Will Virtual trade shows Prosper or Perish?

Written by: Ken Ukpabi

In recent years, virtual market growth has increased and more and more companies are getting involved, this market boom has increased rather rapidly. The current analysis from TechNavo, discusses that “the Global Virtual Events market is to grow at a CAGR of 53.10 percent over the period 2012-2016". 

One of the major factors contributing to the market growth is an increased demand for high attendance at events, therefore businesses are looking at alternative ways to reach audiences. The Global Virtual Events market has also been witnessing the emergence of hybrid events which is a combination of both "live" face-to-face events with a "virtual" aspect of the event included. Examples include:

• Live audio/visual streaming of speakers
• Live commentary
• Online chat
• Live blogs
• Social media
• Event photographs

Will hybrid events become the definitive way to produce a successful event experience? 

References:

Publisher Infiniti Research Ltd Dec (2012) >http://www.reportstack.com/product/92028/global-virtual-events-market-2012-2016.html

Naperville, IL -- (SBWIRE) -- 02/13/2013 >http://www.sbwire.com/press-releases/global-virtual-events-market-2012-2016-new-report-206413.htm

The Wonderful World of Webinars

Extending the reach of your business in a global economy is one challenge faced by many businesses across the globe during times of economic struggle. With budgets being dramatically reduced it is important for businesses to look at alternative methods of as mentioned above extending customer reach.

Current trends have seen a rise in the use of Webinars, which have become a cost-effective tool to use in order to continually reach the global market. According to Larry Bodine (Law Marketing Blog,2012)  there are 5 Reasons to use Webinars:

1. Save Money - Even though webinars have come under a lot of scrutiny, due to the removal of face-to face interaction, it would be naive to ignore the financial benefits to be had, whilst still reaching a huge global audience

2. Reach a bigger audience - As mentioned above, there is potential to reach global audiences through the use of webinars. Unlike traditional trade shows that put geographically barriers up for many companies as well as increasing travel expenditure, the modern day Webinar is a cost effective method of  cutting travelling times and broaden audience reach.

3. Show your technological acumen - Firstly, utilising constantly evolving smart devices in the business market is vital for success, due to the it's benefits in communication and a companies general attractiveness. By providing Webinars a company shows its ability to embrace change and make effective business decisions. 

4. Easy follow up - with the ability to check in or register online, as well as many users providing demographic information, it is possible for much more accurate data to be obtained 

5. Ease of use - Live trade shows are much more logistically demanding. However through the use of Webinars, logistical obstacles can be avoided. Examples include the setting up of equipment and staging at trade shows, which is cut out through these online platforms. 

The question of the matter is in regards to Virtual trade shows.. can Webinars be used alongside the Virtual trade show, by enhancing the end users experience which has arguably been what both have been scrutinized about.. Your thoughts?

References: 
Bodine, L., 2012. 5 Reasons why use of webinars is growing as budgets shrink [online] Available at:  <http://blog.larrybodine.com/2012/01/articles/marketing/5-reasons-why-use-of-webinars-is-growing-as-budgets-shrink/> Last accessed 29/04/2013

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)

Apps at Trade Shows

“If you have a product people can play with, make sure you can bring it. The whole point of face-to-face marketing is so people can touch and feel things.”

David Brull, VP of Marketing for the Trade Show Exhibitors Association

Ensuring the traffic of customers at trade shows is important to any company. With new and innovative ways of doing business, it is important for companies to ensure that they are utilizing the resources available. When customers can interact with the goods or services that your company offers, it is highly likely that these types of interactions through the use of Apps, will stimulate conversation and end user input. 

Examples of apps used at trade shows include 3D displays, animations or games, which customers can become actively involved with.


