The success of a business is reflected by their sales. More customers mean better sales. Hence, the main function of any business is to target potential users and convert them into customers. This function is also known as lead generation. It is a core marketing activity for any business- big or small. In simple terms, lead generation can be defined as finding people who are most likely to become a customer for your business. The business would then target this particular individual. The aim is to generate interest in their minds. This involves investing resources to try and convert them into actual sales.
There are various tools used for lead generation. These can be digital or non-digital in nature. Some examples of traditional methods include phone calls, direct mails and door-to-door marketing. Although today, digital tools are preferred. This is due to three main reasons. Firstly, there are a plethora of digital options available. Secondly, the cost per acquisition is lower. Finally, there is much more precision in targeting when it comes to digital tools for lead generation. Some examples include: Social media, emails and content marketing. Although it was considered a traditional tool, events are very important in the lead gen arsenal.
The digital world has opened up many opportunities for businesses across the globe. The virtual world helps them increase their reach. At the same time, it removes many restrictions. There has always been a geographical barrier between brands and a diverse group of people. This no longer exists with virtual events. Events are now considered as a digital tool for lead gen rather than a traditional one.
In 2020, when the pandemic hit, companies had to modify their standard rules of business. Mainly this meant adapting to an almost completely online model. This included Virtual events. Today, virtual events are being used by companies- big and small. They have become a very important tool of communication. Webinars, Conferences, Interviews, Internal Employee team building games and External client meetings. These are just the tip of the ice-berg when it comes to the various types of virtual events that businesses can host.
There is one main reason why virtual events have become so popular for all types of businesses. This is because of their incomparable ability for multiplying lead generation. Virtual events usually cover topics which are related to the business or the products they sell. This automatically means that the attendees are already interested in the same. Hence making them more likely to be the end consumer of your products. For example – Let us assume a tech company was hosting an event. The topic is the latest features of their newest phone model. The people who choose to attend are most likely those who want to purchase this new phone.
How can Virtual Events Increase lead generation (and thus, sales)
Let us compare the lead generation capacities of in-person events and virtual events. We can most definitely conclude that the latter has a much higher capability for the same as compared to the former. In fact, virtual events, if successful, can generate substantially greater results.
Wondering how and why this is so?
Here are some points that explain why Virtual events increase lead generation.
1. Widens your reach exponentially
Reach your ideal audience situated thousands of miles away with virtual events. This is because you are eliminating the need to travel to a physical space. You can reach the ideal audience situated anywhere in the world. An event held in California, US cannot be attended by a resident of Mumbai, India without spending on travel. But, when it comes to virtual events, any person from any corner of the world can attend. The only thing one needs is a link and an internet connection.
Another aspect which restricts the number of people at an event, is the venue. There is always a limit to the number of people that can fit in a conference hall or an auditorium. When it comes to online events, these physical restrictions no longer exist. Thus a larger number of people can attend. On virtual event platforms such as Nunify, up to 1 million attendees can join an event. When the audience at an event is larger, there is a higher probability of finding appropriate leads which may be converted to actual sales.
2. Provides greater opportunities for branding and marketing
Branding and marketing are also a very important aspect of lead generation. In fact, businesses spend millions of dollars on their marketing budget every year. There is an increasing importance of the inter-web. Thus, digital marketing has come to be of utmost importance and a major area of investment.
Virtual events provide several opportunities for branding and marketing. For example – banner ads on the registration website, video ads between sessions, fillers during the breaks and much more. Along with this, some platforms such as Nunify even allow brands to set up Exhibitor booths. These equip attendees to view and get a better idea about the brand and its products.
3. Collects precise data and analytics for effectively studying the consumer base
We live in a generation, where everything is data-driven, especially marketing. For any marketeer to be successful, consumer research is very important. You must understand the consumer base better, their likes and dislikes. Most importantly, how to convert them into sales.
Virtual events allow the organisers to collect detailed data from the attendees. They can integrate question polls in the middle of the session, monitor the drop-off rates during the event, see which parts had the highest interaction and so on. All of this will help them to generate a greater number and more precise leads.
4. Creates digital assets for the long-term use in lead-generation activities
Unlike most in-person events, the benefits of a virtual event do not just end when the event ends. Since it is held on an online medium, all the material can be recorded easily. This can further be repurposed and reused for long term marketing activities.
For example, the best bits from the sessions can be turned into byte sized videos. These can be re-shared on social media platforms. Further, they can be promoted to generate more leads.
The aforementioned points make it clear that virtual events can help elevate your lead generation. That too, by a great deal. But to do so, it must be skillfully conducted. To organise a successful virtual event, one must choose the right virtual event platform such as Nunify. This virtual event platform has all the right features. It will thus help your event have a positive impact on your business. This is your chance to expand your customer base and grow your business.