Few people thought of virtual events before the pandemic struck, but this format has fulfilled a unique and important need for companies and organizations large and small during the pandemic. But what will virtual events’ value be as more of the world attempts to return to life before COVID-19?
To find out, we caught up with top executives and investors in the sector to learn about the big trends they’re seeing — as the sequel to this survey we did in March 2020.
Certain use cases have been proven, they say. Today, you can find numerous small niche events available year-round that might have been buried in the back of a larger in-person conference before 2020. For organizations, internal virtual events can also be instrumental in helping connect and promote engagement for remote-first teams.
However, some respondents acknowledged that low-quality virtual events are growing ever more common, and everyone agreed that there is much more work to be done.
We surveyed:
Xiaoyin Qu, founder and CEO, Run The World
Rosie Roca, chief customer officer, Hopin
Hemant Mohapatra, partner, Lightspeed Venture Partners India
Paul Murphy, former investor in Hopin with Northzone (currently co-founder of Katch)
With the pandemic hopefully becoming more manageable soon, do you feel a return to in-person events is inevitable?
Certain types of events will go back to in person. Obviously, something to do with a President’s Club — the company rewards you with a party in Hawaii — that kind of thing will not go virtual. I think events more focused on increasing reach will continue to trend toward virtual.
We’re also seeing that many events are getting smaller, more niche. Before the pandemic, if we look at a general pediatric conference, for example, an attendee may only be interested in two topics out of the 200 offered. But now we’ve seen that there’s a rise in many niche events that focus on very specific topics, which helps streamline these events for attendees.
I think such events are still going to happen virtually just because they’re easier to organize and people can have more in-depth conversations. Internal virtual events for employees is another category that is getting more traction, because companies have been going remote. So many the internal events like the company happy hour — events that help employees engage better — we think that’s still going to happen virtually. So there are a number of use cases we think will continue to be virtual and are probably better virtual.
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What sort of trends do you think will emerge once in-person events are possible again?
Another important trend we’re seeing is that a lot of organizers have begun hosting events more frequently. They were doing large conferences in the past, but now they’re pivoting or they’re rethinking their strategy. They realize that hosting maybe 10 events a year is better than hosting one big event every year. A traditional conference is usually multiday, with maybe 200 different topics and 100 different speakers. Now a lot of people are thinking about spreading it out throughout the year.
Virtual events have been a temporary measure during the pandemic. But what will their value be as more of the world attempts to return to life before the pandemic?