The Secret To ROI For Virtual Events? Human Moments
In a time when physical events are not possible, virtual alternatives are stepping in to fill the void. The most successful experiences spark emotion and create memorable moments that resonate on a personal level. From hacking Zoom to mixed reality concerts and shopping festivals, virtual events centered around human connections make an impact, drive conversation and fuel user generated content. Brands choosing inaction over innovation risk revenue loss as consumers embrace the novelty of new experiences.
Making Memorable Moments
When his favorite drag queen Shangela, waved back and greeted him by name, a guest shrieked with delight at the Marc Jacobs’ PERFECT fragrance launch. He proceeded to repeat the story to his friends for days, some more than once. These are the moonshot moments brands need to aim for when considering a virtual event. It's all about getting recognized and connecting on a personal level.
Most virtual events lack the creativity of IRL experiences and the interactivity of popular livestreams like Sweatfest. By creating a Zoom-based virtual event comprised of rooms within rooms, we put guests in control of their own narrative and connected with each of them in novel ways for PERFECT. Experiences included a private concert by pop sensation Kim Petras, a virtual casting call for Marc Jacobs Fragrances, a photo shoot by fashion photographer Hunter Abrams and an interactive Q&A session with Marc Jacobs and other cast members. All memorable moments created through intimacy and personalization.
Mixing Realities
These 1:1 interactive moments are equally critical in mixed reality-based events. The Weeknd for example, recently performed on TikTok Live allowing 3 million fans to watch and engage with the performance in real time. An augmented visual overlay showed the performer in surreal environments where the audience could chat live with other guests, see their name and comments up in lights "on stage" and control the digital pyrotechnics effects.WaveXR, the platform powering the experience, is now working with a range of top artists on new brand-ready virtual experiences to re-invent the concert experience.
For socially-distanced holiday activations, these kinds of mixed reality environments can deliver surprise and delight moments that blend pop culture with branded experiences in unique ways. Given the cancellation of concert tours and filming due to the pandemic, many artists and actors are available for virtual events and open to new ways of working. Virtual event tech from firms like WaveXR and Kiswe (which powers virtual concerts for BTS) are surprisingly easy to integrate and bring a built-in audience for brands. These opportunities can deliver earned media, cultural relevancy and word-of-mouth in a safe, socially distanced way.
Shopping festivals go virtual
With most brands taking a sales hit this year, the holidays represent a last chance to recover slightly. Retailers are scrambling to replace physical pop-ups and in-store events with their virtual counterparts. Some are taking inspiration from shopping festivals originally popularized in China where events like Singles Day have taken off, generating sales of goods worth $37 billion in 2019. While these concepts are just emerging in the US, COVID has accelerated their adoption. Fintech innovator Klarna for example recently produced "Hauliday,"
a virtual shopping festival created in association with Cosmopolitan magazine.
On the streetwear side, shopping app NTWRK (think early days MTV meets QVC) hosted their own shopping festival called Transfer with 30 product drops from brands like Adidas, Guess, Polaroid and Modernica along with panel discussions and talks by Edison Chen and Futura 2000. Held virtually, shopping festivals combine aspects of social media (chats, comments, sharing) with e-commerce to create memorable (and monetize-able) moments often enhanced with a bit of scarcity marketing or gamification - tactics increasingly tapped by many non-streetwear brands as well. These festivals can happen through social platforms like Instagram Live or on a brand's own app or website through Bambuser which powers livestream shopping for H&M, Moda Operandi and Showfields.
Becoming a part of the story
While reach is an indicator of a virtual event's scale, participation and engagement are the KPIs that matter most. When guests become an active part of the narrative it personalizes the experience, driving word-of-mouth and user-generated-content in the process. For the Marc Jacobs PERFECT Fragrance launch, different rooms provided a range of experiences that built brand advocacy around memorable moments which were memorialized, then amplified across channels. While some guests received a free sample of the PERFECT fragrance for dancing with Shangela, others got an illustrated self-portrait from artist Jacky Blue, or a personal write-up from performance art group The Bumbys. The approach resulted in a 1060% increase of event related UGC.
With consumers wary of returning to physical stores for pop-ups or holiday sales, virtual events hold particularly strong appeal this year. They offer a way for brands to connect with consumers in a socially distanced environment, generate revenue, and connect on a human level in ways they won't soon forget.
Key Considerations
Memorable human moments are what drive the success of virtual events
Mixed reality events deliver layers of visual intrigue and engagement opportunities that keep guests entertained and encourage word-of-mouth
Popularized in China, virtual shopping festivals are rising in the US as a new option for generating revenue in a socially distanced way
Virtual events can deliver long term marketing value through providing memorable, engaging experiences guests can actively participate in and share
This article originally appeared in the September 10th, 2020 issue of Moving Image & Content’s agency newsletter. Register here to subscribe.