The meetings landscape has evolved drastically over the last two years. To address hybrid approaches, a reduction in physical meeting spaces, and new technologies it is important that larger firms develop a comprehensive meeting strategy. But what should such a strategy look like?
To gain an insight, Digital Journal spoke with Mark Loehr, CEO of OpenExchange.
Digital Journal: Virtual meetings have taken over since the beginning of the pandemic. What’s in store now that we’re moving into a new era of hybrid work?
Mark Loehr: Whether it’s a financial institution, a Fortune 500 or a venture-backed company, the meetings landscape has evolved rapidly across the business world since 2020. We expect that companies will inevitably make a dash to more in-person events this year, barring any additional variants that might complicate things.
Over time, the pendulum will swing back to virtual forums as companies figure out what’s best for their needs. We view ourselves as a partner for CEOs, business event planners and IR professionals to help them understand the pitfalls and opportunities of virtual and in-person meetings. Ultimately, it’s about helping companies develop a consistent message across different types of forums, so that they are telling the right stories and connecting their message as well as building strong communities.
DJ: How does OpenExchange work with companies to ensure they have the right kinds of meetings in place, either virtual or in-person?
Loehr: The first thing you need is a strategy. It’s no longer an either/or prospect when it comes to virtual vs. in-person meeting planning. Developing a strategy that combines both virtual and in-person meetings helps businesses to think longer term, enabling a company’s broader goals.
While virtual meetings have been the dominant format over the past couple of years, in-person meetings still have their place. But it’s important to determine the best mix. High-profile events that attract a large audience, in-person options may better suit your needs.
These forums provide in-person interactions and human contact with celebrities and high-profile industry leaders. Also, those meetings that seek to bring together communities that are not well-established or connected are likely better held in-person where networking is critical.
Virtual can be the best option for content-rich events that revolve around thought leadership and education. It’s also easy to record virtual meetings to share learnings later on. Structured interactive meetings and events where a small group of attendees can have a dialog and maximize their time makes for a stronger virtual option. One example is a virtual investor day, which allows attendees to process the vast array of content delivered more efficiently.
It’s also a great option for time-sensitive events when a group must be assembled quickly, and the challenges of travel and other physical logistics can get in the way.
DJ: You’ve focused mostly on the financial services sector since your founding, what’s next on the horizon?
Loehr: We’re seeing a lot of demand for our IR business where corporations need to deliver information to investors and other stakeholders clearly and efficiently. Our virtual meeting technology enables these meetings to run like clockwork and we know how to make investor days run perfectly.
OpenExchange delivers the most versatile video conferencing features that can help more industries who are holding different kinds of meetings from 1:1 business dealings to larger scale meetings that still require a more intimate and seamless experience. Also, many companies are looking for ways to reduce their carbon footprint and having a virtual meeting strategy is key to moving to net zero emissions. Sustainable companies are more attractive to investors and buyers. We play an important role in helping them achieve their goals.
DJ: How is virtual meeting technology evolving to meet new demands from businesses?
Loehr: It is essential for new technologies to provide digital innovation and flexibility to your business that meets the rising expectations of customers. Well-built virtual meeting technology not only provides an exceptional video experience for participants but also helps with the logistics and planning before the event, day-of and real time event management, and with post-event data and analytics.
A solid strategy combines the use of this new technology with savvy logistical planning because no two virtual meetings are exactly the same. And the critical need is to simplify complex virtual meetings, providing participants with an unmatched, high-quality experience. We’re able to deliver the most versatile video conferencing features in the business, such as live broadcast-quality multimedia streams that provide a rich, interactive viewing experience; streaming video, synchronized slides, downloadable documents and searchable video archives.
DJ: Is the future of meetings hybrid?
Loehr: As the world moves back to physical meetings, many would assume that “hybrid” type conferences that hold onto some portion of the virtual component of an event will be the future. But after seeing what has worked well and what has challenged our clients, we know that it’s not that simple.
It’s not necessarily in our clients’ interests, and therefore not ours. “Hybrid” is a misnomer and as it’s currently imagined, it is a solution that creates more issues than it solves. Our view is that you need a virtual AND in-person meeting strategy – not having every event be a mixture of the two. We see opportunities to incorporate some virtual elements to in-person meetings, but ultimately your strategy should involve understanding what setting is appropriate for the occasion.
We recommend thinking 12 months or more in advance about meetings and how virtual plays a role in your overall approach. It is essential to weigh the benefits of virtual and physical meetings by putting together a framework to help with decision making. This will free up time to tell your story in the most impactful way possible.
