Virtual events were not something that many people considered before the pandemic. However, this format was a great solution for businesses and organizations of all sizes during the crisis. What will virtual events be worth as the world tries to return to pre-COVID-19 times?
We spoke to top investors and executives in the sector to find out the major trends. This is a follow-up to our March 2020 survey.
They say that certain use cases have been proved. There are many niche events that you can find year-round. These might have been lost in the background of larger conferences before 2020. Virtual events within an organization can be a great way to connect with and encourage remote-first teams.
Some respondents did acknowledge that low-quality events in virtual meetings are becoming more common. However, everyone agreed that more needs to be done.
We surveyed:
Xiaoyin Q, founder and CEO of Run The World
Do you think a return of in-person events is possible now that the pandemic has become less severe?
Some events can only be rearranged in person. It is unlikely that something like a Presidents Club party where you are rewarded with a Hawaiian party will go virtual. Events that are more focused on reaching people will continue to trend towards virtual.
Hybrid simply means that online and offline event formats can coexist. They will, of course.
We are also seeing more events that are smaller and more niche. If we take a look at a general pediatric conference for example, one attendee might only be interested in 2 topics of the 200 available. We have seen a rise of niche events that are focused on specific topics. This helps to streamline the events for attendees.
These events will continue to be held virtually because it is easier to arrange and people can have deeper conversations. Another category of virtual events that employees can attend is internal virtual events. This is because many companies are now working remotely. Many internal events, such as company happy hours that encourage employees to engage more effectively, are still being held virtually. There are many use cases that we believe will be possible online and they are likely to be better virtual.
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What trends do you expect to emerge once in-person events become possible again?
We also noticed a growing number of event organizers hosting more events. They used to host large conferences, but they are now pivoting or rethinking their strategy. They see that hosting 10 events per year is more effective than hosting one large event every year. Traditional conferences are multiday events that cover 200 topics and have 100 speakers. Many people now think about spreading it throughout the year.
