Business Event Organizers have long term view on virtual event. This was one of the results in the Global Study conducted by Center for Exhibition Industry Research (CEIR).
The study revealed that 62% of the executives plan to place permanent staff to manage their virtual events moving forward. This indicates that hybrid event will become the norm rather than the exception.
The study referred this finding as “An acceleration of innovation driven by necessity.” The pandemic paused physical events. Drove most of the companies to different directions to find a solution or survive during this difficult situation. Most of the business event organizers found virtual event as a salvation.
Digital Transformation dramatically took place. Now in the event industry landscape it has become a powerful force, although profit wise it has a long way to go to be comparable to physical events. In the study, only 21% of the companies exceeded the goals they set. While 44% met their goals. Although not mentioned it is safe to assume that 35% of those that ventured to virtual event did not met their goals.
At the moment, business event organizers are experimenting and exploring different ways to create an attractive business model on this new opportunity.
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By Orly Ballesteros, COO of Exlinkevents. He is also the current Education Head of the Philippine Association of Convention and Exhibition Organizers of the Philippines (PACEOS) and Board Secretary of the Tourism Congress of the Philippines.