Virtual events are not exactly a new phenomenon in the world. They have been around for quite a while now. The COVID-19 pandemic acted as a catalyst in accelerating the growth and popularity of virtual events. So, what exactly is a virtual summit? Essentially, a virtual summit is a digital event wherein attendees from anywhere on the globe can join in through a virtual summit platform.

It is a great way to host essential discussions. The reach, creativity, and liberty are awesome, so why not use them to their best potential? The biggest benefit offered by virtual summits is that it does not restrict anyone from attending them based on location. There are other numerous benefits of hosting a virtual summit:

1.   Increased reach

A physically held event has a fixed guest list. Only a certain number of people can attend it, owing to the size of the venue and COVID safety protocols. But a virtual summit being conducted on a virtual conference platform is the answer to these problems. The reach expands manifold when an event is held online. Due to a lack of travel requirements, anyone from any location can conveniently attend and engage in the event.

A global audience in one digital space with speakers and participants from all over the world!

The quality and outcome of the discussions are bound to be fruitful and rich due to the diversity and inclusion promised by virtual events, not to mention the outstanding business opportunities. A larger number of exhibitors and sponsors can also attend the event, which is a cherry on top.

2.   Decreased costs

It is no secret that online events are inexpensive to host as compared to in-person events. Travel, logistics, venue setup, guest accommodations, etc., are eliminated with a virtual summit. Even the marketing procedure is a big hassle in the offline mode compared to the online mode. Additional costs like venue charges and commuting costs are not incurred either.

The only major task that one is left with is the marketing and promotion of the event. Again, promotions can be carried out on a lower budget online than offline mode. This means that more funds can be allocated to sales and marketing techniques to pull off a successful event.

3.   In-depth data insights

Tracking engagement and attendance parameters are not feasible at a physical event. A virtual event is conducted on a virtual event platform that has features to navigate such data insights. It is important from the perspective of concluding how productive the summit was. Detailed insights like the number of attendees in the event, engagement in the chatbox, and the extent of footfall can easily be measured through a virtual summit.

These insights enable companies and organizations to get constructive feedback on the event and what could have been improvised. Companies can reorient similar events in the future on the lines of these insights and put forth a merrier event.

4.   Increased networking

A virtual summit puts forward ample networking chances for the attendees of the event. Owing to the diverse and global audience on deck, not only engagement but also attendance surges. Virtual fest platforms offer a variety of tools and features that encourage networking among the participants. Networking lounges on the platform can be created with a group of people to hold informal discussions and socialize.

Furthermore, group chat tools and private chat features allow exhibitors and visitors to connect on a more personal level. Tools like profile finding and matchmaking facilitate narrowing down folks with similar interests and promote networking.

Virtual expo platforms allow individuals to connect with people from different corners of the world and get acquainted. It helps them explore what is out there and grab opportunities. Sponsors and exhibitors also find virtual summits appealing, and hence these are a safe bet.

5.   Quick and effortless

While planning and putting together a physical event, months of time and energy are consumed. But with virtual summits, it is way quicker and effortless. Physical events require a bunch of resources to be allotted, and resources are drained from the firm.

A virtual summit only demands a virtual conference service provider, stable connectivity, and a device. One can rest back and attend the event from the comfort of their home. On a side note, employees in the firm save valuable time and energy, which would have otherwise been wasted on the logistics of the physical event.

6.   Flexibility

Virtual summits are generally of a shorter duration compared to traditional events. Attendees can even access recorded content of the event if they miss out on it while it was live-streamed. It is a boon for folks who may have to juggle between children, work, and other commitments.

7.   Brand perceptibility

A virtual event allows the firm to showcase its brand. On the virtual event platform, the brand logo or trademark can be placed anywhere on the screen. It increases brand visibility and is positive for economic growth. Additionally, exhibitors and sponsors may also wish to promote their brands at the summit. They may sponsor certain activities or host webinars of their own.

8.   Reduced carbon footprint

An in-person event would require all speakers, participants, hosts, sponsors, and exhibitors to travel to the designated venue. It would demand refreshments which would result in food wastage. Then comes decorations, name badges for staff, and whatnot. It directly impacts the environment and leaves a considerable carbon footprint. Virtual summits eliminate the need for any of these, reducing the environmental footprint.

9.   Education

Since a virtual summit allows eminent speakers to join from any location globally, the event becomes a powerhouse of knowledge. The fresh insights and information disseminated by the industry experts are a great opportunity. An hour of consultation with them would cost a hefty amount, but on the virtual summit, attendees get to interact with them, share ideas, and discuss problems.

10. Good ROI

Virtual summits do tend to generate great revenue with half the effort. It is not a cakewalk, but it is less draining than a physical event. The return on investment from a virtual event is commendable owing to the low costs incurred. The success of the event tends to be profitable and helps gain attention in the industry. It is a no-brainer considering it gains you a reputation at low costs also.

Conclusion

Should companies host more virtual summits? YES! Virtual summits offer excellent and countless benefits over in-person events. The success of promises, but at what cost? Low cost. Success at low prices is the biggest cherry on the cake a firm can ask for. The technology in the present era is at an all-time high, with a virtual fest platform, like Dreamcast, offering a variety of features. Now is the time to up the game and jump on the bandwagon of virtual summits also.

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