Often, the decision is out of our control. Volatility in the business world can create uncertainty on a daily basis. With unpredictable markets, wars, a national election, as well as general uncertainty, taking a thoughtful approach to meetings matters now more than ever.

Regardless of the industry – whether it’s capital markets, investment banking, healthcare, or any other corporate environment – now is the time to figure out the best strategy that fits into your business meeting plans.

Adopting a forward-thinking mindset makes it possible to develop a cost-effective event strategy that encompasses both virtual and in-person meetings. While no one can predict the future, here are key takeaways business leaders should keep in mind as they work to develop such a strategy.

Having a Strategy Combining Virtual and In-Person Meetings Enables Foresight

Developing a strategy that combines virtual, hybrid and in-person meetings helps businesses to think longer term, enabling a company’s broader goals. It helps you create contingency plans and hedge against volatility. This is always a wise approach, particularly in an unstable environment. Consider the following scenarios that underscore the need to have safeguards in place in case things go awry.

In capital markets, there can be condensed windows of time to execute deals. Having a well-defined meeting strategy in place with a strong partner ensures that you’ll be able to execute deals within the constraints imposed by the state of the markets. Having such a strategy in place also fulfills the need to pivot quickly due to situations such as those that arise when an executive falls ill or when travel restrictions suddenly tighten.

Think about the cost of an event that ends up being canceled – or worse yet, fails – because no contingency plan was in place. Knowing when and how to pivot to virtual spares the chaos that may ensue if or when changes need to take place at a moment’s notice. Anticipating potential needs before an issue arises is the key to success, no matter the circumstances.

As you consider a strategy, keep in mind that not all virtual meetings and events are the same. The best ones are executed by those with the expertise and experience to plan and produce an event that exceeds participant expectations. A solid strategy combines the best technology with savvy logistical planning.

Create a Mix of Virtual and In-Person Meetings to Satisfy Different Needs

While virtual and hybrid meetings have changed the game for many organizations, in-person meetings still have their place in your strategy. How do you determine the best mix?

When it comes to events that are high-profile or renowned for their “see and be seen experience,” hosting in-person may be the best fit. Consider making sure these events are travel-friendly with accessible airports and easy registration processes. Also prioritize bringing in thought-provoking speakers and offering breakout sessions that can’t be provided virtually.

Another category of events it could be wise to hold in-person are those involving a community that knows each other well and wants to network or those that are celebratory in nature. Ongoing virtual events can then provide continuity both in terms of bringing that community together and ensuring relevant information is communicated as it becomes available.

On the other hand, virtual can be the best option for content-rich events, such as those revolving around thought leadership and education. A virtual event can spotlight the presenters and content being shared in a way not possible with in-person events. One example is a virtual Investor Day, which allows attendees to process the vast array of content delivered more efficiently. When executed well, these provide a superior experience to their in-person counterparts.

In addition, it’s easier to record virtual meetings to share learnings later. Data points to the fact that attendees are as likely to watch a recorded event at a later date as they are to watch it live.

Consider your business objectives as well. Do you need to meet with people on short notice? Convene many meetings in a short period of time? Overall – speed decision making? Virtual enables you to react much quicker than the long lead time and logistical planning of in-person events.

The Time Is Right to Determine a Plan for a Meeting Strategy

In a constantly shifting business environment, having a well-defined meeting strategy is a critical component for maintaining flexibility while providing the experience on which your customers and business partners rely. A plan that combines virtual and in-person options to maximize impact is wise for many organizations.

Extend your planning horizon to look at the next 12+ months so you can make arrangements that provide the maximum optionality. By doing that – and selecting a strategic partner that excels in planning and has proven they know how to gracefully manage to unplanned changes – you’ll have far more options and resources at your disposal, regardless of what may transpire.

To explore in more detail how to put a virtual meeting strategy in place, contact OpenExchange, the trusted partner in executing meetings that matter.