Event Marketing: From Economic Casualty to Recovery

In 2008, the economy took a plunge into the abysmal unknown, taking with it one of the most powerful marketing tools - event marketing (also known as trade shows). It seemed that the industry would not and could not recover. But alas, it has risen anew.

When the price of fuel rose in the summer of 2008, many companies turned to smaller, more-light weight trade show exhibits to save on freight charges. Less people were attending trade shows to save on airfare and hotels. By Fall many companies cut out event marketing altogether as America loomed over a major financial crisis. It seemed the industry would eventually turn to virtual trade shows, eliminating many jobs and most importantly, real human connections.

While it's true that when budget cuts come around, event marketing is the first to go, many top marketing executives agree that face-to-face meetings are the most effective way to create brand loyalty among consumers. Face-to-face meetings result in 40% conversion of prospective customers, compared with only 16% without a meeting. What's more, 53% of those surveyed believe event marketing is the best way to deepen relationships while only 19% say public relations is the most effective.

So it's no surprise that in 2010, event marketing and trade shows are making a comeback. This time, however, companies are sending less participants to shows. Those that do attend are most likely the decision-makers - the leads you really want.

What does this mean for you? Don't cut out event marketing from your budget - be smarter and have a strategy. Gone are the luxuries of participating in every trade show possible. Now, you must measure your ROI for each show to justify your continued participation.

Start with a numbers-based event marketing plan. Set focused objectives such as brand-building, lead generation, new product introduction, and competitive analysis and write a brief but effective plan that sets quantifiable measures for your objectives. Next, find the metrics for your objectives based on your industry and define your performance indicators. Finally, set benchmarks for success. Remember, it may take a few shows before you can accurately gauge your event marketing ROI.

Conducting post-event surveys is the most widely used form of information gathering. Surveys provide event performance metrics and the data you gather can help you make strategic and tactical decisions. Send a carefully thought-out questionnaire to your participants and leads within 1-2 weeks after the event. Deciding on what to put on your survey will be determined by your industry norms and your objectives.

Working smarter, not harder, is the key to success!

Sources:
Meet Your Business Goals by MPI
ExhibitorOnline