Impotence of Advantages And Disadvantages of Event Marketing and Its Types
Anything or everything business people do because of sales and this is very common to all. And for that reason, we try to find better ways to do marketing for your brand.
However, before starting any kind of marketing process you need to understand the negative and positive effects of it.
In addition, in the same way, we need to know the advantages and disadvantages of event marketing to get a solid ground for a better marketing system.
So, let’s get to know more about it and a deep drive to the thought.
What is Event Marketing?
All the marketers out there will always try to promote their product, service, or brand.
When they do it by planning an event, organizing it, executing it successfully, meeting people relevant and making a difference to their business, you can call this whole strategy of event marketing.
It doesn’t really matter whether the event is taking place in a physical world or online, the significance of this kind of event is always noteworthy.
It’s a great way to represent your brand message in front of a large demographic. Apart from that, you get to make a personal connection with a lot of individuals who matter to your business to a great extent.
In a lot of ways, event marketing can take place. Organizing a small roundtable of 10 people falls under this category, just the way partnering with another brand to set up a major trade show’s exhibit does.
The size of your event is not an important thing to consider. As long as you are able to bring value to your potential or existing customers or your brand, you are good to go!
Advantages And Disadvantages of Event Marketing
Event marketing is a tough marketing strategy.
However, if it can be done perfectly it will give most of the benefits that you haven’t imagined.
A live event can generate plenty of high professional sales.
However, the risk is also high if the event fails. The cost margin has both side pros and cons of event marketing.
So, let’s understand the advantages and disadvantages of event marketing:
Advantages of Event Marketing
Ok! Let’s see what are those benefits by which you can get the best out of the event marketing.
1. Company Exposure
Hosting live events is the best way to promote your company where people are able to know more about products and services.
Moreover, 90% of the people are mostly already interested in your product that’s why they come to the event.
So, if you do a good live event it can also get media coverage, word mouth marketing and you can get a good amount of sales from those distinct events.
And all of those will give your company a big exposure.
2. Collect Good amount Leads
The positive site of event marketing is to collect a good number of leads.
Yes! It is right that,
all the leads will not convert into sales but from the professional perspective, some chunk of leads can change the whole company.
From live event marketing ( physically presents everyone) 20 potential leads can give a massive boost in your business without even doing too much marketing in social media or even PPC campaigns.
Marketing is a risky game and event marketing is as well. However, this event marketing is able to change the whole face of the marketing strategy.
3. Reach Proper and Targeted Audiences
Event marketing is cost-effective, you may ask How?
Let’s give an answer for you. It is very simple.
Apple organizes events every year before they launch their product release and event gives a push to all the interested people to buy it or even pre-order it before licensing the product.
One of the key facts we always miss out on in event marketing is that: those people who are coming to your event are already convinced to purchase from you on the live event time or after that event.
The nitty-gritty fact is you have 95% of the target audience who are interested in the live event. It is quite tough to get this amount of targeted customers or people by doing other marketing strategies.
4. Boost the sales
Your sales will increase automatically if your event marketing presentation works perfectly according to the audience.
In every event marketing, some of the portions get converted into sales but if the event is successful via word of mouth it takes the next level of selling.
One of the keys of event marketing is never telling your audience to buy the product rather telling the good benefits of it so that people automatically feel interested in purchasing it.
Moreover, if your product solves a common ground problem and shows them how your company solves the problem then sales will definitely increase.
5. Build a Strong Relationship
In the event, you can break a section to get feed about your company via playing some games.
It aids in understanding what people think about your product or service and you can refinish your problems.
In this process, you can build a strong relationship with your audiences. You have the opportunity to do one to one communication.
Via the event, you can establish a strong brand community of your brand or company.
Disadvantages of Event Marketing
All the marketing involves high risk which is very common.
However, to jump on the boat you need to know more about the cons of event marketing.
To get a clear picture you also need to open your eyes to the disadvantages of event marketing and then you have to decide whether you will go with it or not.
1. The Chance of the success is 50 – 50
The success rate of event marketing is 50 – 50. Sometimes it is less than that.
And for the last 2 years, event marketing isn’t working on that acceptance.
Companies fail to organize and target the proper audience which they need.
