Sometimes it takes a crisis — a real threat — to challenge what we’ve assumed for so long.
Take big events, for example. If you asked any event marketer before March 2020 what kind of event would hold the most revenue potential for their company, they'd probably say a big industry conference or a high-profile trade show. After all, that's the trade-off: Big events carry a big cost, but they also have a big upside.
Or that's what we all thought.
But everything that makes up traditional large-scale events was flipped upside-down overnight.
Many companies canceled in-person events. Some canceled events altogether. But we need to keep adapting rather than holding our breath. We need to shake the belief that we'll only be able to grow revenue once big events return, after the pandemic. Because that could be a while.
The truth is, smaller-scale hybrid and virtual events can also be revenue producers. In fact, they tend to be more effective at driving real business results and positive returns than big, impersonal expos and conferences are.
So as we close out a year that challenged our assumptions as to what an effective event looks like, we should embrace the revenue growth opportunities small events can bring. Meeting our goals depends on it.
It’s no question that growing revenue will be key in 2021. Today, 36% of companies say their primary goal for virtual events is to keep in touch with customers. Those same companies anticipate that their priorities will shift to revenue growth and sales in six to 12 months.
This means it’s time to reevaluate and focus on virtual event KPIs that support revenue goals, like:
Conventional wisdom might suggest that large events are better suited to deliver on these metrics. If conversions are the goal, then a big event will attract the largest amount of potential customers. If you're measuring deal size, then an industry-wide event will probably also include your highest-value targets.
But the numbers don't support these assumptions. Smaller events have much better conversion-to-attendee ratios, and can be just as effective at landing the big deal. And smaller events consistently deliver higher returns than their resource-intensive, large-scale counterparts.
43% of B2B event organizers are measuring the success of their virtual event by its revenue impact, meaning it’s more important than ever to ensure your events are growing sales. There’s no better way to do that than by hosting small events.
A quick breakdown on what makes small events the greater investment:
To meet your revenue goals, it’s time to reevaluate your approach to events.
When we look back on 2020, there won't be many silver linings to see, but one of them will be that the events industry was forced to explore smaller, virtual, and hybrid events, and see them for what they can be: viable revenue generators.
Small, personalized events (that don’t cost as much) create satisfied leads that turn into happy customers. They drive pipelines faster and engage teams across the organization. Most importantly, they deliver positive returns. So as we enter 2021, challenge your conventional assumptions and go small to get big ROI.
