Here are some stats to prove the reason behind the high use and the pros of event marketing:
- From 2017-2018, the number of companies organizing 20 or more events per year increased its potential growth by 17%.
- 62% of the senior marketers’ plans for investing more proportion in live events.
- Successful companies are spending 1.7 part of their average marketing budget on live events.
- 55% of the B2B organizations spend more than 21% of their marketing budgets on events.
- 5-8 weeks is the average time that B2B companies spend on planning events.
Companies may invest in the events for multiple numbers of reasons. A small company might use it for its exposure that will help to attract a larger number of people to buy its products and services. On the other hand, a large company may use it to have a face-to-face interaction with its potential customers in trade shows, ceremonies, and galas.
So, here’s a list of points that will help you to analyze the need and importance of Event Marketing.
- Branding and Awareness: The primary reason for a business to participate and invest in an event is to establish, build and increase the worth of its brand value. Event marketing undeniably allows a company to express and demonstrate the uniqueness in its brand. Through events and its marketing, you can attain the advantages of sharing your ideas, concept, thoughts, and ideologies in the exact and precise manner in which you want to present them.
- Building Trust: You cannot expect that once you have presented your product or service with all its merits to the customers; the very next moment it will be sold off. Event Marketing is the best way to market not only your products but also the traits of loyalty. For that, make the experience worth remembering. Don’t just focus on merely selling your product; it won’t help you to build brand trust. Instead, provide them with something that is educational, entertaining, or useful in one way or the other.
- Lead Generation: Another vital reason that companies choose to opt event marketing is that they can generate some leads. And the most efficient way to do this is to be the part of an event where your company’s target demographic is widely present. The right event and its venue will allow your company to interact with a group of people that have an interest in who you are, what you do and how you lead.
- Interaction and Instant Feedback: When you are hosting an event, you can not only interact with your customers, but you can also attain the instant feedback. If proper techniques are used, the feedbacks would be instant and unasked. Simply, if you keep on blabbering about your product or service, it will be of no use to you. It will be like reading an article in a magazine or newspaper. Therefore, keep this thought process in mind that you need to be interactive, entertaining and mindful of getting your desired and instant feedback.
- Customer Engagement: Events are organized to increase your customer engagement by the positive and personal interaction with your customers to build trust with your brand’s loyalty. Plus, every marketer knows the fact, that they can maintain the company’s brand value by retaining and growing the existing customers. The main agenda through your events is to gain the attention of your customers during the times of daily distractions. At events, your brand is recognized which help you to introduce your customers to your products and services which they don’t know. And when they are acquainted with the same, they might develop their needs in the same.
- Education: Most people attend events to get themselves updated and gain knowledge about their whereabouts. This aspect is advantageous in its way. Always remember that whatever event you are organizing or you are at an event, it is necessary to give knowledge to your audience that will add value to their education. This will help you to set your company distinct from others.
- Some More to it:
- Events are one of the cheap ways to introduce a new product or service. You would be showcasing the whole lot of it front of a live audience which will allow you to sell your product or service much quicker.
- Events help to have a face-to-face interaction with your potential consumers. It helps you to establish a more personal relationship which will allow you to know the preferences and choices of them. It’s a hard process to gather it in the digital world.
- Events help to generate brand recognition.