- Pages: 8
- Word count: 1835
- Category: Marketing
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An event may be defined as something happening or repeated occurrence or social gathering with a purpose. Event marketing may be described as ‘the marketing discipline focused on face to face interaction via live events, trade shows and corporate meeting among other events. Event marketing is concerned with designing and developing a live theme based activity (eg: – sporting event, Musical festival) to promote a social cause, a product or an organization Event marketing is one of the fastest growing fields in marketing and advertising today. It’s everywhere you look in today’s culture although; you probably don’t readily recognize the majority of the event marketing programs when you see them. That’s because there are many flavors to event marketing and there are no hard rules about what exactly is and isn’t event marketing. Market managers get the chance to run local programs in one city (sometimes in several cities if they are close together). Bacardi, Marlboro, Red Bull, Pepsi, and just about any liquor and tobacco brands run in-market programs all the time.
It’s not year round employment but, you can stay at home and avoid prolonged time away from family, friends, or pets. An event marketing program can be a nationwide tour, regional program, or it may be focused upon one key market. Major cities like New York, Miami, and Chicago have dozens of local marketing programs going at any given time. Less populated states such as Iowa or Idaho or smaller cities usually have fewer local programs targeting them. National tours can follow some larger event such as NASCAR or Ozzfest or, they may hit a series of events or festivals across the country that offer the opportunity to connect with potential consumers. Most music concerts out there today involve a sponsorship or two of some kind and, along with that tour sponsorship comes an event marketing program that samples or interacts with concertgoers, exposing them to the sponsor’s presence and message.
Features of Event Marketing
Following are some of the features of Event Marketing:
Event marketing is a recently developed very popular and fast developing area of marketing. It has got tremendous growth potential and aims at achieving company objectives. 2)5 C’s of Event Marketing
A) Concept Formulation
It means designing creative idea
It means finding out cost of production for organizing an event.
It means propagating the theme of the event.
D) Customization of event
It means to change/modify/redesign the event
e) Carrying out
It means execution of the event as per the plan.
3) Multiple uses
Event Marketing has got several multiple uses some of which are as follows:
A) To persuade prospective customers to buy the product
b) To build awareness
c) To market a company’s product or service
d) To maintain Goodwill or Brand image
4) Alternate tool for marketing communication
Event marketing is viewed as an effective and better alternative tool of marketing communication. Thus, Event marketing helps people to understand the importance of marketing through effective communication. 5) Uniqueness of marketing
Event marketing is unique and demands differential approach and treatment. Event Planning Marketing Plan
The Corporate Retreat Professionals (CRP) is an event planning company specializing in corporate customers. CRP will offer two types of services; retreat training services as well as product launch event planning. The retreat training services will be either leadership development training or team skills training. For both types of retreats, CRP can take care of the planning of the event, as well as actually hosting the training through the use of one of CRP’s strategic business partners. The mission of the Corporate Retreat Professionals is to provide companies with the highest level of event planning. We exist to attract and maintain customers. When we adhere to this maxim, everything else will fall into place. Our services will exceed the expectations of our customers. The corporate market for event planning is steady and profitable. For some large companies, economic downturns means cuts in training.
This is only the case for shortsighted companies however. The benchmark companies may trim down the work force during a downturn, but they do not cut funds for training. They recognize that investments in human resources are always a good investment. CRP intends to profit nicely from this intelligent business strategy. Additionally, even in times of economic downturn, companies still have product launches and will still need someone to organize these events. In short, the need for corporate event planning/ hosting services rarely diminishes, it is a steadily increasing demand that CRP will capitalize on. Corporate Retreat Professionals’ projected growth rate is over 100% through year three and will have profits as a function of sales over 11% by year three. By the beginning of year two CRP will have four employees.
Developing a marketing plan
All festivals and events, however small, need a marketing plan. This can be very simple or more detailed, depending on the number of anticipated visitors. It is not enough just to inform everyone of the date and put up an entrance sign. You need to plan and then evaluate your marketing strategy.
When you develop your marketing plan, consider the following: General Market position: Who do you want to attract to your event? Will you attract them as paying visitors? Objectives: Consider ‘SMART’ marketing objectives. (See TIMELINE Planning Schedule 1.3). Build in targets for visitor numbers, ticket sales, and turnover, gross profit (eg. food and bar/merchandising and concessionaires) SWOT: A ‘SWOT’ analysis is a useful tool to help you identify the Strengths, Weaknesses, Opportunities and Threats relating to your event. The ‘SWOT’ structure helps you to assess the concept, timing, image, location, range and standard of facilities at the event. Competition: Analyze other similar festivals/events. Follow your key competitors’ progress (eg. their concept, PR/marketing, pricing policy, etc.) Specific
Market Research and Analysis: Research Wales/UK and, if appropriate, overseas markets. This will help you assess who your current, potential and future visitors are. Think about your customers’ origin, business mix and interests.
