3 Reasons You Should Invest in Event Marketing
Event marketing is a powerful marketing tool that provides customers with a real-time and tangible experience, unlike any other marketing method. Whether it’s a personal company event or part of a trade-show concept, events have historically been a successful method for companies to not only build brand personality but directly results in higher conversion rates. However, due to the organization and resources required to host a effective event, event marketing can often take up a large amount of a brands marketing budget, and therefore many companies have shied away from it in the past. But this is a mistake. In fact, 93 percent of consumers said live events had more of an influence on them then generic methods like TV advertisements. Let’s take a look at some main reasons you should be including event marketing in your next campaign.
1. Boost Brand Equity
Perception is a major part of a company’s success. Through brand efforts, good products and customer service, firms slowly build positive brand perception that can influence long lasting and strong relationships with customers. Event marketing is a great way to build brand equity as it elicits a positive perception with your brand among customers in a more immediate and effective way. A 2015 Event Track Study conducted by The Event Marketing Institute showed that 74 percent of customers had a more positive opinion about a brand after attending a company event.
2. Increase Return on Investment
While brand equity may be on of the main goals for any marketing effort, achieving a positive Return on Investment is definitely another. As a marketer, you want to know that the money you’re putting into the campaign is generating equal if not more funds for the brand through increased sales. Therefore is ROI is on your mind, then event marketing is definitely a viable option. Whether it’s something simple, like Samsung’s live HD projector display at the 2010 Mobile World Conference that showed off the advanced graphics of their new smartphone, or a larger event that takes hours of organization like the annual Macy’s Thanksgiving Day Parade — event marketing gives consumers a first-hand experience with your products, which often leads to more conversions. In fact, according to a study done by Statista, 44 percent of marketers receive a 3:1 ROI with event marketing.
3. Generate Excitement and Get Feedback
Taking away technical marketing terms like brand equity and ROI, at its most basic level, event marketing provides your consumers with a fun and exciting experience. Cabela’s for example has a loyalty program that offers CLUB members access to Family Outdoor Days — a brand event that gives members and their families a chance to learn and enjoy the outdoors, and try out camping, hunting and fishing gear in an engaging setting. Not only is this a unique experience or audiences, that sets the Cabela’s brand apart from its competitors, but it generates engagement that strengthens the business-customer relationship. Events also offer the opportunity for consumers to provide valuable feedback to brands, who can use it to further improve on their products and brand experience.
Whether it’s a small event of a large-scale operation, event marketing is a unique marketing tool that gives retailers and all types of businesses the chance to speak directly to customers. While it may increase your marketing budget and involve additional man power, this form of marketing offers a number of benefits to any brand willing to make the effort.
Photo Credit: Image provided by Social Monsters with permission to use.