Financial Advantages: When doing business in "Virtual Worlds"

Written by Ken Ukpabi:

In the recent years we have seen an increase in virtual businesses, this type of business has been greener, environmental friendly and generally much more sustainable. Business sustainability is often defined as managing the triple bottom line - a process by which companies manage their financial, social and environmental risks, obligations and opportunities. These three impacts are sometimes referred to as profits, people and planet.

 In the growing economy, One study confirms that  “ Virtual events provide affordable and innovative ways to generate sales leads and exposure”  ( virtualedgeinstitute.com, n.d)  Many companies have in fact adopted the idea. It has reduced many expenses linked to travelling, as well as reducing pollution. Further more costs can be reduced when considering the wasting of finances on electricity, water, lunch (food), and the implementing and carrying out of recycling.   In one article it explains that “One way to practice sustainability — and financial wisdom in a time of economic recession — is to cut down on business travel. Shows? (MyCleanLink.com, 2010).

Green Expo 365 states that, exhibitors can save approximately $100,000 using virtual events, in comparison to real life trades hows. Findings reported in the paper (mainly derived from “Business Motivations and Social Behaviors for In-Person and Online Events” and Unisfair survey) include:

• 64% of marketers believe they can reach larger audience by participating in virtual events
• 60% of marketers are planning to increase spending on virtual events this year
• 42% of marketers are planning to cut down physical conferences and tradeshows budgets

Green Expo 365’s Scott Donnelly states: “Virtual trade shows can be a great way for companies of various sizes and budgets to expand their marketing reach. Exhibitors can use online platforms to supplement their physical trade show presence, or in some cases, replace it. We don’t see traditional trade shows going away, but virtual shows provide an innovative and affordable option to consider.” (GreenExpo365.com, n.d)