Parameters That Marketers Evaluate While Choosing an Event
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Events are an excellent way for brands to directly engage with their target audience. They are proven to have a high and profound impact on the target demographic because they serve as a tangible experience, as opposed to merely a one-sided conversation. In recent years, events have grown to become a crucial tactic in large marketing campaigns as they eliminate much of the clutter that plagues more traditional avenues of communication like social media, television, print, and radio. They also bring to the table, a level of prestige and grandeur to the brand that is unmatched by any other marketing tool, surpassing even OOH.
As social media the wonder-weapon of marketers worldwide becomes increasingly saturated with advertising and switches from an organic reach format to pay-to-win, events have been garnering an increasing preference. However, not all events are equal. While evaluating the viability and effectiveness of a proposed event may seem simple, and it is in theory, marketers need to take into consideration, a multitude of factors, which invariably come down to the brand’s communication, the target audience, the budget, and most importantly, the quality of the event itself. While marketers are no strangers to the tenets of marketing, they sometimes need guidance on how to evaluate events from the perspective of an audience member. Here are some factors that are considered when determining whether or not an event is worth their investment:
The Memorability of the Event
Events are an art form. While some are likely to generate much public interest like mega music or EDM concerts and are always a good place to connect with one’s target audience, one must also be open to exploring other avenues that may yield even better results. For example, sponsoring a musical concert by a famous artiste is a sure-shot way to get enormous footfalls, engagement and pr, but musical Broadway like Beauty and the Beast, The Lil Flea Festival – a complete friends and family festival, Comic –Con India is likely to be more economical and have a far more profound impact on your target audience with quality engagement with TG, zero wastage for a sponsor. This is due to the intimate nature of the event. There is great opportunity for brand/s to connect emotionally with TG through this events
The Return on Investment
To a marketer, as glorious as events may be, they are still an investment, meaning they must be held to the same standards as any other promotional activity such as advertising or PR. Determining the ROI on an event is difficult given that its impact on audience members is largely subjective, but it is ideal to look at the final footfall in relation to the overall investment. As a rule of thumb, major intellectual properties tend to have a premium fee, in addition to the regular cost of sponsorship. As a result, focusing on midlevel properties could conceivably give you a higher ROI per viewer. For example, although the IPL gets significantly higher ratings than the Pro Kabaddi league, sponsorship prices are also higher, as a marketer striking an-equilibrium is necessary.
These days, people constantly tend to be attracted to innovation and excitement. More traditional events like concerts and exhibitions, while still very popular, are becoming increasingly mainstream. This means that people have started to become accustomed to them. As a marketer, this could pose as a potential challenge because the primary objective of any campaign is to be associated with a property that leads to a high and long recall. For this reason, it makes sense to invest in events that are a little unique, if not a novelty. For example, fresh concepts such as Broadway plays, family festivals, Kids Lit-fest, e-sports tournaments are more likely to get people’s attention, and by virtue of their rarity, remain memorable.
Events will continue to be the centre of attention for many great marketing campaigns in the years to come, which is why marketers should experiment with ideas and concepts while the industry is still young, and relatively unsaturated.