Virtual Shows Should See Growth in 2009

I am stating the obvious, but 2009 will be a rough year for the Face to Face events business – from trade shows to custom events to conferences.  I have been hearing about cut backs and cancelations from colleagues for months, and then saw this cover story in the New York Times on Vegas.  Business is way down in Las Vegas, arguably the convention and conference capital of the US.  Over 30,000 hotel rooms canceled last month as many shows have postponed or decided to cancel.  At last month’s Super Bowl the famous Playboy party was canceled.  They said a lavish party seemed inappropriate given the economy but I would wager that the only thing that was inappropriate was the lack of sponsor dollars to fund it.

The costs associated with live events makes them easy to cancel during a recession and that is really too bad.  Live events are one of the best lead generation tools available and they do an equally great job with customer retention.  The powers of events are enhanced when they are paired with original and compelling content created for the target audience.  However, event’s benefits come with a high cost per lead due to the fixed costs of running a first class event.   While there is no substitute for personal contact with a prospect or customer, there is another way.

Webcasting has been around for over ten years and is an established lead gen tool being used widely in the B2B world.  The Virtual Show or Virtual Trade Show is really picking up steam this year.  They have been around for a while now, but seem to be reaching a critical mass especially in the technology and life sciences markets.  If you are not familiar with them here is a definition from Wikipedia:

The structure of a typical virtual tradeshow often includes a virtual exhibit hall which users enter with specific permissions and capabilities, to either attend and view virtual trade show displays in the exhibit hall or build virtual booths to exhibit information related to products or services on offer, just as they would at a trade fair in a convention center. The virtual tradeshow may have other components such as a virtual web conference, or a web seminar or a webinar, or other educational presentations. The virtual show thus results in live interaction between all the users on many levels (one-to-one, one-to-many and many-to-many) and simultaneously. Detailed tracking mechanisms allow organizers to determine the flow of traffic in the virtual tradeshow.

Because this is online you get incredible data on the visitors and the actions they take during the show.  This allows you to segment and score your leads before you feed them into your lead nurturing programs.  And, your sales people can interact with prospects online during the show.  ON24 (King Fish is an authorized reseller) is one of several companies that provide a virtual show platform and they did some interesting research on the growth of virtual shows.  They surveyed 10,000 enterprise executive who reported that 53% of their companies have begun using virtual events and 23% plan to start using them this year.  The majority of these companies are also reporting that they will be decreasing their use of trade shows and physical sales meetings and training events.

If your company is struggling with your live events strategy it is worth exploring a virtual event.  Be aware, it is a large undertaking with project management, selection of a platform, content creation and audience development all playing a big role in your plans.  However, the rewards will be worth it when you start filling your sales pipeline with warm leads at a lower cost per lead (CPL) than a live event.