Toby Lewis, CEO of innovative events company Live Group, discusses how virtual and hybrid events will play a key role in kickstarting post-pandemic recovery for businesses of all sizes by enabling sustainable, flexible and data-driven engagement.
- What was Live Group’s experience of producing events throughout the pandemic?
The main trend was that lockdowns accelerated the digitisation of events, as many of us have experienced. Pre-Covid, 65% of the briefs that Live Group received were for in-person events that made no mention of hybrid or virtual. Now, fewer than 5% of the briefs are for in-person only events.
As a result of this shift to virtual or hybrid events, we noticed a change in the nature of audiences. People relished the flexibility that online events provided, as they provided new options which meant that delegates could engage with the content in whichever manner was most comfortable for them. This made the events more convenient, and in some cases, more enjoyable. This behavioural shift will likely have a permanent impact on how we establish truly meaningful engagement at business events.
- What are the key post-pandemic trends that you see for the events industry?
Put simply, hybrid and virtual events are the future of the industry, as is shown by the fact that Live Group has seen a 200% increase in clients wanting a longer-term strategic partner in the virtual and hybrid space. By combining online and in-person elements, these events can ensure that businesses continue to provide the flexible engagement that attendees crave. Rapid innovations in event technology mean that delegates can have a front-row experience of the event whether they attend in-person, or via a laptop in their own home.
Crucially, virtual and hybrid events can support the industry drive towards the delivery of more sustainable events. The recent ‘Shape of Events’ report produced by the British Visits and Event Partnership (BVEP) highlighted how important it is for the industry to reduce its environmental impact. Hybrid events can help us to minimise emissions by reducing travel time, as well as preventing the amounts of waste produced at large conferences. The pandemic has presented us with an opportunity to revolutionise the sector, and sustainability will be at the centre of this.
- How can hybrid events drive business growth?
Hybrid and virtual events offer the crucial ability to provide options and preferences for audiences. This is what will create greater business engagement, and in turn drive growth by transforming traditional events into truly meaningful engagement.
Importantly, hybrid and virtual events enable businesses to interact with delegates during a more extended period than just the one or two days of scheduled activity. Platforms can be established in the months either side of the event, enabling an extended arc of engagement that can play a huge role in enhancing a brand. These pre and post event connections build communities that are crucial to growth.
The engagement that takes place amongst these communities provides insights and data that will influence future content and event delivery techniques and options. By using this insight to constantly improve virtual and hybrid events, businesses have the ability to enhance the group interactions over time. Ultimately, when people are more engaged, the results will be better. Hybrid and virtual events therefore provide the opportunity to fulfil objectives and KPIs over time, ultimately driving business success.
- How can companies monetise events?
Virtual event attendance is booming, but recent statistics show that 33% of events organisers are hosting these events for free. Clearly, there is a great opportunity for SMEs to establish a monetisation strategy that can increase revenues without impacting attendee experience.
Hybrid and virtual events offer the opportunity to reach more people, in a wider spread, over a longer period of time. Enhanced sponsorship packages can double the impact of positive results for exhibitors, whilst the inbuilt capabilities of online platforms can improve a business’s ability to collect attendee engagement data, tailor bespoke content to match these behavioural insights, and generate valuable new leads. The ultimate aim is to provide a ‘front-row seat’ for delegates that benefits both sponsors and organisers, helping them to develop more refined engagement KPIs.
Unlike at physical events, virtual advertising can come in a huge variety of formats which all offer 24/7 exposure. Data from these ads is key in helping sponsors to establish their ROI. Furthermore, virtual event sponsorship offers a whole new variety of ways for sponsors to directly engage with audiences – for example, they can host Q&As or interactive panels that influence the content produced at the event.
In addition, hybrid events are well-suited to flexible pricing structures. All delegates can have exceptional experience navigating the virtual platform, but specific content can easily be made available to those to attendees with higher-tier tickets. After the event, on-demand content can act as another revenue stream.
- Why should businesses continue to choose hybrid events post-pandemic?
Virtual events have provided businesses with a flow of invaluable audience data insights that won’t be provided through face-to-face interactions. Therefore, companies who are considering a return to in-person only events are facing a potential ‘black hole’ of data that could have a significant impact on the success of their consumer engagement.
Using the correct mix of technology, hybrid events will ensure that companies maintain access to these insights across audience types, without sacrificing any advantages that are offered by in-person events. This offers the best of both worlds, providing information that can directly inform business strategies whilst also making sure that engagement remains flexible enough to suit the maximum number of attendees.
Meaningful engagement will be crucial to kickstarting post-pandemic recovery for SMEs of all sectors. Innovation is at the very core of hybrid events, which are dedicated to providing sustainable, flexible experiences that are
