Increase business sales with virtual events and marketplace

Part one.

For businesses used to an omni-channel strategy the idea of using a virtual marketplace comes more naturally. For others it may not be the first thing one thinks of. But make no mistake; there is no time to waste in terms embracing the virtual and hybrid components to succeed with sales going forward!

Covid-19’s severe impact on most business sectors is forcing adoption of tech like never seen before; with growing online commerce and live streaming . Asia, in particular, is seeing a massive shift in consumer behaviour - with surging online commerce and live streaming technology.

Businesses are as a consequence forced to adapt and digitalise, to reach their prospects and customers - be it B2C or B2B. Increased use of virtual, and enhanced online marketing and sales efforts, are necessities as a way for organisations to continue engaging their prospects and customers even when they can’t meet in person. Then it of course also becomes essential to find and use the best tools for every purpose.

Partly the need is growing in relation to the MICE industry and the traditional trade shows that are seeing major disruption.

The significant limitations imposed on international travel are also prohibitive. Buyers and sellers worldwide are facing obstacles in terms of the cancellations or postponement of physical trade shows (now being replaced by hybrid- or entirely virtual trade events. Consequently, for events virtual/hybrid is becoming the (new) name of the game.

For businesses broadly, this is also a welcome shift for better business results. Traditional trade shows are in fact not suitable for all types of businesses and visitors. After all, how many companies and participants can afford to invest in joining global trade shows without knowing the ROI (return on investment), with typically high costs for participation? So, so far, small businesses have had to opt for local trade shows or simply focus on other types of marketing efforts.

Meanwhile, virtual opportunities that enable new and effective, flexible ways for engagement were already there. And now the world has reached a turning point; the time has come for hybrid and virtual to show they have a place for real.

Virtual/hybrid trade shows can offer enhanced ways to reach prospects and generate more customers than previously was the case. As a business organising your own event, or within any trade show, you can also benefit from what a virtual version could bring, including great potential for more participants who can attend virtually from anywhere, without having to travel.

If using the right virtual platform each business is less likely to lose opportunities, and stands a better chance to attract new potential customers.

Alexander Parry, who represents an innovative provider called Expobo states: “The bottom line is that thanks to lower buy-in via virtual you will have much faster ROI. You’ll need fewer sales for it to pay off. Thus, also small companies suddenly get an opportunity to have the same competitive edge as larger companies.”

You can now not only replicate a physical trade show but also make it look more impressive and certainly to include more tools for engagement and measure the results. It can be used as a way towards better relationships and partnerships in the physical world.

For online attendants it is only a matter of a few clicks to navigate and engage with your business and your products. And prospects can be found strategically instead of often just by random in physical events (search for and find prospects you like to invite/interact with your network digitally etc.). One only needs to overcome the minor barrier of meeting each other virtually versus physically.

Any organiser of any event is therefore now on the lookout for what is available in terms of such cutting-edge, scalable and cost-effective virtual solutions.

Virtual marketplace as software as a service

So, let’s look more closely at the virtual possibilities and what an online trade show/ marketplace platform should deliver!

Some businesses are taking their shows online with virtual events, via streaming, in order to reach customers. They often use video chat solutions, and a webinar format, while failing to have the trade show aspect (it can work sufficiently only when conversing with existing clients). There are many needs, and trade show-related aspects that cannot be solved with video conferencing tools.

What businesses and organisers should be looking for and offering to their clients goes way beyond using video conferencing/virtual communications software; namely high-capacity and flawless virtual trade show technology.

A virtual trade show is interactive; it allows attendees to visit your booth (s), chat with representatives there, attend presentations and keynote speeches, and even chat, network or talk live. Via such a virtual trade show/marketplace sellers and buyers/prospects are able to meet, instantly or per appointment, and exchange immediate responses and feedback. And that marketplace can be customised to your brand. It can of course also function as a way to build leads and expand one’s database.

In times of a coronavirus outbreak, a virtual platform can be the solution to realise sales-oriented events. Organisations can continue their engagement with prospects and customers even though they cannot meet face to face.

And for the organising business of an event, the number of booths/exhibitors, as well as attendants who can participate is unlimited (only your budget and data capacity requirements via the provider can set a limit)!

As for hybrid, it can also function as an addition for any business wishing to attend remotely, enabling exhibitors to attend without having to be there physically (such as members of your distribution network). Combining physical and online, the hybrid part can be a massive bonus as your event/marketplace gets much more exposure, with a bigger chance more people will come to the physical event as a positive effect.

As added value more events can be arranged virtually than physically. It also enables the potential to reach a global audience interactively.

In the virtual world your event can also exist, remain and re-emerge way beyond just a few annual event days, functioning as your very own virtual marketplace.

Continue to part two to find out more, including all about Expobo: What your virtual marketplace platform should deliver for business