A virtual trade show with a hosted buyer program might be the perfect combination for the senior level executive that hasn’t been seen at the face-to-face event in years (with or without a recession, corporate travel ban or AIG Effect). However, without the face-to-face contact and experiential elements that enhance sales conversions at live events, event organizers, exhibitors and platform providers will have to work overtime to create a unique and memorable experience tailored to the VIP attendee. Here is a breakdown of what such a program might look like.
Pre-qualification
Hosted buyer programs begin with the pre-qualification process. It’s likely that a senior executive is less likely to “apply” to be hosted at a virtual event. Instead, organizers will need to work with their internal sales teams or partner with trade publications to identify high quality prospects before inviting them to participate. It’s also worth a look in Twitter, LinkedIn, online forums, the blogosphere or other social media platforms to look for qualifying information on specific individuals. Plus, if they’re on Twitter and LinkedIn, they may be more receptive to a virtual event invitation.
Invitation
Once the buyers are identified, they should be formally invited. A (snail) mailed invitation could be interesting, followed up by a telephone call and an email reminder. Non-traditional invitations and reminders are especially important for those prospects new to the virtual event world (there are still some out there). Of course the benefits for attending should be emphasized at this stage such as high level, customized, exclusive content, peer-to-peer networking, incentives for attending, customized agenda, reminders, senior level exhibitor interaction and tremendous time savings.
Content
In addition to the trade show component, the ideal virtual event should contain a live-streamed keynote presentation from an exclusive speaker, followed by a live Q & A session where attendees can address specific questions to the presenter. The presentation would be limited to the hosted (VIP) attendees. Keeping the number of attendees low will guarantee that their questions are addressed.
Event organizers would contact the hosted buyers in advance to solicit ideas and information for the type of content that they would like to receive at the virtual event. Information in the form of research, white papers, financial analyses, keynote “cliff notes,” benchmarking data, etc. can be prepared in advance to meet their specific needs. Such content should be exclusive to hosted buyers, although summaries and abbreviated versions of the VIP content could be made available to non-hosted buyers.
Buyer Incentives
Standard features of hosted buyer programs for live events include airfare, hotel accommodations, meals and entertainment paid for by event sponsors. Incentives for attendance at a virtual event could include cash honorariums (paid via PayPal), transferable free registration at the annual face-to-face trade show, subscriptions to executive-level online information services or copies of exclusive research reports.
VIP Exclusives
Successful hosted buyer programs do a good job of providing premium content and experiences to a select group of attendees. Virtual trade shows are no different. Some exclusive features could include:
- VIP chat rooms or virtual round tables that could only be accessed by hosted buyers to provide attendees with an opportunity for peer-to-peer networking and prevent virtual suitcasing (non-paying exhibitors poaching VIP attendees).
- Personalized agenda to direct hosted buyers to exhibitor appointments and keynotes. Attendees can be automatically pinged on screen or via email when one meeting is about to end and another is scheduled to begin.
- One-on-one virtual appointments with senior-level exhibitors. Discussion and offerings would be geared specifically toward the needs and interests of senior level buyers.
- Ease of use. Attendees should not have to remember passwords to gain access to VIP areas. The virtual platform should recognize their names, restrict access to hosted buyers only and display the attendee’s name, company and title to enhance peer-to-peer networking.
- On call tech support. Hosted buyers should be able to press a single button to access live chat tech support and customer service.
- Other VIP attendees. Paying recognizable thought leaders, other high-profile executives, authors and recognizable industry buzz generators to engage in conversations with hosted buyers could be an attractive feature of the virtual event.
Attendee Requirements
Hosted buyers at live events are required to attend certain meetings and social events. Tracking the attendance can be cumbersome for event organizers. In a virtual environment, however, attendance tracking is easier as long as there are mechanisms in place to make sure that the virtual attendee is actually the person he/she purports to be. In addition to exhibitor meetings, hosted buyers could be required to enter chat rooms, attend keynotes and download white papers. Having a variety of tasks to perform would make it more difficult for busy executives to leave the computer on “auto-pilot” for extended periods of time. A post event survey/test sent to the hosted buyer’s email, could also help to verify completion of the various virtual tasks.
The Takeaway: There is no replacement for a face-to-face exhibition, however, a virtual trade show can be a valuable tool for engaging key buyers that would not normally attend the physical show. A hosted buyer scenario, like that employed in live events, could provide the appropriate level of incentives to key buyers, not the least of which is being able to attend in the comfort of their home or office. Add cash, research, exclusive content (not available to anyone or anywhere else) and an easy to navigate platform and, “on paper,” the idea has merit. Due diligence is required on the part of the organizer to identify key buyers. Exhibitors would be required to tailor offerings to a VIP audience and platform providers would need to make adjustments for recognizing, segregating and servicing high value attendees from the rest of the non-hosted audience.
