How entertainment companies started hosting virtual events to stay relevant. (Insomniac)



The problem: Entertainment companies such as Insomniac, an American electronic music event promoter, were on the verge of insolvency when the pandemic broke out. The nature of their business model -hosting large outdoor events with thousands of festival-goers-was no longer possible due to the social distancing restrictions. Insomniac was forced to rethink how they would market their brand to their clients. 



The solution: Live-streamed events. Broadcasted from a small warehouse in Los Angeles, DJs played their set while a video production company recorded it live and then streamed it to over 100 countries around the world. 



The outcome: Although many speculated that hosting “virtual raves” would not attract the same number of party-goers, the opposite happened. With Insomniac’s events now accessible to anyone with an internet connection, 3.5 million people tuned in to the first iteration of their virtual “Rave-a-thon”. 



Aftermath: With the sudden success of their first virtual event, Insomniac immediately started booking more DJs to host a live-stream every weekend. Attendance to the new virtual raves has stayed strong, with over 10,000 people attending every virtual show. The best part? By running ads during the live stream, Insomniac has been able to keep a consistent flow of revenue even though it’s unlikely that they’ll host any in-person events for the rest of 2020. 







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How real estate agencies have been relying on virtual tours to drive sales. (Century 21)



The problem: Real estate agencies, such as Century 21, have relied on house tours for decades to drive sales. After all, with a home being the single largest purchase for most individuals during their lifetime, it makes sense to want to check out in person right? So what happens when a pandemic no longer makes it safe to do so?



The solution: Virtual house tours. Although this is not particularly new to the industry, this is the first time we are seeing a massive spike in demand for the opportunity to view a house virtually. The setup is simple: a production company visits the house for sale and uses a camera that takes hundreds of pictures per second to build a detailed virtual version of the home. The virtual tour is then uploaded to the real estate agency’s website, and now any prospective buyer can view the home from anywhere!



The outcome: We understand that to make a final decision, most consumers would prefer to view the home in person, and you should. Buying a home is a big deal for most people, so you want to make sure that the home you purchase is “the one.” The advantage of the virtual tours is that a lot fewer people end up visiting the house in person, and so the real estate agencies know that anyone who shows up is most likely a serious inquirer. Win-win.



Aftermath: By producing virtual house tours, Century 21 has been able to adapt and continue to drive sales during the pandemic. Agencies and agents alike still need to stay afloat during these difficult times, and virtual tours have been supporting them. Although some people have postponed their purchase of a new home, many are capitalizing on the drop in prices as a result of the pandemic. 







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How in-person Insurance sales meetings have become zoom meetings. (Avant Insurance Brokers)



The problem: Insurance agents with companies such as Avant Insurance Brokers rely on face-to-face meetings to sell to their clients. The intimate environment helps drive sales by allowing the prospective client to associate a warm smile to a name as they are guided to make an important educated purchase decision for their insurance needs. However, as we all know, COVID-19 has made this intimacy all but impossible, so what have insurance agents been doing?



The solution: Zoom meetings. Zoom is one of the few companies that have skyrocketed to global success as a direct result of the pandemic. Its easy-to-use interface, high-quality videos, and recording option have made it the must-have tool for any salesperson that still needs to host meetings with prospective clients. But it's still difficult to give a virtual presentation without the physical brochures that are part of a normal meeting. Luckily there's a solution to that too! A personalized website for your products, including a digital brochure, makes it possible again for an insurance agent to close the sale, without ever physically shaking the client's hand. 



The outcome: The agents at Avant Insurance Brokers continue to have a stream of revenue. As a large part of the target demographic for insurance, brokers are working from home, they have more time to take part in virtual meetings. Since travel time is no longer factored into the day, it seems brokers are now at an advantage as their prospects have greater flexibility with meetings. 



Aftermath: Insurance agents can continue to book meetings and keep their calendars full of prospective clients. Having a strong website with the ability for clients to book a spot with the agent directly is key to maintaining a constant flow of meetings. Clients today generally want to avoid phone calls at all costs, so providing them an easy solution to book an available spot with a broker online is the best available option.







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What differentiates the businesses that drown and those who float during times of crisis is how well they adapt to change. We have seen how three different companies within three entirely different industries were able to adapt to change and stay ahead of their competition. Most importantly, going online is a one-way street. This pandemic will likely leave a permanent scar on traditional sales. Now it will be a race to see who will act first and land the first big wave of virtually-sourced clients.