As consumers continue to stay home and many businesses remain closed to the public, online interaction is at its peak. With consumers spending an increased amount of time online, this presents a great opportunity for brands to reach consumers in a new way. Fitness studios have been providing virtual workout classes, churches and religious services provide virtual events, and even virtual concerts are happening. A recent study from https://researchscape.com/ has shown that 55% of respondents had not watched a live virtual event, making this an opportunity for brands to jump on.
Brands can sponsor a live event or provide prerecorded events and sessions that are available to consumers. Viewership was found to increase if an event was prerecorded so that the consumer can watch when it works best for them. Think: fitness classes consumers can take anytime or DIY classes for a consumer to craft in their free time. This can give brands a one-up on others if they have fun and engaging events for consumers to watch whenever they please. Promoting these on social media would be a great way to reach the most receptive audience for these types of events.
Another interesting piece of information from this research showed that consumers are willing to pay up to $50 for an event, however, 81% of respondents would also be willing to watch advertisements in order to keep the virtual event and content free to them. This is the perfect promotional opportunity for brands to get their name out in front of more eyes. Consumers get to participate in something fun, while brands are also able to educate consumers on what they offer.
What does this mean for brands? This research shows that consumers are interested and willing to engage in events and videos provided by brands. This is a great space for brands to get consumers engaged with their brand, and keep things safe and fun for everyone. Well over half of consumers are interested in attending events sponsored by their favorite brands; thus, promoting events on social media will be likely to reach the audience most interested. Having recorded events will also be an advantage for brands as consumers can get engaged at any time. These events can be a good way to supplement the lack of engagement caused by the pandemic. Brands can take advantage of the increase in attention to all things virtual and really be creative in how they reach their target audience.