Following the enormous success of the Virtual Property Show, Brand & Marketing Executive, Tracey Lee Miller shares 5 crucial considerations for businesses preparing to host their own online events.
1) The higher purpose
When you host an event, digitally or otherwise, you want results. But here’s the thing: results are not exclusively measured by the number of attendees, nor the surface-level components in play. Results are measured by the takeaways of attendees; their immersion in the experience, how you held their attention and invoked emotions, and most importantly, whether the event served and achieved a higher purpose.
So, what was Private Property’s higher purpose in hosting the Virtual Property Show?
From a Consumer perspective, we sought to educate and inform. From a Marketing and Industry perspective, we sought to strengthen our brand and build thought-leadership. Our higher purpose however, was connection and unity at a time when people need it the most. Did we achieve that with the Virtual Property Show? I believe we did. Did we tick all the boxes? If we look purely at the numbers and feedback received then yes, absolutely. The Virtual Property Show was the biggest online property event in South Africa. It attracted over 5000 attendees over 2 days, 30% of which were first-time home buyers. 2352 exhibitor documents were downloaded confirming a strong appetite for property information; and an excellent Net Promoter Score of over 50 was achieved.
While this is commendable, particularly from a branding perspective, such figures are not the only way in which the success of a digital event should be judged.
2) Audience mindset
Virtual events offer something unique that physical events don’t. Using technology, we are able to transcend the limitations of being in one place at one time, allowing us to connect and engage with more people simultaneously.
The downside is that there are many more distractions that are amplified in a digital environment. The obvious challenge is that your event moves into a delegate’s personal space where other online platforms are active and environmental factors can easily divert attention.
The good news? Online events allow delegates to engage on their own terms. They can rewind, pause, and replay if they missed something, and can share content with other interested parties, thereby increasing the lifespan of the event and information absorption. The point is, online delegates have a very different mindset to what we know and understand from live events. For one thing, they have grown to be more patient and understanding as virtual meetings and remote working become the ‘new norm’. As digital event organisers, we take this new mindset into consideration and expose our digital delegates to a variety of content types: education; information; inspiration; and entertainment. We do this to ensure that we can deliver a truly engaging, world-class virtual event.
3) Cost considerations
There is a common misconception that digital events are cheap. This is not necessarily true. You must consider that there is less potential for a return on investment, particularly as delegates are now weighing the cost of tickets against data costs. We did not charge an entry fee for the Virtual Property Show and for future events, Private Property is looking to find effective ways to absorb our attendee’s data expenses altogether. An event the size of the Virtual Property Show requires a lot more intellectual, and thus financial investment as well. The conceptualisation and skills needed require an enormous number of hours prior to and during the event. The tech build-up alone can take huge chunks from a budget, as well as the research required that considers even the micro- and unique experiences of potential attendees. One almost needs to over-prepare.
4) Value in partnerships
You can’t discount the value of partnerships, be those of tech suppliers or investors. In Private Property’s case, we leaned on our relationships with media partners, industry experts, estate agencies, and our headline sponsor and banking partner, Absa to add credibility to the Virtual Property Show, and deliver invaluable intelligence and knowledge on a scale unseen before. Embracing and hosting tech events is not something any enterprise should do in isolation. Neither should digital event organisers shy away from conversations pertaining to the cost of data. As brands, we have to find ways to ease the pressure costs on users. We should also not pay lip service to inclusion, which in terms of digital events means that the provision of content/experiences must be responsive to devices of varying makes and models. And we should also be mindful of mobility and connectivity challenges.
5) Leveraging your brand reputation
Attempting to host a digital event without having established a rapport with online audiences is tricky. Private Property fortunately has a strong digital presence, and are amongst the most engaging brands in the marketplace across all our social media channels. Our strong online community partnerships proved to be the champion throughout the Virtual Property Show. These individuals took it upon themselves to answer delegate questions and provided input and feedback that helped to create a supportive and engaging learning environment for all. We attribute this brand advocacy to the fact that Private Property communicates with our audience daily; we do not just speak at them. Our voice resonates with them; it reflects their hopes and aspirations, is affirming and positive, and most importantly our conversations are personal, not robotic as is often the problem with digital. Without this type of foundation, an organisation will struggle, and likely find it very expensive to build a successful digital event.
Conclusion
The future is clear for Private Property. We are going to continue to innovate, to eventually combine digital events with live events so that we can amplify the conversation around property and empower customers to climb the property ladder with confidence. We believe that together with our real estate partners, we can take digital eventing to new heights and set the bar for others to follow.
By Tracey Lee Miller