Publishing and technology are complex beasts… factor in a “virtual” online community and as a publisher you have given birth to a rather different animal.
Virtual technology has teased industry for many years, yet its simplistic form and a lack of understanding failed to capture the imagination of the non-believers. In 2010, it’s a rather different story.
Currently, there are a number of large publishers that are racing toward the finishing post. Just who will be crowned king of the virtual events market?
There is an obvious synergy between magazine publishing and events that has been proven to work for many years. But the costs of launching a trade show prevent smaller, creative publishers from adding this proven medium to their portfolios.
That market is changing. Now, as publishers, in every conversation, you will hear the word ‘virtual’. And it’s a word that is virtually impossible to ignore.
In April and May, event organisers were rocked by Eyjafjallajokull’s volcanic activity, yet they could not afford to cancel their conferences and events. Traditionalists were forced to turn to digital alternatives; determined not to be thwarted by volcanic ash, publishers sought digital solutions and, as a result, the world’s first fully immersive 3D exhibition targeting events is set to open its “virtual” doors on January 24, 2011.
Miroslaw Nowak, marketing manager at Market Research Media suggests that it’s only a matter of time before virtual events and world trade shows merge to create hybrid events, and according to Phil Flaxton, chief executive officer of Work Wise UK, virtual meetings represent a great opportunity to cut costs and boost productivity.
By 2012, virtual events will be worth £18.5 billion, so says Gavin Newman, director of Virtual IVent.
“The difference between webinars, online communities, pseudo 3D and fully immersive 3D will become clear as the market place is educated by the leading suppliers of this software. However, it’s vital that people research and investigate the differences available. As more publishers jump on the virtual events bandwagon, those who do not research sufficiently will saturate the market with poor shows that lack content, souring this medium and delivering poor user experience.”
In essence, it’s up to publishers, media houses and brand owners to nail this discipline or run the risk of killing virtual events before their full potential is realised.
HP is one such brand that has defied the traditionalists, reporting a personal increase on return on investment from 15-1 at a live exhibition compared to 51-1 at a virtual expo. So what now?
As publisher of six B2B titles, I am confident that there is scope to harness the power of virtual, and to develop a stable of events that complement rather than complicate.
George P Johnson’s 2010 Virtual Market Outlook report states that now is the time to develop virtual strategies to best drive organisational objectives. Yet, central to achieving these goals is buy-in from the “entire marketing ecosystem”, including agencies and technology providers.
I personally relish the virtual opportunities that are out there. The interest in virtual events is escalating, and as it continues to gather pace I welcome the chance to stand out from the crowd. The last 18 months have been some of the toughest, but right now… reality says that the possibilities are endless.
