More and more events are moving online these days, from career fairs, to trade shows, to conferences. COVID-19 has accelerated the move to virtual events, but the pattern already existed before the pandemic hit. Grand View Research has been tracking steady growth in the US virtual event market since 2016 — in 2020 the market size was $94.04 billion and they project it will be an astounding $404.45 billion by 2027.
As we take a peek into the future — way beyond the current pandemic —we can see how and why the virtual world will continue to find a place in our gatherings, events, and fairs.
Get out your pen and notepad, here are four reasons why virtual events are going nowhere:
1. Better for the Environment
Whatever the event may be, it’s safe to assume that when they’re held in person, there is a lot of coming and going, and a lot of carbon emissions released in the process. By holding events in the virtual sphere, it can greatly reduce the carbon footprint of all those involved. Consumers are becoming increasingly drawn to sustainable brands, so whether it’s a job fair, trade show, or company event, exhibitors appreciate both the eco-friendly impact and image.
2. Accessible and Easy to Use
One click of a button and you’re in. Virtual event platforms like Showfloor are designed for both your attendees’ and exhibitor’s comfort. As a result, unlike in-person events where certain people may not be able to access the venue, going virtual means being more inclusive, something that is growing in importance — as it should be. Additionally, it expands your audience globally, ensuring you attract attendees from all over, increasing your recognition.
Renting locations (sometimes for multiple days), setting up booths, insurance fees, legal fees — these expenses all add up when bringing exhibitors to an in-person event. This is not to mention all the costs the exhibitor must incur to bring their booth to life. Virtual event platforms charge a fraction of the price of events held in person, while delivering more value to all parties involved. Even attendees often pay significantly less in ticket prices. All-in-all, costs are reduced. Who doesn’t want that to be the future?
4. Faster Follow Up Creates Better Relationships
Customer relationship management is a labor and time intensive process after in-person events. Your exhibitors’ time is wasted manually entering business card information or sorting through hand-written notes to remember conversations with prospective customers and employees. By the time an exhibitor finishes and sends the “it was great meeting you” follow up email, many leads have gone cold. Virtual events neatly present conversation notes and provide lists of leads that can be instantly imported into CRM or marketing systems. Exhibitors can follow up quickly on immediately actionable event data to grow the relationships they sparked at the event.
If you’re thinking about your next career fair or trade show, consider running it online. Virtual events are becoming the new norm and they’re only getting bigger and better.
Grand View Research. “Report Overview.” Virtual Events Market Size, Share & Trends Analysis Report By Event Type (Internal, External, Extended), By Service, By Establishment Size, By End Use, By Region, And Segment Forecasts, 2020 – 2027, Grand View Research, Jul 2020, https://www.grandviewresearch.com/industry-analysis/virtual-events-market, Accessed Jan 8, 2021.