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Is Switching To Virtual Events Worthwhile For Small Businesses?
Have you considered turning future small business events into online events? In 2020, the virtual events platforms market surged 1000% due to factors such as travel restrictions and budget crunches. When small companies plan events, it’s important to consider matters such as key issues for big events. Shifting physical events of all sizes to the virtual world can help small businesses in terms of costs, scope, and conversions.
Saving money and boosting ROI
Markletic reports one-third of marketers estimate the average cost per attendee of virtual events can be as low as $500. This feature is especially critical for small businesses with significantly less revenue than Fortune 500 companies. Meanwhile, an in-person corporate event can be quite pricey when factoring costs such as venue, food, entertainment, décor, videography/photography, and “swag bag” giveaways.
Streamlining the events’ costs can help to maximize the return on investment (ROI). The format itself can help to cut expenses like space, travel, and marketing. For example, consider that only certain event participants and guests will have to travel to the event’s location. This can save a small fortune, since Cheap Flights reports the average cost for a California-Florida plane ticket is about $1,000. In addition, the event itself is based on its function and budget rather than the number of attendees.
More convenience means more inclusiveness
Bizzabo reports that 80 percent of marketers believe the main benefit of virtual events versus physical events is reaching a bigger audience. Small businesses can take steps to make online events more effective through fun virtual events ideas. However, live-streamed events themselves naturally provide a larger audience since attendees can attend through virtual event platforms. Today the largest streamed events can attract over a half-million viewers, which offers companies an effective yet cost-effective way to make corporate events more inclusive.
Research shows that in 2020, virtual events experienced a higher attendance rate than physical events. This was due to factors such as lower cost and no traveling. Such web events are also more inclusive since it’s easier for planners to meet the special needs of attendees through registration form requests. Companies can also include live or recorded captions for the hearing impaired, and translations for foreign language-speakers. Another possible offering to boost inclusion is networking features such as Zoom’s live transcription service for the video conferencing app’s paid plans.
Virtual leads for real conversions
Yet another way small businesses can benefit from taped or streamed video events is through increased leads and sales. The U.S. Bureau of Labor Statistics reports that half of startup companies fail within five years of launch. It’s critical for small companies to maximize lead generation through events. During the past year, many companies have moved in-person, conferences, tradeshows, and industry meet-ups online to create new leads for filling their business pipeline. Events ranging from small webinars to huge virtual conferences provide companies with the ability to generate leads and sales while maintaining social distancing protocols.
Today's virtual events have disrupted traditional in-person conferences and tradeshows. This situation provides small businesses the chance to leverage benefits of online video platforms such as lower costs, greater inclusion, and lead generation. With over 600,000 new businesses launched yearly in the USA alone, it’s critical for your enterprise to use tech as effectively as possible. Your next company event could feature virtual attendees and real growth opportunities.
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