Most of us would have come across some form of event marketing. Industry reports place event marketing as the single-most successful marketing channel for more than 80% of surveyed marketers. 44% of them claim to get a 3:1 return on their investment. This is a clear reason why you need to know more about event marketing. I’m sure many of you would have problems pinpointing the exact nature of this pervasive practice. If you have any doubts about what event marketing entails, this article is for you.
In simple terms, event marketing is a method that involves face-to-face contact between the buyer and the seller under unique circumstances. These encounters usually happen at trade shows, exhibitions, and others. They often go beyond providing just product information, which is readily available in different mediums nowadays. Instead, the basic idea is to build a personal relationship with your potential customers, giving them more reason to buy from you. This includes giving them a sense of your company’s perception, personality, and philosophy.
How is event marketing different from traditional forms of marketing? In event marketing, companies first identify their prospective customers and then create an experience designed to be memorable for them. This serves to motivate these target groups to purchase their product or service.
Traditionally, event marketing is predominantly executed in trade fairs. These are industry-specific exhibitions organized such that companies can showcase and demonstrate their latest products and services. Think of your Mommy’s Fair, for example, where companies providing services and products to parents will be actively participating. The main aim is to give these parents a chance to sample the product upfront, thus lowering the barrier to purchase.
For industries that might not cater to the masses, there are more targeted events such as conferences and summits. Only highly targeted consumers are invited to attend these events. What they lack in scope, they make up for in-depth, as companies will put more effort into catering unique experiences for these audiences.
The quarantine measures brought on by coronavirus has severely limited the types of event marketing companies can do in physical spaces. If you are thinking of forgoing event marketing as a channel strategy today, think again. Event marketing is crucial for much more than just face time with your clients.
Event marketing is the best way to understand the buyer’s perspective. It allows you to get a read on what your buyers feel. This provides you with authentic insights and buyer feedback, which then will enable you to improve your product or service. Connecting with consumers personally also helps them feel an emotional connection, thus building brand loyalty. Lastly, can your business afford to give up the amounts of lead generated through event marketing?
With that said, many have turned their attention to online event marketing. In this variant of event marketing, businesses stream events live to their prospective customers. They could do this via live streaming, webinars, or, on a larger scale, virtual events.
There are some differences between the different modes of online event marketing, and you should know the expectations of the attendees for the event you are promising. Both webinars and live streaming make use of virtual platforms and usually involves one speaker or presenter. The main difference lies in audience participation. In a live stream, attendees are mostly silent observers. In a webinar, however, audience engagement is vital, and you will do well to include discussions, polls, and breakout sessions during your presentation.
Screenshot from 3D World
Virtual events are a simulation of live events. They seek to provide the look and feel of an offline event in an online setting. Going beyond just chats, polls, and regulated interactions, virtual events allow for networking and interactions that aren’t possible with a webinar. This is a great alternative to live events in a post-COVID19 world. Companies that rely heavily on demonstrable products will do well to familiarise themselves with virtual event platforms on the market. There is software in the market today, and a great one to get started with is 3D World.
If done correctly, event marketing can bring your product and brand affinity to the next level. Up to 58% of event marketing consumers went on to buy the market products after the event, and 86% of this segment became brand advocates. Any business will benefit from that kind of number. Hopefully, this article will give you a clear understanding of event marketing and its benefits.