MARKETING AN EVENT
When you market an event it means that you have to promote it to the public, or to targeted attendees, or to stakeholders. Marketing events involves gaining the confidence of your target audience; they must feel confident that all aspects of delivering the service will ensure after-event satisfaction. Marketing also involves devising ways in which you can secure a commitment to attend (or to invest). This could be through receipt of invitations or written investment offers.
Investment offers may:
Marketing plays an integral role in the business process and marketing strategies should be included from the outset in your event management practices. Marketing in general means that the market for a particular service/product is identified and then prices are set where applicable to reflect general market pricing trends. This is sometimes difficult for a service type of business such as an event management business – the most appropriate pricing strategy for a service business is to use the ‘going market rate’ as a guideline.
- Be monetary – i.e. financial investment or support.
- Be a commitment to offer time - (such as volunteer labour).
- Be a commitment to support or promote the event (other than financial i.e. advertised verbal or written approval and support by government, a high profile company, a local business (sometimes this support is offset by the event organiser providing free advertising – think of logos and banners at large sporting events).
- Be a commitment to attend the event (replying to an invitation).
- Be a commitment to feature at an event (e.g. a celebrity may give their time free of charge if an event is deemed a suitable venue for their promotion or for them to promote a cause.
Marketing is concerned with relating the supply of products to its potential demand in such a way as to satisfy the needs and wants of buyers whilst creating a profit for the supplier. Marketing should add maximum value to the product at minimum cost.
In identifying the target market for your business you can tailor your advertising to suit that market, for example if you are setting up an event management business to target the wedding market with an identified market demographic of people under the age forty, there is no point advertising your services at the local senior citizens club.
A marketing strategy for an event business should always consider the following:
- Identify the target market.
- Market saturation (are there too many of this type of service already?).
- Compare similar businesses.
- Where are you situated – where are you trading from?
- Decide on price (in relation to a service).
- How will you promote your business (advertising, word of mouth etc.)?
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