Competition in every market and industry is getting tougher because of new and existing rivals. Whether your industry is retail, automotive, beauty, or any other, making an impact in the market is quite challenging. Specifically, when it comes to launching a new product in a crowded marketplace. Even the statistics show, only 40% of developed products reach the market and only 60% of these products generate revenue.
Seeing these statistics, business owners are often confused between choosing an in-person or online product launch event. While both of these require a significant budget, it’s important to make the right choice that guarantees better ROI. To simplify this, you can consider differentiating factors between these two to make your choice confidently.
Eager to know which one is right for, in-person product launch or online? Then, keep reading the article to learn everything you need to know about these two.
Comparison Between In-Person vs Online Product Launch
Throughout the years product launches have drastically evolved and they are now turned into more strategic events. However, the impact of a live in-person event compared to online events is very different. Whether it’s the event visibility, event overall impact, data insights, feedback, or event ROI, everything is different in in-person events. This article will briefly compare these two types of product launches, scroll down to uncover everything.
Here are 5 differentiating factors between in-person and online product launch events.
1. Event Impact
It’s certainly true that most brands are focusing on online marketing to reach their target audience. While this is effective it can’t be confused with the significance of hosting an in-person product launch. These events stand out by providing a unique opportunity to create memorable experiences for your attendees.
The same can’t be said for online launches because the audience engagement rate is comparatively low. In-person product launches when they are executed perfectly can evoke emotions in attendees and leave a lasting impression. Considering this, owners refer to experiential event agency Dubai to leverage professional expertise and host a flawless event.
2. Event Visibility
Another key factor between an online and in-person product launch is the visibility. A virtual launch might have a wide reach but it won’t have the same impact as in an in-person event. A physical event will allow you to make a splash in the target market and create excitement and buzz.
Additionally, with in-person product launches, you get various opportunities to create content for your event. You can use this content to go viral on social media which will drastically increase your visibility. This creates a win-win situation by creating buzz both in the local market and online.
3. Trust and Credibility
There is no trust factor involved when you are presenting your products to your existing customers. The challenge lies in attracting new customers and convincing them to choose your products. For this, brands must show themselves as credible and trustworthy to make the customers consider.
However, doing this online can be less effective compared to in-person engagement. Face-to-face interaction builds trust and credibility because attendees can experience your new product firsthand. This allows brands to build authentic connections with their target audience that contribute to their growth.
4. Feedback and Data Insights
Feedback and data insights of the target audience are crucial for brands specifically when they are launching a new product. The reason why brands host such events is to make their product successful when it hits the market. If there are flaws or there is any room for improvement, it can affect product success chances.
When you host a virtual event, you have limited data about customer’s behavior and reaction. In contrast, an in-person event allows you to get valuable feedback from your target audience who just engaged with your product. These authentic reviews and opinions of your event guests can help you identify areas to improve before launching your final product.
5. Measuring Event ROI
Measuring ROI (Return on Investment) is important for business owners to refine their strategies and make better future decisions. Specifically, when it comes to hosting product launches, you should know what worked and what didn’t. Doing this in a virtual event is quite challenging due to limited control over audience engagement.
When it comes to live in-person events, you can do this effectively through registration data, post-event surveys, audience feedback, etc. Utilizing this accurate data allows business owners to host better and more impactful events in the future. However, hosting an in-person event without professional assistance can also be challenging. For this, you can acquire the services of experiential event agency Dubai to host an unforgettable launch event.
Read Also: 5 Types of Fundraising Events with the Highest Returns
Launch a Product with An Impactful Event
It goes without saying that in-person product launches stand a better chance of succeeding. You can get in touch with professional event planners to assist you with every aspect. Contact professional product launch experts now and launch your new product in the market with an impactful event.
