The new normal in a world where Covid-19 unfortunately is becoming a part of our life will bring about many changes in the way businesses will be conducted, and more importantly the way we live our life. Businesses and brands are now are making their way back into the business; planning their communication plans for a new world post the covid-19 lockdown, keeping a note of some of the new buzz words such as ‘social distancing’, ‘work from home’ and the latest one; ‘atmanirbhar’’.
The most hit industry due to this pandemic are the Event Companies which organise large live events & IP’s. Medianews4u spoke to Janak Vora, CEO Event Capital, India’s most diverse IP specialist company involved in aggregating and consolidating Event IPs across interest communities. With expertise in creating and curating successful event IPs in music, lifestyle, education, gaming, fashion, EC engages over 100 million consumers annually through live events. We spoke to him on what will be their way forward in the times of COVID19.
Impact of Covid -19
The nation-wide lockdown has driven home varied changes, making it difficult to overcome this period of uncertainty. However, as the maxim says “When the going gets tough, the tough gets going”, we are trying our best to upskill. We aim to adopt new technological mediums whilst curating modern IPs. The new normal has played a significant role in transforming the digital world. We are working seamlessly to develop innovative outcomes which enable us to reach our target audience efficiently. We have re-aligned our marketing strategy, goals and messaging for the year so that it adds value to our endeavours in the long run. Additionally, we are consistently shifting towards a virtual IP orientation to keep our viewers entertained as well as offer them world-class experiences at their homes.
Innovations in the Live Events Industry?
We have observed a rise in digital consumption by individuals across the board. Technology plays an important role, be it in terms of work or entertainment. Consumers are content-hungry, they are looking for the latest updates and information related to different segments. Hence, this has led us to adapt and identify newer technology, which is rapidly enhancing user experience. Going forward, we will see a shift to and an acceptance of online as well as offline formats of events. We are focusing on creating content and keeping our consumers entertained by hosting various virtual events in different genres. However, we are still looking for dynamic ways to further implement and come up with better innovations in the IP space.
Communication strategy post lockdown?
It is essential to understand and realign our marketing strategies for the next few months. At some point, the event industry will be back to normal but with a lot of limitations like small and medium-sized events. Our communication strategy will focus one reigniting the charm of on-ground events in the minds of consumers as well as ensuring them a safe environment by providing detailed guidance on the safety measures adopted by us. Aspects like safety and hygiene will be our top priority. We want to give our consumers the same experience as before, alongside providing them with a sense of safety and security with regards to their health.
Positivity during the crisis?
We try our best to stay connected with all the employees and motivate them during this period. We keep them up-to-date with all new developments, updates and further steps which we plan on taking. Further, to nurture the feeling of togetherness and to curb the notion of loneliness, we organise parties on online platforms wherein we share our experiences and play various games. Such activities are relished by the entire team and keep individuals connected.
Business on track strategies?
The current times have been challenging for all sectors. We plan to focus on our communication, develop flexible strategies and act with compassion. We are reviewing our expenses and using the capital reserve only for those areas which require primary attention. The process of getting the business back on track will be slow, however, with consistency, patience, rule-orientation and dedication we will be able to make a successful comeback.
How difficult is it to get sponsors on board for virtual events?
Let me put it this way – the budgets for virtual events are currently 10% of what it used to be for on-ground events. At Event Capital, we are working on some initiatives that would help sponsor brands to pay per user or per lead or per acquisition, which would address the budget gap.
Is Virtual to be the next way for IP companies?
Yes, i believe virtual events will play an increasingly bigger and more important role. The recent pandemic and global lockdown has created an immediate need for better tech innovation in virtual events, not only in the IP space but even overall events space. Virtual helps (and will help more so in times so come) to create immersive and engaging experiences.