Here is a video showing how National Geographic brought their publication to life:

Amongst those attending trade shows, there has been a rise in the number of those utilising "smart devices", growing from 50% of trade show attendees to 90% over the next two years (Exhibitionnews.co.uk, 2013). Exhibition stands displaying devices such as IPads become immediately more appealing than a stand with business cards and flyers. It is believed that it will be beneficial for businesses to explore the world of apps in order to display their company information and data in the long-term. More information can be found at:  IPad Apps for trade shows

References: 

http://blog.cvent.com/blog/heidi-thorne/trade-show-apps-1988-style

an example can be found at: http://www.crowdcompass.com/

exhibitors.http://www.exhibitionnews.co.uk/featuredetails/211/food-for-thought-apps-the-way-to-do-it

The Evolving Green Agenda and Virtual trade shows

The evolving green agenda

 A range of studies worldwide have shown that employees, investors and  customers (whether they are consumers, businesses or public sector organisations) tend to favour companies that are perceived to be socially and environmentally responsible – or in short, those that are more sustainable. Concern about the environmental and social impacts of businesses have become issues that companies now feel responsible to address over the years to come. But the overall trend has been towards increased pressure for better environmental and social performance. 

In the 1970s concern about pollution, resource depletion and population growth impacted key industries such as oil, Chemicals and cars. In the mid to late 1980s, there were renewed concerns about these issues, which affected a wider range of industries including household products, cosmetics, food and tourism. 

Furthermore there was a focus on particular product types such as aerosols, cars and detergents, and the so called ‘green’ consumer emerged as a potential target market for firms. There was a rush to introduce environmentally ‘friendly’ or ‘friendlier’ products all too often on the basis of unsubstantiated or exaggerated claims.

The early 1990s saw a continuing focus on the environment, but also with an increasing emphasis on the broader concept of sustainability, particularly after the WorldSummit on Sustainable Development in Rio 1992. The business agenda during the late 1990s became increasingly focused on Corporate Social Responsibility (CSR) as another dimension of the sustainability agenda. This was partly linked to concerns about the impacts of globalisation. 

The Virtual trade show

The "virtual tradeshow" was first publicly described and presented as "Convention View" by Alan Saperstein and Randy Selman of Visual Data Corporation, now known as Onstream Media.  It is a type of event run in an online environment (as an individual event or alongside a real-life event). 

Compared to traditional trade shows, virtual trade shows are undoubtedly "greener". Lowering environmental impact is becoming an increasingly important goal for many companies in order to remain sustainable in the current business markets.  Through the introduction and emergence of Virtual Trade shows worries surrounding the cost of travel and the carbon footprint left behind are somewhat in the past. 

Thanks to the emergence of these innovative and new technologies, the ability to attend sessions, meet vendors, exchange business cards and mingle with attendees –  in a virtual environment is becoming much more common place in all of our modern day lives. Allowing us to not even have to leave the comfort of your office or even your own home.

To sum up: In EcoGreenHotel’s opinion, the most sustainable trade show is the recent rise of Virtual Trade Show events (VTS). Although these events have been around well before 2007, the struggling economy has forced many companies to reduce their travel budgets and increase focus on being “green.”

Could this become the next big thing? What do you think?

References:  

"Webcasting, Webinar, Web Conferencing & Digital Media Services :: Onstream Media Corporation". Onstreammedia.com. Retrieved 2011-01-23.

tourismTradeFair.com

EcoGreenHotel

3D Events

In 2014, the world will see the launch of the World's Largest Online Tourism Event, hosted by the company 3rdPlanet.com. The event called Wonders of the World or WOW for short, is an opportunity for the tourism industry to come together and showcase it's heritage, culture and tourist attractions on a virtual 3 dimensional platform to a global audience. 

According to the information provided by 3rdPlanet.com, the company plans to target the "Affluent traveler"  possessing characteristics such as: 

• Uses broadband internet
• Between 20-45
• Educated
• Tech Savvy
• Buys/Owns latest mobile devices, such as Android tablets & Ipads

With plans to reach 600 million people worldwide, which is nearly a 10th of the world population, 3rd Planet has big plans for their event. By providing a 3 Dimensional virtual space, where consumers can "try before they buy", It can be assumed that 3rd Planet will be able to tap into the needs of their "tech-savvy" target audience. 

