Opinion 17
When was the last time you went to a physical show ? How about the last time you sat in your home office and watched a digital event ? It ’ s an unfair question as of course we haven ’ t had much of a choice recently . But could savvy industry players have just experienced the ‘ Netflix effect ’?
The Netflix effect is when a new series catapults an unknown actor to fame - overnight - a result of millions of people binge watching a show . Is it possible then , that organisers could find themselves as the leading media company – overnight – in their sector if they adapted their business model to offer more personalised content on demand , all year round ? It ’ s a loose comparison but go with me on it .
Changing how attendees view content
Before the explosion of digital , attendees turned up to the doors of your event to consume the content you had on offer , whilst taking the opportunity to network with fellow attendees and meet companies offering the latest products and services in the market .
Digital events have changed the way attendees consume content . They ’ re no longer tied to having only one opportunity to figure out which sessions to attend across multiple tracks on one day . They can view all the sessions , when they want to , during or after the event has taken place . Similarly , attendees can engage with sponsors and exhibitors long after the live event schedule ends .
A welcome result : the number of attendees is increasing . The much talked about challenge of how we can increase pre-reg conversion rates just found a neat solution .
A more personalised service
Netflix collects huge amounts of data on its customers , its AI-powered algorithm creates personalised recommendations for each user based on their preferences , watch history , ratings and demographics .
The Netflix effect
Chris Clipston , MD at Circdata believes digital event planners should take inspiration from Netflix to grow their business
Event organisers have similarly collected valuable demographic data via the registration process .
Digital events have enabled organisers to recommend relevant content , exhibitors and fellow attendees to users of their platforms , which has driven up engagement levels and presented attendees with a much better , more personalised customer journey .
Broadening the reach
As Netflix streams content into homes across the globe with an ever-increasing audience , event organisers offering a digital sidekick will broaden their reach far beyond the attendee levels they have so far experienced . Not only does this have benefits to the organiser , creating a much more engaged community , it enables them to offer enhanced return on investment to exhibitors and sponsors .
Attendees of the live event , once it has ended , now have the digital platform to return to ; arguably better than the experience a show guide presents .
If they have had a conversation with an exhibitor at the show , they can take the conversation further with ease via the digital platform . If a session was of particular interest , they can watch it again . If they missed content , or want to watch more to attain CPD points , they can do so .
Organisers can harness the data of digital – and physical – attendee engagement to build out specialised audiences . For example , taking note of community boards or the most watched sessions offers great insight into spin-off offerings to smaller audiences , which not only serves the market better , but also creates new revenue opportunities .
Updating business models
Netflix started life as a mail-order DVD company , unrecognisable to the firm it is today .
Organisers have long understood the value of the content at their events and the value of face-to-face meetings , but business models are changing to drive further value . Content can be available and updated across the year if organisers adopt the hybrid event model , driving continual community engagement and ROI for exhibitors and sponsors .
Live can never be replaced
Without doubt , digital events have their place firmly ensconced in the future . But live can never be replaced . In the same way watching Glastonbury at home on TV can never replicate the feeling of experiencing it in person . Even if digital events have experienced the Netflix effect for some organisers , it is very unlikely they will replace the live events . They will complement them to drive better engagement , more interactions and enhanced ROI .
Circdata provides event technology for digital , hybrid and physical events . Its Fusion Visit platform helps clients broadcast digital events , build communities , drive engagement and push out year-round content to drive ROI .