A virtual trade fair is a cross between a webcast meeting and a video game. And it’s the next big trend at trade shows. Although only 1% of all trade shows now take place online, industry experts expect that by 2015, more than 25% of trade shows will be held in virtual environments. That is a market that you cannot afford to ignore.
Like online meetings, a virtual trade show can be simple or incredibly realistic. The simplest ones assemble a series of pages, each of them a virtual stand for an exhibitor, plus instant messaging so that exhibitors and attendees can speak in real time. The most complex are complete environments like high-level video games or online worlds like Second Life. In these, each participant controls an avatar. VOIP (Voice over Internet Protocol) can let you talk to attendees, and you can easily email brochures or allow attendees to download them.
But why bother when face-to-face meetings are so much more satisfying and real? Because virtual fairs offer solid advantages.
1. Succeed on tighter budgets
Imagine a trade show with no transportation, shipping, hotel, hospitality or booth costs, and minimal cost for exhibit space. That is a virtual trade show.
With travel costs rising and travel budgets falling, more industries are turning to virtual trade shows as a less expensive way to showcase their products. Electronics and high-tech companies are naturally comfortable with the online format, but they are not alone. Many other industries, from plumbing to candy wrapper design, have put on successful virtual shows.
2. Spread your wings
Too often, the sheer scale of trade show investment keeps the marketing department stuck in the traditional rut of “what worked last year.” The new medium will give you the freedom to experiment with innovative display ideas and quickly change the ones that don’t work. At a virtual trade show, you don’t need to worry about foot traffic flow or many other design limitations.
In addition, you will have help to design your screen. Installation at virtual trade show sites takes less than an hour and the software is supplied. Depending on the site, you will have a wide variety of multimedia tools at your service. Some offer VOIP (Voice Over Internet Protocol), so you can voice chat with attendees. Most offer instant messaging features, so you can chat in real time with attendees and have multiple conversations at once.
3. Open a stall in a new market
Not only will you be able to try new approaches, but you will also have the freedom to explore new markets without fear of blowing your annual budget. Due to low overheads, you may dare to attend non-traditional trade shows that you might not otherwise be able to attempt.
4. The future is green
Compared to traditional trade shows, virtual trade shows are “greener”. Reducing environmental impact is an increasingly important goal for many companies. Tax incentives to lower fuel costs are also likely to increase, making virtual exhibits an even more attractive proposition.
5. Follow that guide!
Traditional trade shows often generate interesting leads. Unfortunately, 80% of those leads are never followed up, a statistic destined to put off the most enthusiastic marketer. The reasons are innumerable: disconnects between marketing and sales departments, difficulties in reading names and addresses scribbled by hand, the tedium of entering contact information by hand into databases.
However, virtual trade shows collect the data for you, and most include built-in lead management software. Suddenly tracking those leads becomes simple. Additionally, many systems offer labels so you can take notes on attendees or companies, making it easy to follow up. You can also control the activities of both staff and attendees.
Virtual trade show systems generally allow you to run analytics as soon as the show ends. Instead of entering all the data separately, the virtual trade show tracks and analyzes it for you. You’ll be able to start following up on leads right away, which can greatly improve your return on investment.
6. Marketing for the 21st century customer
Most important of all, virtual trade shows will help you reach the digital generation. Over time, more and more corporate decision makers will feel at least as comfortable with the virtual world as they are with text on a page.
Members of the digital generation are already assuming key positions in government and business. President Obama’s transition team was co-chaired by a Wharton professor distinguished not only for his scholarship, but also for his skill in World of Warcraft, a virtual raid game. Many people now in their thirties could use a mouse before reaching for a pencil, and they spend their free time in Second Life and other virtual realms. A virtual trade fair will seem as natural as the telephone to older people.
This demographic trend is bound to continue. Gaining experience in the virtual world now will give you an edge in marketing for this vast demographic.
The virtual trade show may never completely replace large showrooms. Face-to-face contact is too essential for many people. However, a smart marketer will use this exciting new technology to reach customers. It is one more tool in your arsenal and you can use it effectively to improve your business results.