3rd Planet's event is in fact an event for the travelling consumer, however can benefits be had by the Virtual Trade Show industry whose audience is also tech-savvy, educated and between the ages of 20-45? With both event companies & managers constantly seeking ways to set themselves apart from their competitors in line with the advances in technology, it is probable that creating an online environment that replicates a real-life trade show will be beneficial for audience reach. 

As discussed by Harrison (2008), Links can be drawn between the increasing availability of both the internet and broadband, and the creation and  development of these virtual worlds which have been used numerous times by businesses to facilitate conferences, meetings and exhibition spaces on platforms like Second Life (which will be discussed further in the blog post "Online Platforms"). Furthermore, it should be considered that companies & managers using these online platforms are able to lower their carbon footprint, whilst still providing the industry with a multitude of different offerings.

References:

3rd Planet (n.d) Home. Available online at: <http://www.3rdplanet.com/index.php#home> last accessed 23.04.2013
J., Pine & J., Gilmore., 1998. Welcome to the Experience Economy. Harvard Business Journal. Available online at: <http://rushkolnik.ru/tw_files/4995/d-4994348/7z-docs/4.pdf> last accessed 20.04.2013
Harrison, Rodney (2009). Excavating Second Life: Cyber-archaeologies, heritage and virtual communities. Journal of Material Culture, 14(1), pp. 75–106.
World Population Clock (2013) Current World Population. Available online at: <http://www.worldometers.info/world-population/> last accessed 20.04.2013

The Future of the Virtual Trade Show

This post is going to try to discover what the future holds for the virtual event. Will it replace the 'real' trade show? Or are there just too many qualities of the real thing that will get left behind in the virtual world to warrant a complete change? 

When one looks into the real world application of virtual trade shows by businesses, a different picture is painted to that supplied to us via the academic perspective. There appears to be little desire to adopt this approach in the real world.  Reed Exhibitions CEO and chairman Mike Rusbridge comments on virtual trade shows explaining that the internet is becoming an important platform for interacting with their customers, however he specifically says this is not in the form of online trade shows. (Exhibition News, 2013) He continues to say that they are offering additional services using the internet, such as appointment setting systems and interactive content directories. This suggests that perhaps they are utilising the internet at their trade shows to enrich the experience before, during and after the event. Nevertheless this CEO has expressly said that they are not "believers in the concept of virtual trade shows."

Trade Show News Network (2010) have also commented on the concept of virtual trade shows also showing an apparent dislike of the idea of virtual trade shows replacing the 'real thing'. They recognise the use of using virtual events, to a degree, highlighting how they can be useful for pre-show marketing however purely as a facilitator and enhancer to the event, not a replacement. 

These comments from industry insiders lets us draw the conclusion that adoption of the virtual trade show is not being planned for the near future, rather an amalgamation of sorts combining aspects of the internet within a real world event. It would appear that despite our affection of technology and the internet, we are not yet ready to leave been the opportunities for face to face interaction and first hand experiences. 

Further posts in this blog will look towards the ways the internet is being used at events to enhance user experience as discussed above. 

References

TSNN. (2010) The future of trade shows, are we really doomed?. [Online] Available at: http://www.tsnn.com/news-blogs/future-trade-shows-are-we-really-doomed (Date Accessed: 23rd April 2013)

Exhibition News. (2013) Reed chairman dismisses future of virtual trade shows. [Online]. Available at: http://www.exhibitionnews.co.uk/newsdetails/2858/reed-chairman-dismisses-future-of-virtual-trade-shows (Date Accessed: 23rd April 2013)

Virtual trade shows: An academic perspective.

Now we have discussed what virtual trade shows are, and the advantages and disadvantages of this platform for events, we shall have a look at what is currently being said by academics researching this method of delivering events.  

