Event Marketing can be interpreted as marketing strategies that brands deploy when they want to promote their product solution or want to establish personal or real-time engagement with customers. These events are used on either an offline or an online platform. Most brands can choose to use inbound or outbound marketing strategies to market their brand. The event Marketing approach is one tangible strategy that when deployed by a company can increase sales and conversions.
What are the Basics of Event Marketing?
An event can sometimes not seem to look like a party but comes parked with some excitement. In a typical event, you would meet new people, enjoy snacks and enjoy some laughs too. Apart from having a break from your office routine, what are the benefits of using an event as an agency to market a brand?
In the course of this article, we would be looking at what event marketing entails, what best practices count in event marketing, and how to actually implement them.
There is a lot of sales potential that can be unlocked with event marketing. It is a sure-fire strategy that leads to revenue and can help a company to have a higher customer retention rate. It is important to note that event marketing calls for a lot of time, organizational skills, and a tangible budget.
To be able to tell what counts in event marketing, let us elucidate on some basics!
What is Event Marketing?
Event marketing can be defined as a function that is used to promote the product solution of a brand so that they can consolidate old customers, or get new ones. It involves a lot of discipline as there is face-to-face communication involved.
The event could be a trade show or something that is smaller in size. An event can be hosted by a brand, sponsored by another brand or just of conference.
They are used to add informational value to the attendees and the brand that is hosting the market-oriented event. The marketing department of your brand can take part in events for a good number of reasons. Some of the common reasons include; increasing sales, brand awareness, and leads.
Who Uses Event Marketing and How does it Work?
The event marketing strategy is usually deployed by companies of all sizes. Both B2B and B2C companies make use of event marketing without even knowing. If you look at it- you would find out that every company by definition has customers.
Most brands that engage in B2B Marketing focus on educational events such as conferences and panel conversations. Sales teams of most brands make use of events when they want to reach out to new leads or prospects. The major part of the pre-event involves calling and emailing leads or customers to set up a meeting.
B2C brands mostly focus on events that are related to passions and lifestyles. For instance, think of a Beverage company at a food festival or a tea company that is sponsoring a half-marathon. A tea company can decide to open a booth and use it to give attendees free tea samples. This would be because the target audience for the tea-making brand is present. A lot of brands make money by working with public relations firms when they are trying to execute a new event-based marketing strategy.
Most nonprofit brands have a broad influence on the event marketing scale. With this, the brand would have an opportunity to get more brand awareness with the broad media coverage available in the event. It is important to note that event marketing can be used to source volunteers for a nonprofit or profit-oriented brand.
Here are some important factors that need to be put into consideration when trying to set up a marketing event for a brand. Some of them include; Company size, event goals, the marketing experience of the company, and the budget.
Event Marketing instance with a small B2B Brand
So let us assume that you are working with a brand that is working with a small production company that creates video content for other brands. You must have already invested some capital in getting new gear, including lighting and an expensive camera. You want to inform your prospects and leads that you can use this equipment to make high-quality videos for them. Instead of following the conventional way to send them an email address, you could just invite them over for an event in an open house at your studio.
This event can cost your small-scale business some drinks and a nice opportunity for your event guests to network. Then in all that event space, you would show off your equipment and add some fun to it.
You can create a video booth in the event that would allow your guests an opportunity to be on camera. Maybe you have a short video script that you want them to try out.
At the end of the event, you can send the guests the videos as your product sample of what your equipment can do. In this illustration, there are chances that the guest might share the article, increasing the likelihood of brand virility. This is Event marketing for a Video content creation brand!
Your brand has already made investments in getting equipment. What if they used digital marketing tools such as a landing page to promote the event where there was no cost incurred. Either way, there are two costs that are incurred, the real cost and the other one (Time).
Event marketing can bring a huge boost in brands of any size. Though it takes a tangible amount of time to yield profit. In addition to the kind of organization that brands put off, the turn-up of attendees is the break-out point for their event marketing efforts.
Why do brands indulge in Event Marketing? What Makes it so successful?
When you think about the number of marketing strategies that brands have to choose from, it would become clear to you how valuable event marketing is. There are two very important reasons why events can be a huge boost to any brands marketing strategy:
- With events, brands can get face-to-face interactions with brands.
- Events bring a special feel to a meeting between prospects and a brand.
There is something intrapersonal about an event marketing meeting; you remember it and you were there in flesh!
There are different kinds of marketing meetings that you can attend. Whichever it is, it is a sure-fire approach that most brands use to consolidate customers.
One of the reasons why event marketing works is because you are putting yourself in a marketing scenario where your customers can discover you. A customer of the brand might have come across your brand on social media, but when they are geographically in the same place with you, it is more difficult to be missed.
The Different Types of Event Marketing
Event Marketing is a broad subject. It can be seen as a promotional plan that is used for an event. This kind of marketing approach involves the strategic use of events to boost the sales of a brand.
Here is what a marketing plan entails;
- Event Website
- Email Marketing
- Social media Marketing
- Search engine optimization
If your brand’s event marketing involves planning a program calendar that would boost your business, then the strategy to be employed has to be more nuanced.
Event marketing is a fun way for a brand to indulge with its potential customers and boost its profit margins. It is a marketing strategy that is worth it.
There are lots of things to consider when trying to put off a marketing event and also lots of events that you can choose from for either B2B or B2C brands.