In the early months of the pandemic, cancellations of trade shows and industry conferences sent the events industry rapidly plunging by at least $14 billion. According to the Center for Exhibition Industry Research, concert and festival organizers were also very much affected by the pandemic, as this events sector lost around $2.4 billion in gross revenues.
Not one to easily give up, events organizers tried to make up for the losses brought by COVID-19 by engaging audiences using premium content and exploring digital communities. In doing so, even exhibitors and sponsors finally acknowledged that even in their industry, digital data is valuable.
Looking for Ways to Organize Events During the New Normal
Adjusting to changes in businesses, presented the events industry with new challenges. Yet at the same, doing so had directed them toward new opportunities for increasing revenue by way of collecting membership fees and other profitable ventures using digital innovations. Media companies, which at first suffered from the impact of the pandemic on the economy, subsequently gained more opportunities for realizing profit.
The new norm for events companies was to try to digitally recreate the virtual experience in ways similar to the experience of attending a traditional event. Such experiences included incorporating an environment in which spontaneous and timely meetings between compatible persons are possible through simulation, using matchmaking software.
Actually, this new events concept drew inspiration from the AI used by online dating companies, which can actually carry out plausible meeting scenarios by way of algorithms.
Virtual Events as the Workable Solutions in Mitigating the Risks Posed by the Pandemic
As companies need to observe safety protocols to keep their customers, suppliers, executives and workforce safe during the pandemic, many have turned to virtual events as the workable solution. They take into consideration travel restrictions, allow meeting new customers virtually and at the same time, strictly observing social distancing.
While teleconferencing platforms and other service providers in the digital ecosystem work to improve on features in order to give their respective customers the best experience, players in the new events organizations aren’t limiting their choices to Zoom. The best way to provide the most satisfying customer experience is to customize the events to create more impact and give virtual attendees memorable experiences.