ and more—all of which can help in planning future events.
Plan to Go Virtual
Like all successful marketing strategies, the success of a virtual event begins and ends with a plan. And, now is the perfect time to start planning your virtual event(s) for 2021.
If you have a trade show strategy already all you have to do is pivot that into a virtual event strategy. Determine which events to attend and if you choose to host a show be sure to promote well in advance. I’m sure many of you have attended virtual webinars—is it time to start hosting your own?
Preparation counts in order to realize maximum benefit, just as it does in a physical event. As organizations have had to reinvent the way they’re presenting events, so are we now having to reinvent the way we participate in them. Practice what to say and what to show and understand that the appearance of your ‘digital booth’ or presentation really does matter. Your goal is not to make a sales pitch, but rather to meet new prospects and gather information for follow up at a later date.
When it comes to hosting a virtual trade show, there are a lot of moving parts to consider. What hosting platform should you use? What educational sessions will you present? How will you secure guest speakers? Do you want to offer a virtual happy hour or some other type of meet-and-greet opportunity? How can you solicit sponsors to help offset costs?
Ensuring your event is a success takes a team of people to help promote attendance, manage the myriad of details and encourage engagement. Fortunately, there are virtual production companies that can facilitate everything from beginning to end leaving you to do what you do best. And, of course, your team here at Marketing Direction will be with you every step of the way.
The show must go on, as they say, and, as it does, so do new opportunities.