Pearlman and Gates (2010) begin this discussion by commenting on how, as mentioned in the previous post, innovation is critical for survival in many industries and this is leading to businesses adopting information technology solutions to meet this demand. However they go on to speculate that the use of virtual reality within business "looks promising; however widespread adoption may be years away." It is of interest that academics are predicting that the general acceptance and adoption of this platform, which holds so many advantages, is possibly years away. One could contemplate that the adoption of technology and internet in the past has been a fast paced process with people around the world thirsty for each and every new product or service relating to technology, so why should this new innovation be slow to catch on? We could look back to the previous blog where the disadvantages of virtual trade shows were discussed and perhaps conclude that one, or more, of the listed reasons is to blame for a lack of interest. For example there are concerns around the ease of use for both parties, especially should the user not be too familiar with computers or the internet. However Shen and Eder (2009) conducted a study exploring intentions to use the virtual world for business and obtained some interesting insights. Results showed that instead of concerns surrounding the ease of use, which conversely showed no significant effect, perceived usefulness and enjoyment had the most substantial impact towards intentions to use a virtual world for business events. Do these results show a link between online activity and the requirement of enjoyment to be present in this area? Afterall it would be unsurprising as many of us use the internet for enjoyment as well as studying or work, so it understandable that enjoyment should be a pre-requisite for the use of virtual worlds for business. Therefore this leads to wondering if the stigmas of perceived boredom and dullness in real world trade shows will be left behind and replaced by a highly entertaining and engaging virtual trade show which still fulfils many of the 'real world' objectives of a trade show. Could this be a 'best of both worlds' solution?

References



Pearlman, D. and Gates, N. (2010) Hosting Business Meetings and Special Events in Virtual Worlds: A Fad or the Future?, Journal of Convention and Event Tourism, 11 (4), p.247-265 [Online]. Available at: Taylor & Francis Online. (Date Accessed: 22nd April 2013)

Shen, J. and Eder, L. (2009) Exploring Intentions to use virtual worlds for business, Journal of Electronic Commerce Research, 10 (2), p.94-103 [Online]. Available at: http://www.csulb.edu/journals/jecr/issues/20092/paper3.pdf (Date Accessed: 22nd April 2013)

Advantages and Disadvantages of Virtual Tradeshows

Virtual Trade Shows

Online trade shows are a recent development to arrive on the trade show scene. An online trade show holds many similarities to that of the current trade show structure. Companies are able to purchase space to showcase and demonstrate their products or services and the visitor is able to converse with traders, through audio or text facilities and swap contact details. 

In 2009 Networking Today commented on the progressive emergence on the new event platform noting that only 1% of Trade shows are currently held online. However they stated that industry experts expected that by 2015, more than 25% of trade shows will be conducted in virtual environments suggesting that this could be a growing trend. In the same year a survey was conducted by WCP Exposition Services stating that 7 out of 10 people are actively interested in pursuing virtual events, however they have no intention of replacing live events and instead will use a balance of the two to "address a changing market". (WCP Exposition Services, 2009) Is it just too risky for business' to turn their back on the 'real life' tangible event? The trend of transferring aspects of our day to day lives online is undeniable, but where is the line? Will consumers and businesses' shun opportunities to stay at home and attend online tradeshows in their pyjamas in favour of the tangible experience of visiting a tradeshow and stuffing their pockets with business cards?


We want to have a look at the advantages and disadvantages of moving trade shows into the virtual world to perhaps better understand if there is a demand for this type of event. 

Advantages

Cost savings
For Attendees; No travelling or accommodation required and less time away from work.
For Traders; Lower charge for ‘stall’ space and no travelling or accommodation charges. Lower production costs also.

Time savings
For Attendees; No travelling time and can attend for a length of time suitable to their needs.
For Traders; No travelling time and less staff time required.

Logistics 
No concerns over the flow of traffic in terms of visitors, staff, amenities and deliveries.

