Virtual Events Versus Physical Events in Pharma
How does the new norm compare to twelve months ago? The key differences between virtual and physical events in pharma.
COVID-19 has disrupted the events calendar in the pharma sectors quite severely. Many of the trade shows and conferences you and I would normally attend during a calendar year have been cancelled or postponed. These events are important for the livelihood of all of the organisations - big and small - throughout the pharma supply chain. They are the meeting places for executives within the sectors to conduct business in a number of ways.
And there is no doubt business will have been affected because of these cancellations and postponements. But it’s not all doom and gloom, as event organisers have devised new ways to run events so that delegates can attend from the safely of their own homes. I’m talking about virtual events.
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The HIMSS Global Health Conference & Exhibition (HIMSS20), originally scheduled to run in Orlando in March of this year, was amongst the first events in your sectors to move their event online into a virtual environment. (You can still access all of the relevant content, such the sessions and exhibitors on the HIMSS20 Digital website.) I am lead to believe that, under the circumstances of the last-minute cancellation, the event was a glowing success. I would highly suggest that if there are any events that interest you this year to check out their digital counterparts.
But as we’re well aware in a B2B context, virtual events may never be able to replace physical events long-term. We still want that face-to-face experience with our colleagues and business partners.
VIRTUAL VS PHYSICAL: PHARMA
In this post we’ll stack up the differences between virtual and physical events, the advantages and disadvantages for both delegates and exhibitors, so you can make your own mind about the events for the remainder of 2020, and beyond.
It is also worth noting that, in this current environment, attending and exhibiting at digital events will be far more beneficial to you and your organisation rather than not attending at all, even if you are not totally convinced by the prospect of engaging with people within an event on a computer.
VIRTUAL EVENTS
Let’s start with virtual events. These events might include virtual summits and conferences, webinars, virtual meetups and podcasts.
ADVANTAGES
Simplicity and ease of access. If you’ve managed physical events in the past, you will be aware of the logistical burden placed on your shoulders. Fortunately, within digital events, much of this burden is lifted. Managing all of the moving parts - transportation of the booth and the people to operate the booth - is much easier because there are for fewer of them. This is also the case for the delegates themselves as all that is required is a browser.
Content flexibility. I like the fact that once the actual event has passed, all of the content - such as keynotes and the booths and stands themselves - can still be accessed and visited months after the event itself has passed. Once physical events are over, the focus turns to next year. But with virtual events, the content will sit online for a much longer period of time - which is great for exhibitors as well as delegates. No longer will exhibitors need to rush around booths, choose from competing keynotes etc. and priority what new pharma innovations to learn about.
Data collection and management. Let’s face it, for exhibitors, we are looking to generate as much interest and business for our products and services as possible within events. During physical events, meeting slots are limited and any data gathered might be scribbled on a piece of paper to be flown back home with you. Not great GDPR compliance. Virtual events make data collection a little easier, and I think the ability to conduct more effective follow-up - which we would all be looking to do in the B2B pharma sectors - is achieved. Your legal department will also thank you.
DISADVANTAGES
Impersonal by nature. The few advantages above would really make you consider just conducting virtual events for the foreseeable future until you put this in the context of the nature of the B2B pharma sectors we operate within. Looking someone in the eyes and saying hello just cannot be done the same way in virtual events and you will miss that personal touch that is often the key driver of business partnerships. New ways of getting personal during virtual events are required.
Sponsorship. If you plan to take out sponsorship within virtual events, really scrutinise the event organisers. We are running sponsorship with vendors for our clients and we are negotiating with vendors to get the most out of the packages, as well as spending time strategising the best sponsorship options available. Making that connection within virtual events is far more difficult, therefore, in the case of sponsorship opportunities, scrutinise because making your brand and message more visible will pose more of a challenge than within exhibition halls.
Focus/excitement. I think, as a delegate, I would never be fully immersed within a virtual conference. A virtual event is just another browser opened on my laptop and I am likely to do something else whilst attending one. Most B2B executives will feel that the excitement around live events is also lost within the virtual event, and therefore, after a while attention might be lost and diverted away from the event after the initial opening period. Whilst a physical event, such as CPhI Worldwide might last 3 days, and delegates are likely to be around for the full duration, a digital version might host a delegate for 3 hours.
PHYSICAL EVENTS
Whilst the advantages outweigh the disadvantages within virtual events when compared to those for physical events - trade shows, exhibitions and keynote events - the full picture emerges.
ADVANTAGES
Getting face-to-face. First on the list here is the ability to get in front of your target audience, engage in meaningful conversations and develop strong relationships via face-to-face interactions. Virtual environments offer meetings and call features, but those will never replicate a conversation over a drink in the bar, the opportunity to shake hands and really get to know a potential business partner personally. Virtual events will entail that delegates will need to take an extra step, away from the event, to meet with someone in person.
Freebies and merchandise. As a marketing professional, there’s nothing I like doing more than collecting freebies and other marketing merchandise from booths at events. Of course, baggage restrictions may limit the amount of free merchandise you can take home with you - but there will always be cool stuff available to take home from events. I won’t be alone here. Personalised merchandise is a fun and engaging part of physical events which, again, cannot be replicated the same way within virtual events.
Business holiday element. Let’s be honest, the evenings (and sometimes early mornings) can feel like a mini holiday at these trade events. I notice this even more where some employees view attending events in the offline world as a kind of reward - they are rarely seen as inconvenient. Anything that isn’t seen as inconvenient will usually have that person’s full attention - there are no distractions and the delegates will put their full attention into the event, enjoying every minute of it.
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DISADVANTAGES
Cost. There’s no question about it, one of the biggest disadvantages of physical events - global events in the case of pharma - are the costs associated with attending. If you are exhibiting, then that cost skyrockets. The cost of travelling itself is a burden in itself, and this is on top of the costs of renting booth space, creating all of the relevant in-booth materials, hiring staff as well as sourcing entertainment.
Attendees. CPhI 2019 in Frankfurt saw a drop in numbers compared to its counterpart a year before in Madrid. Those who attend CPhI Worldwide regularly will know that this is probably down to the fact that as a city and event hall, Madrid is far better suited to host such a large-scale event. Regardless, the result (for delegates and exhibitors) is that fewer attendees attended, which decreases the opportunities you are likely to develop. ROI depends on the number of attendees (which is largely out of your hands), and because of the high costs associated with a physical event, anything less than optimal attendance might not provide an adequate return.
SUMMARY
Physical and virtual events can’t be any more different. I personally prefer physical events over digital - I think many in the B2B pharma space will agree. The rise of virtual events is down to the effects of COVID-19 - not because there is a growing demand for virtual events.
This said, I do think now that more and more of us have been forced to engage with digital and virtual events, we will be more inclined to attend those events alongside our other physical events throughout the year. As an exhibitor, virtual events can actually demonstrate clearer ROI with content arguably available for long-term use - they are also very accessible.
Perhaps we will see more hybrid events in 2021 as a direct result? (We shall explore in a future post…)