Chapter 02
The Impact of Covid on UK
Business Events
The economic impact of the pandemic has been particularly felt in the events industry, with thousands of events postponed, cancelled or turned into online-only events. With coronavirus cases well over the 20 million mark, and global deaths now pushing toward 800,000, no one really knows how long this will last.
The mobile and app industry is particularly event-heavy, and 2020 kicked off with the cancellation of Mobile World Congress, the industry’s biggest event. AppsFlyer had already taken the decision to withdraw, but it was only the first in a series of cancellations. Some event organisers were quicker to postpone or pivot, while others took a “wait and see” approach. “Some of the smaller event organisers were the ones who pivoted really quickly, while some of the more established businesses didn’t have the same digital competency,” says Llewellyn.
Innovate Tax’s key product is tied to Oracle’s ERP software, and so the software firm tends to attend Oracle events around the world to meet customers and drum up new business. When events move online, it presents companies like his with a challenge, says Carl Robinson, Head of Marketing at Innovate Tax. “At a physical event, people have the chance to visit a stand or happen across a keynote speech, yet those interaction touch points aren’t as easy to achieve (or as effective) online,” he says.
Innovate Tax’s key product is tied to Oracle’s ERP software, and so the software firm tends to attend Oracle events around the world to meet customers and drum up new business. When events move online, it presents companies like his with a challenge. At a physical event, people have the chance to visit a stand or happen across a keynote speech, yet those interaction touchpoints aren’t as easy to achieve (or as effective) online.
At telephony company 8x8, there are still a couple of physical events in the diary, but the company is taking a cautious approach to these investments, says Bee Hindocha, EMEA marketing communications director. “We need to be careful about how much we invest because in f2f events given the changing landscape; I’m not convinced we’ll see the same level of engagement and footfall that we would have done pre-Covid anytime soon.” she says.
Advantages of Virtual Events
Each year, around 2,000 customers attend a live event in Orlando hosted by networking company F5. After spending 10 months planning its 2020 event, the company had to cancel and turn its conference into a virtual event in less than two months.
It was a challenge, but one with encouraging results. Over 7,000 people engaged with the virtual event, far more than the company could have hoped to engage with face to face. “It’s easier for people to attend events if there are no boundaries around time zones and geography,” says Ed English, the company’s vice-president of global field marketing.
Along with larger potential audiences, virtual events can also provide the opportunity to share content in different formats, to tailored audiences. As LED specialists Absen points out, virtual events can be fitted with high-quality LED screens and incorporate other technologies such as augmented and mixed reality, to create a more engaging experience for viewers. This can increase conversion rates, compared to physical events.
“We are also looking at doing smaller, more tailored events where we combine physical product demonstrations and 360-degree virtual tours of our showroom, but livestream these to our customers and tailor the content accordingly,” says Couzins. “Physical events are not dead, we just need to deliver them in a way that is safe to do so in the times that we find ourselves in.”
We are also looking at doing smaller, more tailored events where we combine physical product demonstrations and 360-degree virtual tours of our showroom, but livestream these to our customers and tailor the content accordingly. Physical events are not dead, we just need to deliver them in a way that is safe to do so in the times that we find ourselves in.
The immediate upside of a virtual event is that they are comparatively quick and cost-effective to create. This means companies can potentially host more events, and experiment with different event formats very easily. This year GE Digital has moved to virtual events and has run more than twenty webinars so far, comments Eliza Ward, senior director, global revenue marketing at GE Digital. To get these events up and running quickly, the company has partnered with third parties. “We pivoted very quickly, and we’ve done that with the help of trade publications and industry platforms, because they have an audience already,” Ward says. “It’s less of a lift on the marketing side when a third-party network handles the logistics, promotion and audience acquisition for us.”
We pivoted very quickly, and we’ve done that with the help of trade publications and industry platforms, because they have an audience already. It’s less of a lift on the marketing side when a third-party network handles the logistics, promotion and audience acquisition for us.
Moreover, 60 percent of a typical ‘live’ event budget will be spent on venue, food and entertainment. This means virtual event organisers can often afford to splash out on higher quality speakers who might not otherwise be available. This content can be shared with a global audience, says Jackson. “Rather than US-centric events we’re seeing truly global virtual events where all countries can leverage fantastic keynotes, people that otherwise we would never have access to, in a small country.”
One of the key benefits of virtual events is that attendance is often more predictable than with live events, with more senior customer contacts likely to attend without the need to find time for travel and accommodation. This flexibility means that engagement with digital events is typically higher, and so are conversions, says Sophie Jugheli, group head of marketing at Ember Group. “We have seen some great spikes in attendance compared to live events, and conversion from those digital events was at least 20 percent higher,” she says.
