Targeting An Event And Making Money Out Of It <Can Be The Style >

by Sunanda K. Chavan on Monday 14 February 2011, 3:02 PM | Category: Marketing| View: 1876 views
 
 
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Targeting An Event And Making Money Out Of It <Can Be The Style>

 

 

 

Engagement marketing, sometimes called "experiential marketing," "event marketing", "live marketing" or "participation marketing," is a marketing strategy that directly engages consumers and invites and encourages consumers to participate in the evolution of a brand. Rather than looking at consumers as passive receivers of messages, engagement marketers believe that consumers should be actively involved in the production and co-creation of marketing programs, developing a relationship with the brand.

Event management can be described as follows:

Designing or developing a 'live' themed activity, occasion, display, or exhibit to promote a product, cause, or organization.

Here's insight from exhibitors and event producers on how they see attendees changing:

Smaller buying teams, but those that attend have more authority to purchase.

Registering closer to the event or “last minute”

Shorter event visits, such as attending only one day

Looking for more content and information

More cost conscious and looking for discounts and deals

Stats depicting the usage as regards social marketing and web marketing:

When asked to list the top three marketing elements for accelerating and deepening relationships, event marketing led at 64 percent, followed by social marketing at 55 percent and Web marketing at 54 percent.

Respondents report that of all marketing elements, they see the greatest ROI from Web marketing (40%), with event marketing coming in second at 22 percent.

The percentage of marketers who rank the future importance of events as increasing rose this year, from 29 percent to 36 percent.

34 percent of respondents plan to move to an experience-driven portfolio within the next three to 12 months, while 31 percent say they have already done so.

A third (30%) of respondents said they saw the highest ROI from conferences and seminars, followed by trade shows at 24%.

When asked about their primary marketing concerns, reaching new customers (25%) was at the top of the list, followed by tracking ROI (15%) and growing market share (14%).

Event marketing with your brand as the main event, consumers aren't just sitting around, waiting for your truth to find them. They're active and out there, participating in the sports, shows and events that matter to them. And being part of all that is a sure-fire way to make your brand matter to them, too. Think of us as your ultimate party planners with Event Marketing. Effective event marketing increases awareness, generates excitement and helps increase attendance and participation in your event. Whether you are promoting a cultural event, organizational activity or an educational seminar, an effective marketing campaign will help make your event successful. Use visual marketing, business partnerships, direct mail and services that will increase your event attendance. Creating buzz through posters though ways and means like creating slogans and designing eye catching designs. Pick quality sponsors that are a good match for your event and then leverage their existing company marketing tools to advertise your event. Use direct mail advertisements for educational seminars or events targeted towards a specific group. Make attendance at your event easier by offering beneficial services that can help increase attendance.

Which is more successful: marketing event A, which attracts only one person, or event B, which attracts 400 people? The intuitive response is "B." The correct answer is: It depends.

 

What if:

The person at event "A" shows considerable interest in placing a million dollar order.

The order is for software with an 80% profit margin (i.e., $800,000 gross profit).

Your sales people spring into action and close the sale.

Total lifetime sales to the 400 people at event "B" are zero.

Now which event is more successful? Clearly, the answer is "A". It's profit of $800,000 - x (x is the cost of the event) compares quite favorably to the $x loss of event "B".

 

Cause and Effect

 

When "bums-in-seats" (a figure of speech, not to imply that attendees are bums) is the primary metric, there is a tendency to celebrate upon reaching some benchmark. What follows the celebration is, too often, complacency.

 

When an organization sets bums-in-seats as the ultimate goal, it typically does not plan what to do next and fails to convert prospects into customers.

Events are only one link in a chain toward increased profitability. Unless you sell low-priced consumer goods or services, you likely won't close new sales at an event. It is a way to: Create an impression of industry leadership and company strength; Increase market awareness of your products, services and company; when using increased profitability over time as an approximate measure of success, take the sales lag into account. Participation in the event is a must, one can also demand list of attendees for the event.  Marketing needs to be conducted both pre event and post event.  Post-trade show follow-up is also equally essential to making the most of your investment. As soon as you return from the show, send a letter to the entire pre-show mailing list. Then, send the qualified leads that were garnered at the show a more robust follow-up package, being careful not to duplicate the information available at the booth. Finally, there is no substitute for the old-fashioned telephone call. It's the most powerful post-trade show marketing follow-up, and you should call every lead contacted at the event.


 

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