Useful statistical information is provided by tourist boards. National statistics on tourism are available at: www.staruk.org.uk. Visit Wales provides research statistics at www.industry.visitwales.co.uk click Research in the left hand menu.
Target Market: All events and festivals, large or small, must target the people who are more likely to visit their event. Identify which markets are right for you. For example: What proportion of your visitors comes from the local area? What proportion are tourists and where do they stay?
Do visitors come as families or couples without children?
Are they generally from one age group or a mix?
What kind of newspaper do they tend to read?
Visitor Requirements: consider visitors with special needs/requirements
Special dietary requirements – will your catering provide for these?
Children – are there play areas or a crèche?
Is there wheelchair/disabled access to the venue and facilities?
Customer care includes planning for these kinds of needs, not just being polite and welcoming.
Scope of Event Marketing
Event marketing has got a very wide scope which can be interpreted as follows: 1) Business and Corporate events
These events are organized at Industry level or within the firm. These events are conducted by corporate and business level managers. 2) Cause related events
Charitable organizations conduct events to raise funds, create general awareness and demand support from Government. 3) Exhibitions
It is a periodic event organized by firm/industry/Government to bring buyers and sellers together and establish contacts between them. 4) Government Events
Census survey, Health awareness, Eradication of polio etc are some of the events which are included in Government events. The Government undertakes these events to spread awareness among public 5) Social & Cultural Events
It involves organizing of various Religious and cultural festivals 6) Marketing Events
These events include new product launch, Opening a new branch etc Importance of Event Marketing
Event Marketing has got lot in today’s modern business world. The importance of Event Marketing is as follows: 1) Identify target market
Event Marketing helps to identify and focus on target market and satisfy the needs and wants of target market 2) Test Marketing
Events help to identify target market which in turn helps to conduct Test Marketing. Test Marketing means the company introduces product in small segment of target which helps it to find the expectation of consumers. 3) Marketing tool
Event as a marketing tool is very effective to introduce new products to end users. It also helps to satisfy need, wants and buying habits of consumers. 4) Brand building
Events allow use of creative and innovative methods of brand building. Thus, Event marketing helps to build brand image of the product in the market
Market Research in Event Planning
Before organizing an event, find out whether there is a market (i.e. audience) for your intended event or not. For e.g. you want to organize a fashion show in Oman. If people there have little or no interest in fashion shows, then it is not a good idea to organize such event there. The event will fail for sure. Market Analysis
If there is a market for your intended event, then do market analysis. Market Analysis means finding information about your target audience. Find out who are your target audience i.e. there age group, sex, qualification, profession, knowledge level, income, status, likings, disliking, personality, customs, traditions, religion, lifestyle etc. Knowing your target audience’s customs, traditions and religion is very important so that we don’t hurt their customs and religion unknowingly through our event. For e.g. if you organize a Hindu wedding and serve beef there, then u will be in mortal danger as cow is considered as a sacred animal in Hindu religion.
Similarly serving pork in a Muslim function can bring havoc. Find out where majority of your target audience live so that you can direct your marketing efforts towards them. There is no point in advertising across US if your target audience belongs only to New Jersey. In this way you can cut down your advertising and marketing cost tremendously. Find out what are the desires and expectations of target audience from your intended event. Find out when (i.e. date and time) and where (i.e. venue) they want the intended event to take place .For this you will have to do survey. All this information will help you in developing a better event plan.
Role of Marketing Research in Event Marketing
To be successful in event marketing, it is necessary to have in depth and latest knowledge of customers, products or service.
1) To identify potential customers
In Event marketing, the potential customers are classified into I) Sponsors or donors known as Revenue generators.
ii) Target audience-It means the ultimate consumer for whom the event is organized. 2) Market segmentation
The success of event marketing depends upon right market segmentation and targeting right type of customers Marketing research can be used to target audience on the following basis A) Demographic b) location c) economic status d) Age etc
3) Positioning the event
Marketing research is very much needed to position the event correctly without compromising the interest of all concerned parties.
1) Marketing Research
2) Event Marketing