Less risk
For Attendees; Less risk in attendance. People can be experimental and attend trade shows that they may not of otherwise attended.
For Traders; Less risk participating in virtual trades shows as inputs, in terms of those discussed above, are minimal. Can be experimental. Good for emerging companies. 

Greener 
Better for the environment as no tangible event causing associated pollution.

Digital Generation  
Will appeal to the emerging digital generation who are very comfortable using technology and the internet. 

Increased attendance
A larger volume of visitors and demographics are likely to attend due to the ease of attendance.  

Some of these positives can be exactly what new companies need to forge
a path into the market place. With investment money scarce on the ground,
especially within the Eurozone, new businesses need to find ways of gaining
exposure, credibility and custom with as little risk associated to the process as
possible. Likewise attendees will want to be at the forefront of change and virtual events provide a good platform for businesses, on either side of the  desk, to be exposed to new services and products. 

Despite the long, convincing list of benefits of a virtual trade, as with everything, a list of disadvantages follow. These should be noted carefully by all involved. To address and overcome these barriers could be what makes a virtual stand achieve success over the increased number of stands that will be available at a virtual trade show. 


Disadvantages

Engagement
Attendees can just simply log off and leave should they wish. They may not be as engaged with the event as much as if they were there staying at the event for the day, over night or for the weekend.

Atmosphere
It will be harder to create a 'buzz' as many human senses will be neglected.

Interaction
Interacting at a virtual event will be harder as it will have to be conducted purely through visual, audio or messaging which could cause misunderstandings and breakdowns in communication. 

Internet Connection
Reliant on everybody having a reliable internet connection. Connection or technological issues could severely impair the experience.

Technological experience 
This platform assumes everybody is computer literate and comfortable with attending an online event. There will be many demographics this will not appeal to and therefore could exclude potential buyers or sellers. 



There are some serious draw backs to exclusively hosting trade shows online. For example the 'Internet Connection' issue could be devastating to the success of traders or attendees. Issues will connection could result in lost time, money and resources. Although we have discussed how these risks are minimised at virtual events an internet connection issue is the equivalent to being in the middle of a real event and everything around you disappearing! Not very good for business. 

Our next post will consider how these events are being received in practice and what others in the industry and academics are saying about virtual events. In the mean time here is a video displaying an example of a virtual trade show created by XPOFAIRS. 

References 

Networking Today, (2009) Six Advantages to Virtual Trade Shows. [Online]. Available at: http://www.networkingtoday.com/article/Six%20Advantages%20to%20Virtual%20Trade%20Shows-872 (Date Accessed: 16th April) 

WCP Exposition Services, (2009) 
Champion Exposition Services Releases Findings from Survey on Use of Social Media and Digital Tools by Associations. [Online]. Available at: http://www.thefreelibrary.com/Champion+Exposition+Services+Releases+Findings+from+Survey+on+Use+of...-a0210708633 (Date Accessed: 16th April)

Introduction

The internet is changing the way we organise, deliver, attend and connect with events. We have come along way since the events industry started to utilise the internet. In terms of attendance, websites such as Ticketmaster.co.uk and Event Brite have been selling tickets online since 1998 and of course the internet is commonplace for the marketing of events.

However the way the internet is being incorporated into events is changing. The internet is no longer just an aid or accompaniment alongside the event, instead it is becoming an integral part the event and how people connect with the event. For example you could soon be invited to an online event if you haven't been so already, an event that does not require you to leave the comfort of your own home, or even change out of your PJ's!

This blog is going to explore different ways in which the internet is changing the landscape of the events industry, focusing on how these changes are affecting trade shows, by addressing 3 main themes; Virtual Trade Shows, Sustainability through virtual platforms and investigating further creative methods of utilising virtual space.
Many young companies compete for business at these events, motivating them to find inventive ways to differentiate. Trade shows are often used to showcase new and innovative products or services so it will be interesting to see if and how this is reflected in the delivery of events.