Parties, gatherings, celebrations- people enjoy being with other people and partaking in experiences together. It’s a human need to go out and socialize, and by extension, it’s the same for businesses. That’s why businesses put themselves out in public: without public support, their business will fail. But beyond publicity and ad campaigns, there’s something that mimics the human need for parties and celebrations in the business industry, and that’s event marketing.
Event Marketing in Simple Terms
As straightforward as it may sound, event marketing is simply just an event designed to market products or services. It’s a way to promote both your product and your company and provide a one-of-a-kind experience along the way. Think of events like the E3 Expo, a trade event dedicated to the release of the newest video games and consoles. Video game enthusiasts are eager to watch and take part in the event, and every business that participates in the said event benefits from the attention and leads they’re getting.
Why It’s Important
The value of event marketing could not be understated. It’s a means to connect to your audience at a close level and market your wares, at the same time gauge their feedback. Here are more reasons why event marketing is important.
Increase Brand Awareness. Nothing increases your brand’s popularity better than being seen beside other established brands. This is also an opportunity to showcase the best parts of your products and services.
Lead Generation. With all the people coming and attending events, participating businesses will get a significant amount of leads. And the best thing about it is that a large percentage of those leads are more likely to become paying customers as they’re already interested in the industry.
Launch New Products. The best way to launch a new product is to make it so that more people can see it. And nothing does that better than a dedicated “party” for it. It gathers the attention of people, and with clever marketing, you can even offer an early adopter’s discount- it is these early adopters who will help shape the public’s perception of your product, so the product launch becomes a necessary activity.
Customer Experience. Normally, we want to have a try at something before we decide to purchase it. And events are the best place to do that. From free sample to trial use, marketing events allow customers to test out your products to see if it’s for them. You can also make even this experience such a wonderful one that they’ll feel compelled to purchase your products.
Examples of Event Marketing
Virtual and Online Events. With the pandemic forcing everybody to avoid physical social contact, many events switched over to an online or virtual format. And even as we exit the pandemic era, they’re still very much popular. Perhaps it’s the ease of access (as anyone can come), or it’s simply because many prefer to stay at home, the fact that they generate a considerable amount of attendees remains critical.
Trade Shows. The traditional way of event marketing comes in the form of trade shows. Of course, trade shows remain a popular form of marketing event. So much so that large companies like Apple and Tesla still utilize them to show their latest products and innovations. Aside from single-company trade shows, there are also industry-specific trade shows where different companies can show off their wares.
Product Launches. Book launches, album debuts, or product conferences are all examples of product launches. If a business holds enough demand and influence, holding a dedicated event for their newest product is a way to both increase awareness and create a demand. Businesses looking for an attention-grabbing way to debut their latest product often go for product launches as it’s very effective.
Contests and Competition. Everybody likes winning something, right? Often, the appeal of being able to win something will draw interested parties to your business. Major brands often hold a contest for their newest product, using the photo of the winner holding the product and a gigantic check with prize money as marketing material. It’s a tried and tested way to get people interested, and it still works today.
Is it Effective?
The simple answer is: yes, it’s effective. More than 50% of business owners say that their ROI sees a record high every time they participate in marketing events. Companies that perform particularly well spend around twice the average budget on marketing events than other marketing channels. The statistics show that event marketing is an effective way to market- and maybe it will be effective for your business too.