There has been a significant shift in the way events are arranged and experienced since the first quarter of 2020. When it became difficult to congregate physically, the traditional in-person events became virtual only.
People got so fascinated with virtual events that when normalcy returned, hybrid became more popular due to the versatility it provided in combining virtual and in-person experiences in a single event.
However, when it comes to planning corporate events, it might be difficult to decide which of these event types is best for you, especially in terms of budget and income generating.
Virtual, hybrid or in-person, which one is best for me?
Here are your answers:
When does it make sense to keep your event ‘virtual-only’?
A virtual event is the ideal solution if you want to provide a small quantity of material and have no intentions for networking or other physical connection with guests. Another reason you might want to go virtual is if you want to accomplish more with less money.
You can reach a larger/global audience with your event if you can obtain a sufficient software system at a reasonable cost.
Additionally, virtual-only makes sense if you want to source speakers, sponsors, and volunteers from anywhere without incurring large travel fees. Furthermore, virtual allows for real-time event analytics, which may be used to monitor engagement, track poll results, provide Q&As, live conversations, and so on.
When done correctly, virtual events may also significantly boost the ROI of your event.
When should you go fully ‘in-person’?
No software can totally replace human physical encounters, no matter how powerful the technology that enables people to meet and communicate.
Physical encounters are what may actually build long-term connections. For example, when people meet in person, there are greater prospects for networking. Speakers can read the room and improve the effectiveness of their presentations.
Looking to network with other attendees?
Sponsors can also meet and interact with leads more personally. During in-person events, you may plan activities surrounding the main event, such as VIP dinners, cocktail hours, and entertainment. This implies that you may even construct tiered event tickets to boost ROI.
To have the best of both worlds… go hybrid!
Hybrid allows you to participate in actual interactions with local audiences while simultaneously giving material to a larger or worldwide audience. There are event programs that can support in integrating both the physical and online components of an event into a single event. Attendees may choose between in-person and virtual tickets, according to their preferences, and this structure lowers outright cancellations because attendees can upgrade from virtual to in-person or downgrade as needed. Everyone has a deal that fits their budget.
The sole disadvantage of the hybrid event format is that it demands a larger expense to produce. To be completely hybrid, an event must be immersive for both in-person and virtual guests. This will need both the total budget of a physical event and the budget of a virtual event, as well as additional resources to administer both. As a result, hybrid events are only suggested for organisations with a large enough audience to support the costs.
Whether you’re after a virtual, hybrid or in-person event, there are no hard and fast rules for determining which event style is appropriate for your company. You may need to experiment with several formats at first before settling on the one that produces the best results. Or better still, get in touch today to speak to one of our expert team members who can provide instant answers. We would be happy to help!