Why Event Marketing is Important to Effective Product Branding
Event marketing refers to ‘themed’ events intended to draw ‘targeted’ attendees. Based on studies, 93% of the consumers say that live events are more effective in promoting a brand than TV advertisements. Therefore, if you want to generate leads and convert more sales, launching a live event is the key.
Another reason why live events are effective for promoting a brand, product, or service is that they catch the media’s attention. However, if you want to entice the media to cover your event, make sure your event is bigger and more ‘unique’ compared to other live events in your place. You just have to think of a motif, angle, or set-up that will make your event stand out from the rest.
The following are other reasons why event marketing is an essential aspect of product branding.
- Foot Traffic. Live events are effective in promoting a brand because it drives more foot traffic. Foot traffic pertains to the number of people visiting a particular place- could be a mall, store, or a live event. As long as your event is well-planned, and you add some ‘gimmicks,’ drawing attendees will never become a problem. Aside from converting more sales, live events also establish a steady influx of regular customers.
- Audience Interaction. What’s unique to hosting a live event is the physical interaction with your target market. Face-to-face interaction is crucial in introducing a brand because this will allow you to get immediate feedback and promptly answer the people’s queries. During a live event, you immediately cast the attendees’ doubts resulting in more sales conversions.
- Generates ‘Real’ Sales. Live events are important in product branding because they are proven to convert sales. In the United States alone, 79% of event marketers reported that they experienced surge in sales after conducting a live event. A study also confirmed that live events are 74% more effective in promoting a product or brand.
- Targeted. Live events are effective in introducing a brand because they target a specific group of people. In other words, you’ll not be wasting your money, time, and effort as live events draw audiences who are ‘presumably’ interested in your product or service. All you have to do to convert actual sales is to explain your product or service to your target market in your event.
- Reviews. The positive feedback you get after holding a live event will also help in promoting a brand. If your event is successful, people who attended your event will advertise your brand for you. They will share the information about your brand and encourage other people to avail of your product.
- Young Audience. Event marketing is effective in product branding, especially since 78% of the millennials prefer to attend live events. The millennials will do all the possible means just to participate in an event and to buy an item.
- Lasting Impact. If you conduct an event that exceeds the attendees’ expectations, chances are they will never forget the brand you introduced. Besides informative discussions, another means to build brand affinity is by linking your brand to charitable events. Keep in mind that people easily recall a brand that they usually see sponsoring humanitarian activities.
- Thought Leadership. One of the main reasons why executives hold a live event is to educate the people about a particular brand, product, and service. Once you succeed in educating your target market, they will never forget about your brand. However, educating people (about a brand) denotes that you are knowledgeable enough to share information with others. Therefore, you must invite reputable guest speakers in your event to ensure that the audience will listen right from the get-go.
- Shares Meaningful Brand. According to The U.S. Bureau of Labor Statistics, the event industry will boom by 44% at the close of 2020. The increasing demand for conducting live events is rooted in the fact that more and more people now would like to know which brand provides ‘real value’ to them. Real value pertains to how a particular brand can help customers improve their lives. If you want an effective way to share your brand’s value, just hold a live event.
These are but some of the reasons why live events directly impact brand promotion. Live events are not just about brand launching, but they also let your customers understand why your brand (product or service) matters to their lives. Before it becomes too late, plan the best event for your brand and build a lasting relationship with your target customers.
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