Mainly, to spend a huge amount of money and if you get a chunk number of amounts that don’t say a successful event.
Sometimes marketing people make the mistake of doing event marketing without knowing if it will work or not.
For that, you need to reset your goal before driving into event marketing.
2. Give Them Value
Education events are not for everyone’s piece of cake.
An event is more like a memory with a certain knowable for what your audience comes to the event.
Yet you are educating them but with a different angle like via storytelling, some fun game etc.
From your marketing camping copy to posters, you have to identify your targeted audiences.
The message should be clear and loud. Don’t hide anything from your audience.
The event should be fun and purely knowledge-based but they love it. Otherwise, all the work will go under the water.
Most events fail to give that level of value to them in a unique way.
Types of Events Marketing
As the necessity of holding events is growing, so does the improvement of technologies. As a result, a great variety of events can be seen nowadays.
With the knowledge of these multiple types of events, you can easily figure out which is going to be perfect for your purpose or brand and execute it successfully.
Large-scale events like conferences are actually one of the biggest portions of the event industry. Conferences can be either B2B or B2C, which normally have valuable networking sessions with engaging speakers, educational workshops, etc.
by executing a successful conference, you can create a healthy balance between a professional environment and an energetic social atmosphere.
2. Trade Shows
If your brand wants to present a new product or service, then trade shows or expos can be your best choice. You can bring your products in front of a customer base in a professional manner through trade shows.
For seminars, you have got to offer a more intimate type of setting, which will also have to focus highly on educating attendees.
Usually, these attendees will participate in more in-depth discussion sessions, while sharing valuable knowledge. Seminars generally last only for a day, maybe for only a few hours in some cases as well.
4. Periodic Business Gatherings and Internal Company Meetings
These types of events are more common in organizations where the number of employees exceeds 25, although it’s not like smaller companies cannot do it.
In these meetings, discussions are held on topics such as assessing the overall progress of the company, facilitating project kick-offs, or solving particular problematic issues for the organization.
5. Networking Events and Thought Leadership Events
By holding thought leadership and networking events, brands can represent themselves as well as their authority to a certain domain.
They can also provide beneficial and exciting opportunities to people who have got similar business interests.
The interactions that take place in such events are absolutely revolutionary for both parties!
6. Ceremonies and Galas
Even though formal events like galas and ceremonies might serve multiple purposes, the one thing that’s very common is that, through these events, the representation of a brand and its products or service is done in a very elegant way.
A special occasion is made even more sophisticated with ceremonies and galas held perfectly!
7. Product Launches
The main purpose of product launching events is to create mazement and excitement among existing customers about the new product and its features or specialities.
8. VIP Events
These events are meant for the most influential figures in the business world. Also named as sales acceleration events, VIP events focus on providing the most impressive and exclusive experience to the shareholders, customers, and other honoured guest figures who matter greatly to the business of a company.
The ultimate goal is to maintain loyalty to these significant figures and increase revenues through it.
9. Other Events
There are so many other types of events like Job Fairs and Recruiting Events, Team Building, Field Marketing and Activations, Virtual Events, and so on.
All these events have different purposes that benefit organizations or businesses in different ways.
Planning, Implementing and Organizing Your Event Marketing Program
- To plan your own event marketing strategy, at first, you have got to figure out your goal upfront and then set realistic expectations based on it. You should better keep in mind that your goal should not be limited to only attendance models and registrations.
- Then it’s time to get creative. You will need to incorporate a strong theme in your event so that it can actually create a buzz among the customers. Whether it’s an in-person event or online, be creative while deciding the event’s main theme.
- The next thing to do is creating segmentations and adding multiple touches to your event’s promotion. Segmentation is absolutely vital in acquiring the right attendees for your event. Also, spend some time ensuring the data quality, so that you can use them in the future for other purposes.
- Don’t forget to make sure that you have access available to the right event technology in place ready. Especially if it’s a virtual event, without proper technical support, huge mishaps can occur.
- Finally, you need to measure your event marketing ROI. in this case, you have three options to choose from, basic progression measurement leads by category and pipeline measurement.
A successful event executed by your organization can bring enormous opportunities and benefits for you. So wait no more, start planning your own event marketing strategy and get ahead in the competition of promoting your brand!