I had dinner the other night with a buddy of mine who runs a company that produces major corporate events. You know the kind with a stage, lighting, stadium seating and a day or two of PowerPoint presentations designed to pump up the troops. Interestingly enough, he reported their business was off dramatically in that area. Why?
Three letters – AIG –
No corporate events person in their right mind would want to do a major event right now in the wake of the AIG scandal. They are either cancelling them outright, postponing them til next year or doing them virtually.
I have been looking into virtual events with several vendors: Inexpo, ON24 and Unisfair. I also blogged about my thoughts on virtual events. Bottom line is I think there is great value there for us at BearingPoint and have it my budget again for next year.
Why do I see value in Virtual Events? …. I see the opportunity to invest in this technology and have it pay for itself in one year. I estimate, if you set up your own branded virtual event area and do at least 5 webinars in that area during the cost of a year, you should be able to pay for the service for the first year since the cost of a virtual webinar is about half that of the cost of a regular webinar with a media partner.
Then you can leverage the platform to hold a virtual event internally. You can have your CEO speak to the whole company live and in person, take questions real time from about 10,000 people. All this at a fraction of the cost of a major corporate event.
One word of advice you need a good front end presentation layer. Hire a good video crew that can work with the virtual platform (email me for a recommendation) and you are good to go.
While it may be out of fashion to do a major corporate event …. communicating with large groups of people in a personable style is not.
Tags: events, Virtual Events
Virtual events are certainly more cost effective and convenient than “real” events, but they don’t create the same type of energy that in-person events do.
There’s something unique about the energy that’s created when people share the same space.
Having your virtual event live is a good step. I think it will help to create a different type of energy.
I would be interested in finding out what sort of productivity “bounce” happens after a virtual event vs. a live event.
agreed. It’d,like comparing watching a concert on TV or actually being there… the crowd brings the energy.
Nothing can stand in for face-to-face though, to avoid the AIG effect, have it in Toledo or something.
With the major economic downfall this 4th quarter we have experienced major losses in our business selling corporate giveaways, now that several companies are canceling their events and prefer do it sometime next year instead.
I work for a corporate events company, so I may be a bit biased. There is nothing that can replace the face to face interactions and connections you make at a real live event, whether it is your annual corporate event or a social networking event in your neighborhood or community. What many corporate events companies fail to realize is that it always takes more than just the event itself. Very rarely, if ever, are you able to reach the goals you hope to accomplish in a 3-4 day annual sales meeting, for example. It may be extremely beneficial to integrate social media or (maybe an internal blog pre/post show), or even a virtual town hall that gets your internal team engaged and gives you the opportunity to listen to some suggestions/hopes for the upcoming meeting. Instead of focusing on how to replace the valuable face to face interactions, why not develop new ways to ignite/continue conversations.
I think many social media advocates would agree that the face to face networking events we have, like the ones organized locally by organizations such as the Social Media Club, are just as critical. It pairs a face with a name/voice and allows us to get to know people on a deeper level. Face to face interactions are always more personal.
As a promotional products consultant and distributor and a member of Meeting Professionals International, I have to say that there is and should be concern as to the use of bailout money and how it is to be and not to be; spent. Measures should be put in place to stop that type of abuse, however, companies that are well run and in control, have every right to use their money as they see fit. This is not to say that they should recklessly use their funds, but a well deserved employee function should be allowed to go on.
It’s easy to say that corporate events should be abolished because of AIG, but there are smart corporate events, too. I do agree that lavish events that do nothing more than feed the egos of bloated execs are in bad taste and are unethical–they always have been wrong.
There will still be need for internet based as well as in-person events to motivate and rally the troops as we go through this challenging economy.
I say big virtual events can cost just as much if you want to use all the bells and whistles to create the same impact.
For mega guest numbers in different locations, room hire rates, catering and technical costs will still come into it. So, ok, you might kid yourself you’re doing it in secret and therefore out of the media’s eye but any discerning soul involved in a blast-off virtual event knows it comes at a price. There is of course the green argument – virtual ticks a few more environmental boxes.
Weigh it up and add on all of the value of face to face networking and the business opportunities it provides too and see where the real bottom line is. Might be good for you – maybe not. It’s just another question you ask yourself at the planning stage: What’s the platform for this gig?
Let’s face it, communication still needs to take place in hard times. More than ever in fact. And there are some things best said live and face to face.
I’ve used virtual for smaller communications or project stuff but I’d have to think hard about the effectiveness vs. cost for anything bigger.
In the case of AIG and Wells Fargo (and in the UK Royal Bank of Scotland whose fatcats dined while millions lost out on interest rates and hundreds were made redundant) was just terrible decision making and even worse media management. So we all stop using live communication now?
I say big virtual events can cost just as much if you want to use all the bells and whistles to create the same impact.
For mega guest numbers in different locations, room hire rates, catering and technical costs will still come into it. So, ok, you might kid yourself you’re doing it in secret and therefore out of the media’s eye but any discerning soul involved in a blast-off virtual event knows it comes at a price. There is of course the green argument – virtual ticks a few more environmental boxes.
Weigh it up and add on all of the value of face to face networking and the business opportunities it provides too and see where the real bottom line is. Might be good for you – maybe not. It’s just another question you ask yourself at the planning stage: What’s the platform for this gig?
Let’s face it, communication still needs to take place in hard times. More than ever in fact. And there are some things best said live and face to face.
I’ve used virtual for smaller communications or project stuff but I’d have to think hard about the effectiveness vs. cost for anything bigger.
In the case of AIG and Wells Fargo (and in the UK Royal Bank of Scotland whose fatcats dined while millions lost out on interest rates and hundreds were made redundant) was just terrible decision making and even worse media management. So we all stop using live communication now?