Small and Medium Entreprises (SMEs) are central to the growth and development of economies. They come up with groundbreaking solutions to ever-evolving problems, create employment opportunities, bring revenue, and have the potential to grow into large organizations. SMEs are often looking for ways to expand their business and reach new customers and territories. Virtual conferences can enable them in achieving these objectives efficiently and cost-effectively. For an SME, value for money is extremely important, hence, organizing an event that can boost the return on investment while providing a good branding opportunity is preferred. Organizing a physical conference is time-consuming, costly, and troublesome. From deciding on a venue to handling logistical issues, these conferences can be a hassle for the organizers. Unanticipated scenarios like the pandemic of Covid-19 can further make them an inconvenient choice for organizing events. A virtual summit happens online and has numerous benefits for SMEs. Without further ado, let’s dig into them and see how they can help Small and Medium Enterprises in achieving their goals. 1. Enhance Reach of the EventA physical conference has several limitations including the cap on attendees. Depending on the capacity of the venue, only a limited number of people get to be a part of the event. Additionally, not everyone can travel to the event location, especially the people who are living in another state or country but are the right audience for the event. An online summit overcomes these barriers and allows attendees residing in any part of the world to be a part of the event. Compared to a physical event, an online conference can entertain several times more attendees. A virtual conference ensures inclusivity and is a great opportunity for people with special needs to be a part of the event from the comfort of their homes. 2. Eliminate the Hassle of Logistical ArrangementsIt is no secret that physical events come with tons of logistical issues. Even a day before the event, the organizers often find themselves tangled in logistical troubles that take their attention away from the event itself. A virtual conference frees the organizers of these issues. In fact, conference organizers get to sit back and relax while the hosting platform manages everything on their behalf. Since no traveling is involved, organizers don’t have to worry about arranging transportation and accommodation for the attendees. Furthermore, they don’t have to think about booking food providers, setting up the venue, or last-minute cancellations from vendors. Event organizers simply have to share their requirements with the hosting platform that does everything for them and takes the burden off the shoulders of the organizers. 3. Reduce the Cost of the EventImagine a conference where you don’t have to spend on the venue, manpower, transportation, decor, booth setup, and hospitality. Make an estimate of cost-savings. Yes, that’s how much you will save with a virtual conference! A physical conference requires a lot of money. With inflation on the rise almost everywhere, this cost is always following an upward trend. An online summit rids the organizers of the unnecessary costs and leverages technology to create a near-physical experience in virtual space that provides better results. 4. Connect with the AudienceIn a physical conference, it is difficult for the booth representatives to connect with all the attendees. The attendees also find it hard to make their way through the crowd and reach a representative to get a query resolved. This negatively impacts the experience of the attendees and causes frustration. An online conference addresses this problem and enables businesses to build lasting relationships with the attendees. Based on the hosting platform, a virtual conference usually provides audio, video, and text chat features. The chat can be a one-on-one session between an attendee and a representative of the organizing company or a group chat in which all the attendees can engage in a conversation with the company representative. This not only helps in addressing the concerns of the attendees but also provides a great experience to them that fosters the relationship between the two parties. 5. Insights and ReportsAnalyzing the results of a physical conference becomes difficult given that there isn’t much data about the activities of the attendees inside the venue. It is hard to know what worked and what needs to be changed in a physical event. A virtual conference, on the other hand, provides reliable data that helps businesses make informed decisions in the future. The following data can be provided by the hosting platform after the event. The number of attendeesThe most popular boothThe most popular activity (e.g. webinars)The demographics of the attendeesMost popular times of the eventEngagement and attendance during the speaker sessionsAnd much more!With the help of this data, it becomes easier to calculate the return on investment (ROI), understand the needs of the target audience, and figure out ways in which the event strategy can be improved. ConclusionA virtual summit is valuable not only for the organizers but for the attendees as well. It is free of geographical limitations, thus enabling people to join the event from anywhere with the help of an internet-connected device. A virtual conference is scalable with enhanced reach which ensures inclusivity and diversity. For SMEs, virtual conferences are a great opportunity to build brand awareness, reach out to potential customers across the globe, and organize a groundbreaking event without breaking the bank. Never organized a virtual event before? Here’s a step-by-step guide to move your event online!ABOUT VFAIRS:At vFairs.com, we strive to build a top-class online event platform that will help event organizers make memorable connections with their target audience. We’re obsessed with taking out the hassle normally associated with physical events and leaving organizers and exhibitors to focus on what’s most important: engagement with the audience.