Why Virtual Event Sponsors Are Struggling to Attain Real Results & ROI
In our last blog, we discovered that the event technology’s market dynamics and its software providers need to quickly pivot in the face of COVID-19 left sponsors in last place at today’s virtual events. So, how can we reverse this trend and put virtual event sponsors in their rightful and prioritized place?
To truly deliver meaningful value for today’s virtual event sponsors and exhibitors, it’s worthwhile to consider the challenges they face today, so we can solve for their key needs:
Brand awareness isn’t enough.
While building brand awareness will always be a key strategic priority for today’s marketers, brands, and event sponsors, on its own, brand awareness simply is not enough in most cases to justify spending any real amount of budget towards sponsoring, nor exhibiting, at virtual events. Ask any marketer, brand professional, or event sponsor, and they will tell you that their roles have shifted to become heavily data-driven and revenue generation-centric. As a result, the main focus of the professionals, who make decisions on whether to invest in today’s virtual event sponsorships, are generating high-performing leads and acquiring new customers (Hubspot).
This, of course, is a difficult goal to attain, because most virtual event technologies haven’t invested in providing virtual event sponsors with mechanisms that go beyond basic logos and templated sections to drive the type of online event presence and leads that really move the needle.
Static leads don’t move the needle.
Anyone who has sponsored or exhibited at any type of event, virtual or in-person, is familiar with post-event lead lists. These leads absolutely have value. That said, lists of names and contact information only can go so far for brands and companies looking to derive tangible value from the virtual events they sponsor. The reason? In today’s digital era: context and timing matter when it comes to high-performing lead generation for virtual event sponsors. Looking at the statistics below, which illustrate the importance of timing for lead follow up alone, demonstrates why static leads leave much to be desired when it comes to generating business from virtual events.
To date, few software providers have solved for the key needs of today’s the sponsors at their virtual events by providing capabilities, like the ability to interact and follow up with interested attendees in real-time, which greatly increases the chance of winning business from the event. Similarly, most current virtual event platforms lack the capabilities necessary for understanding a lead contextually, with insights into all the actions she may have taken and what level of purchase intent these activities may demonstrate. This type of contextual knowledge would allow sponsors to better personalize and target their marketing and sales follow up efforts to achieve results.
Discovery-fueled, engaging environments are a must.
When it comes to today’s virtual events and their potential value for sponsors, it should come as no surprise that the more engaged the event’s attendees are and the more ways the event provides avenues to explore, discover, and engage with sponsor content, the higher the potential for generating meaningful outcomes is as a result. The same concept held true at in-person conferences. If attendees didn’t engage much with the event, or walk through the exhibitor and sponsor floor, or conversely, if attendee engagement is high but the exhibitor and sponsor areas offer little to explore, the more difficult it was—and still is—to derive any real return on it.
This remains a large obstacle for sponsors, as most of today’s virtual event solutions do not offer much more than a basic, highly-templated presence for sponsors. The ability to customize the content and sections within a robust sponsor page, or virtual booth, with products, offers, videos, pricing and the like, along with fostering discovery of it by attendees and , is paramount to creating the level of interest and engagement sponsors need today.
Deliver More Value for Your Virtual Event Sponsors, Today!
As the virtual and hybrid event space begins to mature, creating tangible value and ROI for sponsors will become increasingly paramount to its success. Sponsors, like brands and marketers, are measured by their respective organizations by the business outcomes they drive. With today’s somewhat limited options for sponsors at virtual events, such as a mere featured logo, or a basic, static, or templated sponsor page, there’s been no practical way to drive meaningful ROI and lead generation within today’s current virtual event platforms.
Well, that is until now…
Because at Attendify, we are invested in ensuring you achieve success at your virtual events, which is why are dedicated to providing the next-gen capabilities and built-in attendee data platform that can help overcome today’s top challenges for event sponsors.
See how our virtual event platform can enable you to deliver the business results, ROI, and valuable engagement that today’s sponsors and exhibitors seek. Learn more today!