Trade shows and expos were a catalyst to draw attendees for a business, but with the outbreak of the pandemic, the physical expos came to a standstill. People are now afraid to attend any gatherings, which appears to have changed the landscape of events. With safety in mind, many firms have taken the plunge this year and are hosting virtual events.
Hosting a physical expo is a costly affair, you have to gather people and convince them to stay interested in the expo till the end. An exhibition hosted virtually gathers audiences beyond geographical boundaries, is cheaper to host than in-person ones, and in the process enhances ROI
How do virtual exhibitions reflect on your business ROI?
While we understand what is in it for brands to organise virtual exhibitions, we shall delve into how brands are generating more ROI from these virtual exhibitions than physical expos.
1. Better brand exposure
Compared with physical expos, the virtual event platform has a longer lifespan. It can last for several days, as long as the organizer wants. The brand has a better, faster, broader, and in-depth reach. Brand exposure leads to brand recognition, which can easily persuade prospective customers to sample your brand for little to no cost at all.
Furthermore, firms with a loyal customer base do not need to spend a lot of money on new customers, because loyal customers will constantly come back for more. These same loyal customers are likely to become brand ambassadors, recommending your business to their friends, family, and other online customers.
Moreover, brand awareness and recognition improves the effectiveness and impact of other marketing efforts, resulting in increased sales and repeat business.
2. Global reach
Virtual events have a large audience and can reach worldwide markets. Because virtual events are scalable and accessible to anyone with a smart device and internet, they generate leads. Virtual events reduce restrictions such as physical barriers and time zone differences, resulting in a significant increase in audience size.
Conferences, trade fairs, and exhibits all have the same purpose: they are utilised by businesses and organisations as marketing tools to interact with their customer base and generate leads. The larger your customer base, the more people are aware of your brand. This can translate into higher sales, increased revenues, bigger profits
3. Virtual events helps to get valuable feedback
Feedback is a crucial component that allows every organiser to assess how well he has done thus far. While gathering feedback at on-ground events can be difficult, collecting data from virtual events is simple. Through feedback sessions, the brand can obtain a sense of the pulse of the target audience and gain clarity on the audience’s exact demands.
The audience also feels appreciated because their opinions are taken into account, resulting in long-term brand loyalty. Customer loyalty assesses not only a company’s ability to acquire new customers, but also its ability to keep existing customers happy. It also improves ROI and attracts new customers.
4. Virtual events are cost-effective and lead to larger customer base
Virtual events are both less costly and more effective than traditional events. You do not have to plan out the travel costs, the venue budgets or any other type of logistics. For a much lower fee, the virtual platform is custom-made to suit the brand and business.
The combination of larger attendance and reduced cost results in a higher ROI for every event. Larger audience means larger potential customer base and a larger customer base means the company will make more sales and generate more revenue.
5. Enticing virtual booth designs can enhance ROI
Virtual trade show organisers must design their events from a single location, allowing viewers to peruse a variety of exhibits. Using a website or app to display organiser profiles, photos, logos, and posters to make your business stand out allows attendees to seek more information and eventually converts them into leads. Adding a highly recommended booth staff option allows attendees to contact you, learn more about the product, and become prospective leads for your company.
In the coming days, virtual events will prove to be an essential marketing tool that firms will use to grow their customer base. With a clear set of ROI and other advantages in play, it’s time to abandon the traditional method of event execution and go digital.