The coronavirus pandemic has swept the nation resulting in devastating effects on people and businesses. The global trade show industry has suffered from unprecedented damage due to the financial loss. Conventions typically host hundreds and even thousands of people, but with social distancing restrictions in place, many of these gatherings have been called off for 2020.
The industry has lost a considerable amount of money due to the pandemic. According to CNBC, before COVID hit, it was worth $2.5 trillion. As 2020 progressed, most conferences and exhibitions were forced to cancel causing a loss of approximately $20 billion.
Industry leaders are working on mitigating the loss and one way to do that is through virtual means. Video conferencing is implemented along with 3D animation videos that can show clients exactly how a product works without the need for face to face contact.
This article will outline the struggles currently facing the global trade industry and explore possible solutions.
The Cost of Canceled Trade Shows and Conferences
Canceled trade shows have resulted in a considerable loss for the industry with ripple effects pouring down into other markets.
A plethora of events have been canceled with the most notable being the Summer Olympics and the Eurovision Song Contest 2020. As far as conventions, conferences and trade shows go, Amazon, A-Kon, South by Southwest, Comicon and Google I/O are just a few well known events to call off for 2020.
The global trade show industry as a whole has lost billions due to cancellations. Organizers are also paying the price with a total of around $3.6 billion in losses. But other industries are suffering as well.
The cancellations have caused a ripple effect negatively affecting the travel industry. U.S. hotel occupancy dropped 24% in the week ending March 14 alone. Major hubs for hosting conventions also felt the burn.
Atlanta, a city that lost major shows and events due to the pandemic, had a reduced hotel occupancy of 22% while Orlando’s plunged by 37%. Las Vegas, which is known for being a center for conventions and other types of entertainment experienced a 20% drop in leisure and hospitality resulting in job losses for many workers.
New Challenges Meeting Marketing Goals
The cancellations have also had devastating effects on businesses that count on them for networking and the unveiling of new products and services.
According to research from the Events Industry Council and Oxford Economics, global events generated $2.5 trillion worth of business sales in 2017. With so many events being called off for 2020, there has been a considerable negative impact for companies that participated.
For instance, the Gamers Developers Conference, a major event for video game developers held in San Francisco was postponed after major players like Amazon, Sony and Facebook dropped out. While larger companies who already have exposure can reach out to followers via their platforms, smaller game developers and software companies will face marketing challenges due to the lack of exposure.
Product Demonstration for Webinars and Virtual Events
With so many businesses suffering, an obvious solution is to transform meetings and conferences into virtual events. Some organizers have moved their entire events online. For instance, SPI, North America’s largest solar industry event, moved to a fully virtual platform after it’s exhibition was cancelled.
In other instances, companies are making their own connections reaching out to potential clients for an opportunity to demonstrate their products via a virtual platform.
Webinars are an ideal way to showcase products to an online audience.
A webinar is an online event hosted by an organization or company broadcast to a select group of individuals via the internet. It is a great way to B2B market giving clients insight about new products and developments. Here are some tips for making your webinar effective.
– Determine Your Target Audience: Think of who you are presenting your webinar to. Then create a presentation based on what they will find appealing. Determine possible problems they may be having and emphasize the solutions your product can offer.
– Keep Your Goals in Mind: Your webinar should have a very definite end goal. If your webinar is focused on product demonstrations, stay on topic by coming back to the product and how it will help the company find solutions to their problems.
– Organize an Agenda: In today’s world of business, taking up too much of a client’s time can make you lose the deal. It’s advisable to have a definite schedule, in terms of time and content. You can also give clients a copy of the agenda before the webinar begins to let them know exactly what to expect. If you plan on calling in guest speakers, make sure they know about time constraints and moderate to keep them on schedule.
– Rehearse: Before your webinar begins, do a quick run-through with everyone involved. This will keep you on time, it will make you look professional and it will help you put your best foot forward.
How a 3D Animated Video Can Help Your Webinar Run Smoothly
While conducting your webinar, it’s important to use a visual aid. This will add interest to your presentation, and it will give clients a better idea of how your products work.
While there are many types of visual aids that can be used, 3D animation video is a preferred platform. Here are some reasons why it is so effective in showing your product in the best light.
– It Shows Hidden Views: Animated videos show hidden views that can’t be shown with other visual formats. For instance, if you’re illustrating a hammer hammering in a nail, you can use 3D animation to show what’s happening to the nail once it enters the wall. This type of view can not be presented in other video formats.
– You Can Use Breakaways: Breakaways can be used to explain the individual pieces of your product and how each one works.
– It Makes it Easy to Explain Abstract Concepts: Animation can be used to explain visual concepts that might be hard to grasp and understand via words alone.
– It is Made in Advance: A 3D video is a pre-prepared visual aid that is its own entity. Therefore, you can work on it in advance to make sure it looks professional and has all the elements necessary for presenting your product in a clear, concise and professional manner. It doesn’t leave room for any error, awkward explanations or flubbed lines.
Canceled trade shows have resulted in devastating effects on the economy. If your business is facing marketing challenges due to not being able to participate in these events, webinars can be helpful in allowing you to carry on with your product demonstrations. When used in conjunction with 3D animation, this future marketing strategy can make up for losses in revenue and help your company reach its goals for 2020.