It’s no secret that traditional advertising, like television commercials, have lost their effectiveness. They aren’t completely dead, but they are certainly evolving. Consumer attention is at an all-time low due to the ability to skip commercials with DVR or watch commercial-free content, like Netflix. Furthermore, those that watch TV will often switch their attention to their phone when a commercial comes on.
So, what should CMOs and brands to do to re-capture valuable consumer attention? The answer is live-event marketing.
Live events are becoming an increasingly profitable way to see a significant ROI. Brands are starting to shift their focus to this marketing segment. The average CMO allocates 24 percent of their total annual budget to live events. This accounts for approximately $14 billion dollars annually. It’s critical for brands of all sizes to take advantage of this growing opportunity to generate revenue.
Why Live Events?
It’s one thing to place your ad in front of your target audience on a social media platform. It’s an entirely different outcome when you’re able to provide that person a memorable experience with your product directly in front of them.
This allows you to establish a relationship and build consumer trust. That individual connection will lead to a memorable experience with your brand the next time they encounter you, whether it’s in a physical retail setting or online.
Live-event marketing greatly increases the odds of them converting into a customer in the near future. 85 percent of consumers are more likely to purchase a product or service after engaging with the brand at a live in-person event.
How to Measure Success
Successful marketing channels are identified by measuring success; live-event marketing is no different. Aventri is event management software (EMS) that helps brands plan, execute and measure their live-event marketing campaigns.
ROI is the name of the game. Without it, you cannot effectively measure the success of your live efforts and make necessary changes to improve the impact of future events.
There are some strong statistics that show how much potential exists with event marketing. With 75% of companies with budgets between $50 to 100 million expecting an ROI of greater than 5:1 and 68% of B2B marketers agreeing that live events help them generate the most leads.
“More and more CMO’s are understanding how critical live events are to overall marketing strategy and revenue growth,” says Oni Chukwu, CEO of Aventri. “Event spending is growing 6% per year; second only to a company’s website. Organizations can’t afford not to invest in events.”
They key is to streamline the event process. Aventri’s end-to-end event management software can assist with this. They provide real-time data and analytics on event performance and customer engagement. as well as measurable event ROI.
Aventri is used by event professionals to plan, execute and measure the effectiveness of live events, They are a go-to option to handle event sourcing and hospitality, registration, marketing, logistics, engagement, mobile, and data analytics.
The key to effective events is understanding the blend of people and technology. You need both to succeed, and that’s where many organizations are falling back. In our tech-heavy world, human touch is often lost. Events help organizations to create deeper relationships with their colleagues and clients. We can’t ever lose sight of the importance of human connection.