Virtual Events Boost the Bottom Line

One of the few industries that have been positively impacted by the pandemic is virtual events. The best thing about that is the positive impact will ripple out to improve the very fundamentals of how business is done, all around the globe. That’s because using virtual events can boost the bottom line.

Virtual Events Significantly Reduce Travel Costs

Travel is a major expense for many businesses, and it’s true that face-to-face is hard to beat when trying to generate new business or navigate delicate negotiations. But when even the Queen of England is holding virtual meetings, it is clear that a lot more can be done from a distance than was previously considered possible.

Unfamiliarity is always the biggest barrier to adopting change. When the pandemic dictated the necessity for social distancing and the dramatic reduction in travel options, businesses were forced to use virtual applications for an extended period of time. The result is that users have become more proficient with the tools available and the benefits of using them have become clear. There is no doubt they will continue to be used more often in the future.

Virtual Events Have Fewer Limitations

There is literally no limit to the number of attendees who can participate in virtual events. Not only can users save money by not having to rent a venue, but they can also generate more revenue by being able to host a larger audience. And there will be more people willing to attend since they will not have all of the travel-related problems to deal with, such as transportation and lodging costs, as well as taking time away from work. This will also apply to the panelists and speakers who host the various sessions.

Opportunities for Increased Monetization

There are opportunities to monetize virtual events before, after, and during each one. And, as pointed out by CMS Wire, “These monetizations won’t only benefit sponsors. They’ll also help the host by engaging new audiences.”

That’s because most businesses will not only be able to display ads around the promotion, streaming, and post-event activities, they will also be able to leave the content online indefinitely. This effectively turns the event into evergreen inbound marketing content, drawing new viewers far into the future.

Decreased Real Estate Expenses

Probably one of the biggest effects of the pandemic is that businesses learned just how many jobs can be performed perfectly well remotely. The technology has been in place for years, but fears about security and productivity were always too great for many companies to consider experimenting with it. But once more, since they were forced to use virtual tools in order to conduct at least the bare minimum of business, both employers and employees became more comfortable doing so.

Of course, there are still many jobs that cannot be done remotely…or, at least, not completely remote. There are also many people who do not enjoy working remotely. However, there are many who prefer it, and companies can significantly reduce the costs of office space – which is one of the largest expenses of almost any business – by allowing employees who can and want to work from home to do so.

Finding the Right Virtual Events Tools

While there are several options for individuals within a company to communicate with each other individually, or in small meetings, things get a bit more complicated when a company-wide gathering is necessary or a large event with attendees from outside the company. Few businesses can conduct those kinds of events with in-house resources. They will need to outsource the preparations to outside specialists, and it is absolutely imperative that they confirm the qualifications of anyone they are considering before signing any contracts.

The two main criteria to consider are experience and equipment. The last thing any business needs is for an event to be ruined by a technology glitch or an overlooked detail. A company such as Indigo Video Production Services, for instance, would be ideal. Because you know you can trust a company to handle your events successfully when they have over ten years of experience and world-class clients by the dozen, such as the US Department of State, Ogilvy, Viacom, and more.