Hybrid vs Virtual Events: Key Differences and Benefits for Your Business
As the event landscape evolves, businesses are increasingly choosing between hybrid and virtual events. Both formats offer unique benefits, but which is best for your needs? In this guide, we’ll explore the key differences, benefits, and drawbacks of hybrid vs virtual events to help you make the best choice for your next event.
What are virtual events?
To put it simply, virtual events take place entirely online in the virtual world. They both utilise elements such as live streaming and pre-recorded sessions to make up the entirety of the event giving attendees the flexibility to pick the options that best suit them and their schedule. These events can host a plethora of online activities from webinars to one on ones and from online conferences to webcasts and can be accessed by anyone, anywhere and any time making your event attendance seemingly limitless.
These activities can also be consumed in real time and can be beneficial to those who want to participate in the discussion, ask questions or connect virtually with like-minded individuals who share similar opinions which can be trickier or near impossible when watching on demand.
What are hybrid events?
Hybrid events combine the best of both parts of virtual and in person events as they offer a platform to host both elements to attendees and businesses. This is a great way to expand your offering and draw in a wider audience for your business as it automatically puts your event in a more inclusive and accessible position. It also gives attendees the option to decide whether they would like to attend in person or remotely. Additionally, much like a virtual event, limitations on attendees due to venue size become less of an issue as you have the offer of tuning in online.
Advantages and disadvantages of virtual events
Virtual events have several advantages that offer clarity on their increasing popularity. Aside from the obvious advantages, such as the reduction in expenses, the time you will save and the reduced environmental impact, there are other advantages such as a wider online reach, more accessibility, more value for exhibitors and real time, detailed data collection. However with advantages come disadvantages. These events, whilst innovative, can be seen as impersonal as there is a screen in between the attendee and the event. Furthermore, attendees are more susceptible to distraction if at home and there is an increased risk of technical problems on both ends if you are relying solely on a good connection to keep you at the event.
Advantages and disadvantages of hybrid events
Much like virtual events, there are both advantages and disadvantages to hybrid events as well! Some of the main advantages are that you are given the choice between attending physically or online giving both businesses and attendees that flexibility where needed. From a business standpoint, it can be easier to secure sponsorships for hybrid events as opposed to in person events as there is the potential of an expansion of reach. Combining both elements of online and in person events will also see an increase in your ROI and can offer brilliant networking opportunities. The cons of hybrid events are that they are new so they are unfamiliar territory for a lot of people, you are immediately dividing your audience and they can be much harder to plan as you are doing twice the work.
Choosing the best event for your business
The best way to decide whether a hybrid, virtual or in person event is right for your business is to ask yourself several key questions:
When is the event taking place?
Where is the event taking place?
Who are the people that you want to attend the event?
What is the event for? What are your goals?
Once you have established your answers for the questions above, you should have a better idea of which event will be right for you. If you’re thinking of hiring an exhibition hall, think about the capacity of the venue and how you could expand this were you to host your event as a hybrid. You should also think about the schedules of the people you are targeting to attend and what would be best for them as well as the location that you secure a lot of your business. If your business is on a global scale, a virtual event may prevail more than an in person or hybrid. If your business is very much on a local scale, then a hybrid may be more suited.
Tips for organising a hybrid or virtual event
Key elements to consider when organising a hybrid or virtual event are:
1. Get to know your audience
Are they tech savvy? Are you confident they will participate? What will keep them engaged (offers/prizes/quizzes etc)?
2. Map out your goals
Who is your target audience? Is the audience likely to engage in a virtual event? What do you expect to gain from the event? How are you collecting and storing data?
3. Plan your event
When and where is the event taking place? Who is your target audience and are they likely to be signing in from different locations/time zones? What content are you going to include? Will you be doing any giveaways/competitions etc?
4. Choose your platform and format
Can the platform support the size of your event and the format you have decided on? Do you have to pay after a certain point to support more attendees? Can the platform support the format that you have decided on? Who is hosting the event etc.
Choosing the right format for businesses/attendees is incredibly important as it could make or break your event. When planning events such as these, it’s always worth planning everything to the final letter and weighing up your pros and cons so you can be certain that you have chosen correctly. Hopefully, this guide will help you to decide which format is right for you and your next event. Contact us for more exhibition service information.