Sponsoring Virtual Events: Is It a Wise Idea?

In the midst of the pandemic, many in-person conferences continue to be postponed or canceled all together leading organizers to turn to online platforms. As a means of staying safe, yet connected, systems and structures are transitioning to virtual events.

We’re in a time of great uncertainty, and no one knows how long the pandemic will last.

But one thing’s for sure—life sciences companies still need a way to grow brand awareness, promote their products, generate leads, and develop relationships.

Even with all the advances in technology, virtual experiences just can’t replicate in-person ones. So when meeting face-to-face isn’t an option, is investing in a virtual event the right move?

There’s not a simple answer. So we took an in-depth look, outlined the pros and cons, and created a list of the right questions to ask to ensure that investing in a virtual event is worth it.

Going Virtual—the Pros

Beyond keeping exhibitors and attendees safe during the pandemic, other top benefits of exhibiting at a virtual conference include:

• Saving time and money: Exhibiting at an online conference is typically cheaper than an in-person show. For example, you don’t have to pay for transporting, setting up, and breaking down the exhibit. You also don’t have to pay for travel, lodging, and food. Added bonus: no more time spent traveling or on exhibit-related tasks.

• Expanded reach: You can reach a larger number of people virtually and aren’t limited by the capacity of a conference hall. What’s more, your audience can log on from anywhere to experience your brand and products. Hello, leads!

• Analytics: You can potentially access rich marketing data through web-based reporting—from what collateral was downloaded to how long attendees spent in an area. This can help you tailor future marketing efforts around what your leads found valuable.

• Continued ROI: After the conference ends, attendees may still be able to access information about your company for continued ROI.

Going Virtual—the Cons

Let’s face it—even though technology has advanced, virtual events still have limitations, such as:

• Lack of in-person interaction. In-person, face-to-face interaction is a key part of building trust in relationships. It can be harder to feel connected and cultivate relationships in an online setting.
• Customer engagement. Attracting and engaging your audience can be trickier in a virtual environment as well. For example, attendees may participate in different sessions but opt out of the virtual exhibit hall. Or your conference organizer may not offer a way to effectively create a truly engaging, immersive experience for your audience. You might end up with a cartoonish virtual “booth,” avatar, and tiny logo.
• Distractions. Whether it’s a screaming toddler or an unprofessional video setup (i.e. poor lighting and unclear microphone), there are so many ways your audience can get distracted when tuning in from home.

Define Your Goals. Then Ask a Series of Important Questions.

So how do you decide if going virtual is right for you? We’ve put together a list of questions to help you. As a first step, ask yourself:

• What are your sales and marketing objectives? And is it really necessary to invest in a virtual event to achieve them? Would a less costly option—such as a live streaming video, a video conferencing platform, or even a simple phone call—achieve the same result?
• Can you deliver an online experience worthy of attendees’ time, attention, and money? Doing so takes time, resources, and commitment on your part. For example, your extra costs may include outsourcing content work and technology. Or, you may have to invest resources in pre- and post-event communication to keep the momentum and excitement going.

What to Ask Your Conference Organizer

Next, consider asking conference organizers the following questions to ensure you’re getting real value from their virtual event:

The Basics

• What is the virtual event platform like? For example, will there be a conference app? Will there be a virtual booth? (Be sure to ask for a preview or even better, ask to test it.)
• What capabilities will you have access to through the platform, e.g. live streaming or pre-recorded video?
• What is the user interface like and how will people navigate through each of your tactics? This will help you understand how visible and easy it is for the participant to reach your content.
• How is registration looking? Can you get a number to date or an overview of the mix of people registering so far to see if it varies from last year?
• Are there two levels of badges—full and exhibitor—just like an in-person conference? And can fellow exhibitors visit your booth and sponsored events?

Engagement and Lead Generation

• How can exhibitors engage with attendees? If you have a virtual booth, for example, can you chat with booth visitors?
• How will the conference organizer encourage attendees to interact with exhibitors, e.g. gamification?
• Will the conference organizer keep exhibitor information up after the event for continued ROI?
• Will you receive an attendee list and their email addresses? Or at least the email addresses of those who engaged with your content?
• For the virtual booths or lunch and learns, just like badge scans at real booths, are attendees required to give their contact info if they visit?

Branding, Promotion, and More

• What branding opportunities are available to exhibitors?
• Will the event organizer do any pre-event attendee outreach or promotion that showcases exhibitors, via social media or an email newsletter, for example?
• What standard metrics will be reported for each tactic? (Metrics may include video views, the number of attendees, number of downloads, etc.)
• What kind of event support does the conference organizer provide?
• Can you integrate event technology from external vendors, such as a certain registration or networking tool, into the virtual event?

As a sponsor, where will my brand be visible:

• In sponsored banner ads (preferably with tracking information)?
• On a high visibility splash webpage?
• Prominently in a high traffic area, such as a virtual exhibit lobby?
• In push notifications (e.g. announcements/updates during virtual events)?
• In sponsored profiles which can be used during sponsored sessions, for example?

Another Thing to Discuss with the Organizer: What’s Trending in Virtual Events

One final question: will the conference organizer allow you to link to a custom, immersive experience that you create?

Let’s say the conference organizer offers you a virtual booth. But you feel limited by their platform and don’t think it represents your brand well. You need a bolder, more creative, personalized way to attract and engage your customers.

One option is to design an immersive experience on your own platform where your audience can take a deep dive into your products. Which is exactly what Canon Medical Systems did. (You can see their virtual exhibit here which they linked to from the show website.)

When Canon Medical Systems did a year-over-year calculation on ROI, they found they did 760% better after creating a custom virtual booth.

Custom Virtual Exhibits: What’s Possible

Creating your own custom virtual booth can offer features such as:

• 3D product views, product video introductions
• Live presentations, demos, video 1:1s
• Analytics like click rates, bounce numbers, where people lingered the longest
• Chat capability and visitor demographic information
• The ability for visitors to move about and manipulate areas of your booth

What’s more, you can repurpose your booth for other virtual events or use it as a sales tool. (Creating one can cost anywhere from $5,000 to six figures.)

Investing in a virtual event isn’t the right move for every business. But thinking through the considerations above can help you decide if it makes sense for yours.