I would love to hear from live event organizers, exhibitors, VIP attendees and virtual event platform providers. Could this work?
Michelle – excellent blog post – I think hosted buyer programs would certainly work as virtual tradeshows. There’s an irony here, as the convenience of a virtual tradeshow somewhat “works against itself” here. One allure of the conventional hosted buyer program is the complimentary airfare, hotel and other perks. By boarding that plane, you’re nearly guaranteed to attend.
With the convenience of attending virtually, you’ll likely see a lower attendance rate from your base of pre-qualified registrants. So as you indicate – content, exclusive features, etc. is paramount. Up front, it may make sense to “offset” the loss of travel perks by offering airline/hotel vouchers or frequent flyer miles to those who attend virtually. Secondarily, you could add iTunes downloads, Amex/Amazon gift cards or complimentary virtual goods (in the right market, of course – virtual goods surely won’t work for some VIPs).
In the technology market, exhibitors could provide 1:1 (or 1:few) access to the CTO or CEO – and walk buyers through the product roadmap before it’s communicated to the wider public.
You may also want to include a gaming/competition component to increase engagement (and fun) – C-level and VIP types are definitely competitive. And lastly – since I believe 2010 will be The Year of the Hybrid Event – you could consider a virtual component (complement) to your face-to-face hosted buyer program. There are neat ways one can blend physical and online experiences together.
Dennis Shiao
Product Marketing
InXpo
Dennis: When writing this, I knew that there would be two hurdles to the theory: fear and the cost of inducements.
For example, some face-to-face event organizers might be afraid to adopt this model out of fear that it might cannibalize their live event (I actually believe it might drive more VIP traffic to the event). The cost of providing an attractive enough inducement to attend could be another hurdle although I believe that everyone (including senior executives) has their price. If they can’t get free airfare and hotel, they may be lured by your suggestions (gift cards, iTunes downloads, etc.). One could even imagine the donation to a favorite charity as being an incentive. This is also where sponsors come in.
I’m not a huge fan of overlaying old models on top of new technology, however, this kind of discussion is a starting point for thinking about innovations such as virtual events in a new way and far more palatable to the event organizers that are trying to get their feet wet but aren’t ready to jump off the high dive.
Thanks so much for your input.
Michelle
Michelle
Excellent ideas. I would also add that when running a virtual event, it provides a much easier execution of competing company presentations. In the live meetings, it is sometimes awkward to have competing companies in the same room pitching their services at the same time. Yet, with all of the different options available today, buyers would see value in having 5 minute presentations from numerous competitors and then having the ability to directly ask questions and engage with those companies at once.
As Dennis was also pointing out, adding some level of gaming will increase the buyers ability to interact with each company. It will be interesting to see how the 3D environments come into play as all of this develops. Providing not only chat areas but actual product demonstration areas, where the products are their to be seen and even used through simulation, will add to that experience as well.
Thanks for all of your comments. Great stuff!
Thanks for your insights James. Do you think that 3D and gaming will trump “ease of use” as the key attributes that will drive attendance to virtual events? I often think of senior executives as those least familiar with “fancy” online tools. After all, they are there for their brains and business acumen and not for knowing their way around the video screen.
What do you think?
Michelle
Michelle,
I have been in the trade show industry since 1974. I have worn many hats, all related to the exhibit end of this world. Over the past nine years I have watched the crumbling of face-to-face events. The erosion has taken place with; growing facilities, excessive costs by management firms and ultimately the lost of one core value, bringing sellers and buyers together successfully. This may have not been so noticeable had we not had the infusion of all the social Medias at our disposal today. In yester year there was no alternative to mass market your wares. I got together with a cohort and we started V2Reality, together we were going to change the world. Our first step was to go to a major facility that we had great rapport with, we were certain that just like fax lines and Ethernet a facility should offer a virtual event to go along with the physical event! Knowing they would see the light! After we were tossed out on the street we realized this would be a much tougher sale. We knew that the two must come together to enable them both to survive and prosper. We worked closely with two top developers and tweaked the virtual platform they sold. Alas, we could gain no momentum and ended up resorting back to our day jobs. I am still very interested in this concept and I am always looking for likeminded individuals to compare notes with, so I thank you for your discussion.
Regards,
Chuck Holmes
Rocket Event Management
Chuck. I too remember a decade ago when virtual trade shows first came into view and were roundly dismissed (eventually) by exhibition organizers afraid of the potential cannibalization of their face-to-face trade shows. I also agree with you that social media as well as changing perspectives and recessionary pressures have drastically changed the landscape regarding the co-existence of virtual and face-to-face meetings. I think that at the end of the day, both will exist ONLY by doing what each does best. I welcome your comments and thoughts and would love to know whether V2Reality or its next incarnation ever rises from the ashes. Until then you may have to settle for knowing that visionaries were often misunderstood in their time only to be lauded later on for their brilliant forethought.
Good luck.
Michelle