A new study by Bizzabo shows that corporates and organisers are still in the early stages of holding virtual events. Many are still struggling to optimise the experience of their attendees and the value they provide for sponsors while balancing pricing strategy and production logistics.
Despite event budgets being sliced, the majority of organisers are planning to resume in-person events by 2021. For many, this strategy will likely be supported by virtual engagement.
An area where organisers are interested in is hybrid events. Just as they had to reimagine virtual events in 2020, 2021 will be the year of reimagining how to combine virtual and in-person experiences.
A majority of respondents said that they pivoted to digital events last year, while only a handful cancelled outright cancelled events. But about 40% said that their physical events have been postponed.
Rather bleakly, most respondents say that their event budgets—whether for in-person or virtual—will decrease in 2021.
When it comes to virtual event challenges, respondents still struggle with networking, one of the biggest motivators for physical events. Engagement and differentiation are also major challenges, as is providing major value for sponsors.
Looking into 2021, respondents say that they will dig deeper into event tech solutions to optimise their events, as well as explore hybrid events more effectively.
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