Physical Events VS Virtual Events: Differences and Which Works?
Events are always the best communications tool among companies. In the year 2020, there are more and more inquiries about hosting virtual events than ever before. The unstoppable advancement of technology got people to continually engage with events, yet with the new norm: Virtual Events. While some people are thinking about replacing physical events with virtual events, we have listed out the pros and cons of both physical and virtual events in the infographic below for a quicker understanding. For more elaboration, you may continue reading this article to the end!
Differences Between Physical Events and Virtual Events
1. Cost-Effective
The budget is always the first concern for a physical event. The costs include the following:
- Venue Rental
- Labour Fees
- Catering
- Live Entertainment
- Transportations
- Speakers
Of course, you need to engage speakers and event specialists to host your virtual events. Other than these, you can save a lot by cutting down other unnecessary costs. Need a more attractive idea? Spend more by inviting better speakers to generate more potential leads.
2. Mass Data
Most of the physical events collect the attendees’ data manually by surveys during and after the event. As an event planner, we all understand that it is always difficult and probably takes a longer time to collect the attendees’ data without technical support. We might also find that data collected often got less accuracy. The good news in the virtual platforms, you are able to track the event contents, what type of content is more preferable, which resource has more downloaded and which section has more engagement with the immediacy and analysis tools. The data is helpful for you to grow your email lists for your future event.
3. Sustainability
The long-term ROI is important to measure the event overall success and to study the quality of the present event as well as for future reference. Yet, it is difficult to measure right away physical events. Both physical and virtual events create strong brand associations, physical events normally last about 2-3 days before closing day. The long-term ROI of the virtual events can last as long as you decide, to accumulate more leads and gather more reach.
4. Networking
In a physical event, you might find that it is much more enjoyable when you have someone to look in eyes to talk to. Meeting someone in person helps establish trust while handshakes are necessary to build relationships, especially for the sales department. Let’s be honest, people often try to avoid eye contact with the sales reps even if interest to purchase the products has been generated. They feel the pressure. In a world where we spend more time online, 42% of consumers prefer live chat functions because they don’t have to wait on hold. With live chat, the attendees can take their time to explore the products, have a direct chat, live polling, or even video calls with the representatives in real-time with a more relaxing experience.
5. Flexibility
It seems like physical events provide an on-ground experience for interactions between the attendees. People get the invitation, dress up, travel to the event space, have a conversation over a cup of coffee. People are probably more enjoyable during face-to-face events. Without the geographic and time barriers, virtual events actually provide a broader range of meaningful connections from any location. They are feasible for international events and accessible by any electronic device. In addition, the virtual event can be any type of event you want it to be since the online platforms are always customizable.
Which Works?
Both works! There is no reason for virtual events to take over physical events because people need connection. Yet, people love the convenience too. Many businesses opt for a hybrid event which is the combination of both physical and virtual events. Despite the pros and cons of both forms of events, the event management strategies are what we are working hard to bring out the impactful events in the marketplace.
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