The global events industry is booming, and there are numbers to prove it. According to UBM, revenue generated by events is expected to reach $30 billion by 2018. This might seem high, but it makes sense considering the majority of 2015 marketing budgets were spent on in-person events.
Why are marketers devoting so many financial resources to events? It’s simple. Events are the strongest form of experiential marketing. Branded events evoke positive emotions in customers long after they are over. A successful event provides value to attendees beyond information about a product or service. By finding an opportunity to interact with the right demographic of people — both current customers and prospective buyers — brands can develop positive brand attitudes and long-lasting relationships.
Expanding your events calendar doesn’t need to be a daunting task. Events can range from conferences to product launches to workshops to kitten bowls. Yes, kitten bowls. Before watching the Super Bowl, thousands of people watched the Hallmark Channel’s Kitten Bowl III Training Camp on Livestream. You can start small, you can start whimsical, you can start fun. What matters the most is that your events get you valuable face-to-face time with your audience.
Read on for the top five benefits of hosting more events.
- Generate brand awareness
Hosting events helps your brand gain exposure. The more events you host, the more you are exposed to the right customers. The best, most creative events facilitate interactions that not only reflect positively on your brand but generate buzz long after your event is over.
2. Build brand equity
There is great value in building brand equity. Events build brand equity through brand experience. According to a study by Momentum Worldwide, events are the most effective brand experience. Attending an event drives 65% of people to recommend a brand and 59% to enter the sales funnel afterwards.
3. Interact with your customers
All marketers know multi-touch campaigns build stronger relationships with your audience. Hold an event to facilitate genuine interactions with your loyal customer base as well as your prospects. According to the Center for Exhibition Industry Research, 43% of event attendees believe the value of face-to-face interactions will continue to increase over the next two years.
4. Expand your reach
Loyal customers drive 80% of your business, but it’s also beneficial to develop new customer relationships. Hosting an event can help you reach people you are not currently connected with. Invite your most promising prospects and communicate your message to them in a controlled atmosphere, immersing them in your brand message and the value of your offerings. Events have the power to turn potential prospects into future loyal customers.
5. Drive revenue
Revenue, revenue, revenue. Hosting an event is all about driving post-event sales. Events deepen connections with existing customers and prospects, effectively nurturing them into the sales funnel. A positive brand experience is purposefully designed to encourage attendees to make a purchase. In fact, 59% of customers who attend a branded event make a purchase. Create an event your attendees love, and you will see a direct ROI.
When executed properly, events can be the most effective marketing tool. While we only list five benefits of hosting more events in this post, the benefits are actually pretty endless.
Now that you’re hosting more events, you need to unlock their power. That’s where Livestream comes in.
Expand your reach, grow a global audience and drive even more revenue by incorporating live video into your event marketing strategy.