Part 1: What’s Next in Experiences
4.5.22
By Andrea Nichols, VP, Experience Delivery / Executive Producer
Part 1: What’s Next in Experiences?
An Executive Producer’s Thoughts Looking Forward
Where We’ve Been
The phrase “content is king” has been used more than I can count in recent years. If that is true, then WHY are organizations giving it away for free? Not only giving it away, but they’re saturating the market with it. In the first of my two-part blog series, I’ll take you through the current state of the events industry, how it’s evolved and why we should care.
During the global pandemic, the strategy of giving away content for “free” in 2020 made sense. It was a wise approach to ensure that you were still getting your messaging and brand expression out into the world during a time when most of our usual means to do so—in-person experiences—were suspended. As we navigate year three of the pandemic, the turmoil of what the events industry has faced doesn’t appear to be waning, which means that virtual, or at best, hybrid events, aren’t going away anytime soon. People are gathering once more, but that doesn’t mean it will be in the same vein as before, nor should it be. This begs the question, is the current approach to free content or the previous way we designed events still worth pursuing?
Looking at the sheer volume of consumable digital resources available today, the numbers are staggering – and quite frankly, overwhelming. Now, let’s just look at events and digital programs that are being produced: hundreds of hours of (mostly free) content are being offered per week. We are asking people to participate in these, amidst professional and personal time. And with the already overwhelming saturation of digital distraction in the universe, it’s challenging for many to view or participate in just a fraction of what might interest them.
Companies have spent thousands of dollars creating digital content over the last 2+ years. Has it been worth it? Looking at the general numbers around the return on investment (ROI), my thoughts, are maybe? But no, probably not.
Registration numbers for digital events are higher than most companies experienced previously with in-person programs, which looks great at first glance. However, the number of registered attendees who actually attend virtual conferences live is 47%, while only 29% view on-demand. And while viewership numbers are low, the number of viewers that participate in community engagement and/or turn into customers is even lower. Why?
When we look at what’s being offered from companies in the virtual webinar and event space, around 74% of these do not charge for virtual attendance. And when it’s free, why not sign up and decide later? As we’ve seen from the numbers, less than half attend live. However, if we were to change this model to a paid model, my prediction is that although registration numbers might decline, attendance rates will skyrocket, with a kicker of a higher percentage of on-demand viewership. When people pay to gain access to something, it is likely important to them and they will make time to attend, contribute and utilize the content they paid for.
If we are going to ask people to return to paying for content, what does this experience look like and why will they choose to come? As producers of content, community builders and program designers, companies need to think not only smarter about how they are curating content, but also how it is being delivered into the hands of those they want to see it. As we see a return to in-person and hybrid events tick up – the digital content delivery system has an opportunity to live on, and in fact, be more valuable than ever before.
Read part 2 for my considerations on how to build the next iteration of experience design.