When planning an event, the decision on whether it should be live, virtual, or hybrid is critical to its success. Each type has unique benefits and challenges. This choice can significantly impact your audience’s engagement and your financial outcome. Let’s explore how to make this decision wisely.
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Make sure to watch the video, honestly, I’m much better on video than writing and there’s great info on event conversion strategies in the video that we could not fit into the blog.
Budget vs. Return: Start with the Numbers
Before jumping into the specifics of event planning, consider your budget constraints. For a budget under $10,000 and a contact list of fewer than 10,000 people, starting with a virtual event is recommended. Such events can accommodate between 75 to 100 attendees, allowing you to connect on a more personal level without breaking the bank.
On the flip side, live events tend to boast higher conversion rates, ranging from 20% to 40% for general settings. Remarkably, smaller live events of about 30 people can see close rates soar above 70%. This is attributed to the deep rapport built during these gatherings.
Virtual vs. Live: Finding the Right Fit for Your Audience
Virtual events often require a larger audience to achieve similar sales as live events due to lower engagement levels. Participants may become distracted or disengaged as they sit behind screens, leading to a drop-off during the event.
However, the energy and interaction unique to live settings fulfill the human desire for connection, which is harder to replicate virtually. If your aim is to cultivate strong relationships and witness high conversion rates, leaning towards a live format is advantageous. This aligns with the observation that virtual events, despite attracting more participants, typically experience lower conversion rates.
The Hybrid Dilemma: Complexity Meets Flexibility
While hybrid events promise the best of both worlds, they often present logistical challenges that can detract from the experience for both live and virtual attendees. Coordinating such events requires extensive planning to avoid neglecting one audience over the other, which can dilute the effectiveness and rapport of both formats.
Hosting hybrid events can result in a situation where neither the live nor the virtual experience is truly compelling, as engaging both audiences simultaneously is inherently tricky. This factor must be carefully weighed against your primary goals and the logistics at your disposal.
It’s crucial to balance practicality with the desired outcome when choosing the right event type. By understanding the strengths and limitations of each format, event planners can tailor their approach to maximize engagement and success. Whether your path leads to a live event’s intimacy or the broad reach of a virtual gathering, informed decisions rooted in data and objectives will guide you to success.
