Leveraging Community, Virtual, and Hosted Events for Business Growth
Introduction:
Back to school bashes, trunk retreats, webinars – we’ve all attended our fair share of events, but for business owners, events take on a whole new significance. They present an opportunity to boost your business’s visibility and connect with the community. We have categorized events into three types: community events, hosted events, and virtual events. If you’re just starting, community or virtual events may be your initial choice due to lower costs and less staff required for preparation and invitations. However, as your business grows, you should consider hosting in-person events yourself, and we’ll explain why shortly.
The Power of Community Events
Community events are a great way to gain brand recognition. Whether it’s your name on a tent, a table, or simply from conversations, people will notice your business. It also showcases your community involvement, which resonates with potential customers looking to support businesses that contribute to their community. In-person meetings at these events create a connection that no ad can replicate. You’ll form relationships that go beyond mere branding.
Furthermore, community events offer a fantastic opportunity to collect business cards, which can be leveraged for email marketing campaigns and follow-ups. They’re cost-effective to participate in, and event organizers often share statistics about the expected attendance, allowing you to gauge the potential reach and ROI. Additionally, giveaways and games are a significant draw for participants. The statistics speak for themselves, with promotional products having a lasting impact on recipients.
Another advantage of community events is the ability to give away brochures and flyers. Interestingly, consumers trust print advertisements more when making purchasing decisions, making these printed materials a valuable addition to your strategy.
As powerful as community events can be, they come with their set of limitations. Yes, they increase brand awareness, but you’re just one among many vendors at the event. It’s challenging to stand out as a leader or authority figure in your industry. Moreover, they demand significant time and effort, which doesn’t always translate into a corresponding return on investment. The financial investment might be low, but the cost of giveaways can add up, as well as the cost of your time and staff if required.
Community events tend to foster surface-level conversations. Attendees often come to grab giveaways and move on. This environment doesn’t naturally lend itself to deep, meaningful connections. As for giveaways, while they’re a pro in terms of reaching a large audience in one place, you need to find something unique that stands out. Generic giveaways may get lost in the shuffle or end up in the trash.
Hosting Your Own Event
In addition to community events, hosting your own event is highly recommended.
When you host your own event, you have the reins. You can design the schedule, decide on the content, and create a unique experience that reflects your expertise. In-person presentations make you appear as the authority figure in your field. Sharing your expertise with the audience not only boosts your credibility but also instills trust in your audience. Sharing insightful content or knowledge during your presentation leaves a lasting impact. Attendees will remember your event and associate it with valuable information.
When you host your own events, you also have the freedom to choose who gets an invitation. This is especially crucial when you want to host an event for specific referral partners or individuals you aim to build stronger relationships with. Hosting your own events encourages meaningful conversations. Attendees are more likely to engage in personal, meaningful discussions, enabling you to establish stronger bonds.
Coordinating a live event requires significant effort. You must plan the venue setup, food, drinks, activities, decorations, and registration, which can be daunting for a small team or individual. They can also be expensive. Venue rental, food, drinks, and activities add up, increasing the overall cost. Finding sponsors may help offset some expenses but also adds another layer of work. The fear of hosting an event that nobody attends can be nerve-wracking. Even with RSVPs, not all guests show up, which can be disheartening. Hosting a niche event may lead to the awkward situation of denying entry to competitors. Maintaining exclusivity while avoiding potential conflicts is a delicate balancing act.
Virtual Events: The Pros and Cons
Hosting virtual events is generally more cost-effective, especially if your event is free. You can reach a broad audience without incurring substantial expenses. Virtual events also position you as the authority figure, just like in-person events. Your expertise shines through, boosting your credibility. In addition, virtual events are incredibly convenient. Attendees can join from anywhere, reducing the need for travel and allowing for more frequent meetings. Virtual events break the constraints of geography. You can connect with individuals from around the world, broadening your reach.
Virtual events often suffer from higher no-show rates. The ease of joining and the absence of physical presence can lead to last-minute cancellations and distractions. The ubiquity of virtual meetings has created “Zoom fatigue.” Attendees may lack enthusiasm for another online event. In addition, virtual events offer fewer opportunities for creativity and memorable experiences. Interactive activities are limited by technology and cannot replicate the energy of in-person events.
Hosting virtual events can be challenging for one-on-one conversations, as group sessions are the primary format. Technical issues, such as connectivity problems or software glitches, are common in virtual events and can disrupt the flow of your presentation.
Hosting your own events can be a powerful strategy for building connections and growing your influence. The choice between community events, hosting your own events and virtual events depends on your goals, budget, and preferences. Hosting your own events offers the benefit of physical presence, deep connections, and memorable experiences but come with higher costs and logistical challenges. On the other hand, virtual events are cost-effective, convenient, and globally accessible, but they require creative approaches to engage attendees and overcome technical challenges. To make the most of your event strategy, consider a mix of in-person and virtual events, and adjust your approach based on your objectives and resources. Regardless of the format you choose, hosting your events provides an excellent platform to showcase your expertise, establish trust, and grow your network.