What Opportunities Can Virtual Events Bring To Your Business?

The Tea

As someone who has lived in Venezuela and endured its financial crisis, going to marketing events and expos as an entrepreneur felt more like a dream rather than a reality. You need to have a lot of money and resources to be able to travel to different places, but there is something that has made a huge difference for me and very likely for you as well: virtual events.

A common question among beginners in the world of digital marketing is, “Do businesses need virtual events?”

While some may struggle to come up with valid answers to that question, we’re here to tell you about the numerous opportunities and benefits that virtual events can bring to your brand’s table.

Connecting with a new audience

One of the most obvious and biggest benefits of virtual events for businesses is the fact that they can introduce you to a new audience and help your business grow. This alone should answer the question of whether businesses need virtual events or not.

The possibility of getting your business out there, talking about it, and promoting it on a new stage is something that can be very helpful. For example, when a football team has a new sponsor, a virtual event would allow said brand to reach out to a new audience in the world of sports, helping them reach new goals and establish new working relationships.

In fact, according to Marketlic (2022), “78% of companies that use an event application say it contributes to the positive ROI.”

Marketing is all about exposure, exposure, and exposure. It’s going out there and making yourself known, so this is one of the biggest reasons why entrepreneurs need virtual events.

Establishing new working relationships

Why do entrepreneurs need virtual events? To forge connections, engage with other people, and build working relationships that can last for a long time and help you with a lot of different challenges. This is something that plays a huge role with a lot of brands and is not mentioned enough.

You are never going to be a one-man/one-woman show. You need other people around you to be successful, and this includes doing virtual events where you can collaborate with a lot of people, which, in return, can help you establish a lot of interesting links and connections with brands and people in the business that perhaps are more experienced and knowledgeable than you.

It’s also worth pointing out that digital events are the new norm after the COVID-19 pandemic. The Statista Research Department (2022), had this to say about digital events:

“In 2020, the market size of global meetings, incentives, conferences, and exhibitions (MICE) industry was estimated at approximately one trillion U.S. dollars. Companies worldwide have been exploring digital experiences to engage consumers and audiences weathering COVID-19’s impact on business. Almost half of the marketers surveyed worldwide in 2021 said their workplace digital engagement strategies completely changed following the COVID-19 outbreak.”

If we are talking about the benefits of virtual events for businesses, the possibility of developing new, fresh working relationships is a big one that you should keep in mind.

Position yourself as a leader in the industry

Perhaps you’re someone who has a lot of experience in your field, but you don’t have a strong online presence. One of the biggest reasons why entrepreneurs need virtual events is because they need to get themselves out there and establish themselves as an authority in their industry.

Say you have the knowledge, the experience, and the expertise to talk about the industry you are in. Your presence in virtual events is going to be very important because it’s going to give you the opportunity to cement yourself as a leader in the industry while you share your expertise with a wider audience.

Knowledge is meant to be shared. Make the most out of it by giving your all in your participation in virtual events.

A much more economic path to success

A big reason why entrepreneurs need virtual events is the mere fact that they are cheaper.

Now, this may not sound very good, but it’s worth pointing out that when you are starting out you may not have the resources to do events where you need to be physically there. The big advantage of virtual events is that you can do them anywhere, and you can do them regularly.

It’s also worth pointing out that it’s a trend that is only going on an upward trajectory. Per Bizzabo (2020), “93% of event professionals plan to invest in virtual events moving forward”, so we’re talking about a tendency that is becoming increasingly more important.

Remember: you need to get the most out of every single opportunity and tool that you have to get your brand out there. The more exposure that you have, the better. Having a financially viable opportunity such as virtual events is something that should not be undermined.

The Pour

Do businesses need virtual events? That is going to be a big YES and now you know why!