Innovation #3: Facilitate Advertising and Sponsorship Windows

Event organizers that match attendees with content that is interesting to them will stand a better chance of encouraging those attendees to extend the time they spend at a virtual event venue. This activity will boost engagement metrics and – ideally – make it possible for marketers to leverage this time and mindshare in ways that boost the lead-generation and conversion process.

FIGURE 3

How Useful Would You Find the Following Video-Related Machine Intelligence Feature?

14%

Neutral

“Automatically recommend videos that might be of interest to you based on past viewing habits.” — Respondents Who Attended Virtual Events in 2020

39%

Somewhat Useful

2%

Not Useful

45%

Very Useful

Even presenters at a virtual event are likely to benefit from these content-matching capabilities. They would have greater confidence that the individuals attending their sessions are likely to have significant interest in hearing their message, providing them assurance that their presentations are reaching their intended target.

Innovation #3: Facilitate Advertising and Sponsorship Windows

Tailoring content to appeal to attendees is only one-half of the virtual event customization equation. Advertisers, exhibitors, and event sponsors need access to a range of tools that give them options for getting their marketing message in front of the audience members they need to reach.

The marketing basics start with tactics commonly used on the public web: Look for platforms that enable dynamic signage options on the attendee’s screen, such as banner ads that rotate at set time intervals. To further enhance the impact of these advertising slots, leverage data collected in the registration process so vendors can target their advertising to the attendees they are most interested in reaching.

These technologies for tailoring advertising messages to relevant audiences are the mirror image of the content recommendation engines discussed earlier in this report. In both cases, machine intelligence leverages knowledge of an attendee’s stated preferences to identify additional attendees likely to be receptive to specific content. Advertisers, in general, are willing to pay higher rates to reach such targeted audiences.

FIGURE 4

Agree/Disagree: It is more cost effective to generate leads at an online event than a traditional in-person tradeshow. Respondents working in sales role.

13%

Disagree

29%

Neutral

21%

Strongly Agree

37%

Somewhat Agree

As illustrated in Figure 4, marketers already recognize the positive economics that result from the enhanced targeting capabilities afforded by online venues. Of the 132 sales executives participating in the WH survey, a combined total of 58% agree (21% strongly agree; 37% somewhat agree) with the statement that “It is more cost effective to generate leads at an online event than a traditional in-person tradeshow.”

The potential tools that enhance marketing opportunities in the virtual realm, however, extend far beyond the implementation of creative on-screen banner ad options. Applications that build upon a user’s engagement within the virtual event venue offer a range of creative options to marketers willing to experiment with technologies that can further lower the cost of lead generation.

Many virtual event platforms, for instance, offer gamification tools that enable event organizers to reward attendees for active participation in certain virtual event activities. Attendees, for instance, could be awarded some type of prize for visiting sponsors’ virtual booths or participating in a specific number of one-on-one video meetings with other event attendees. Also, look for virtual event venues that provide nimble integration with established social media applications. Such capabilities make it possible for marketers to drive traffic from Twitter, Instagram, LinkedIn, and others to virtual venues that offer greater opportunities for meaningful engagement with prospects.

The plain truth is that marketers are just beginning to understand the potential for fostering engagement with end-users in virtual event venues. As organizations develop a better understanding of the approaches that work best in promoting prospect engagement, expect the developers of virtual event platforms to integrate the underlying capabilities needed to foster these forms of engagement.

Essentially, when it comes to the realm of virtual events, marketers are really dealing with a blank canvas. More than two decades of technical development and innovation has forged today’s online advertising world. It’s up to marketers to identify ways that these tried-and-true capabilities can be refashioned for effective implementation in the virtual event realm.

Success in leveraging virtual event venues for marketing initiatives will not necessarily hinge on developing new technologies. Rather, it will be the product of a process of experimentation associated with identifying how existing online marketing tools can be best refashioned and put to productive use in the virtual event realm. The one common denominator in this process will be determining the platform tools that help event organizers identify and corral audiences that marketers will pay a premium to reach.