July 30, 2019
Consumers don’t buy into traditional marketing schemes. It used to be an ad in a magazine or on TV was enough to sell a product. Not anymore! People want an experience. They need an emotional tie to a product or service. They need to know from personal experience that your company is the right match for them. That’s where experiential marketing comes in.
We’re halfway through the year. Already, trends have taken shape. Marketing experts are learning a lot. These are the 10 best experiential marketing statistics of 2019.
#1 – Business Owners Feel That Live Events Are a Key Element of a Marketing Strategy (Harvard Business Review)
HBR asked 700 businesses about their marketing strategies and experiences. In that survey, 93% of the businesses said they make event hosting part of their plan. Almost 85% admit they put a lot of priority in sponsoring events.
#2 – The Majority of Business Owners Believe Events Lead to the Best Engagement in the Digital Era (Bizzabo Event Marketing 2019)
An astounding 95% of business owners say they feel that live events are the best way to engage consumers in today’s digital world. Once they’ve used the event to connect to consumers, they can keep growing those connections using several strategies.
#3 – Companies That Exceed Their Business Goals Put More of Their Marketing Budget Into Live Events (Bizzabo Event Marketing 2019)
An estimated 1.7 times the average live marketing budget is spent by businesses that overperform. These companies typically have no problem reading their return on investment. It’s not just one event per year either. Most of their budget covers multiple events per year. In fact, businesses that overperform often host or sponsor as many as 100 events per year.
#4 – Consumers Say They’ve Paid Money to Attend a Marketing Event (Event Track 2018 Executive Summary)
You may worry about hosting or sponsoring an event due to the cost. What you need to remember is that 33% of today’s consumers say they have paid an admission fee in order to attend a marketing event. In 2018, almost 4 out of 10 companies held events and charged an admission fee. The most popular event is a music concert or festival, but branded events come in second.
What makes an event memorable? Consumers also offered their input on this. These were some of the top reasons given:
- Samples were available.
- Product demonstrations were given.
- Coupons or discounts were handed out.
- The consumers felt welcome and included.
- The event was entertaining and offered an emotional tie to the brand.
#5 – Email Marketing is Best for Event Promotion (Bizzabo Event Marketing 2019)
When it comes to event promotion, 4 out of 10 companies feel that the most effective way to advertise the event is through an email. You don’t want to send emails to strangers. You’ll get a better response if you target consumers who have interacted with your company in the past.
#6 – Consumers Say Live Events Lead to More Positive Thoughts About a Brand (Event Track 2018 Executive Summary)
After attending an event where experiential marketing is the primary focus, 91% of consumers admit that that experience leaves them with a positive impression of a brand. Carrying on from this, 85% of those consumers admit they’re more likely to purchase the product or service after the event.
#7 – Event Marketing Budgets Cover Several Key Components (Bizzabo Marketing Blog)
While it does vary from one company to the next, four areas stand out when it comes to planning your event marketing budget. More than half of all brands put a lot of the budget into viral marketing in order to spread the word of the upcoming event. Almost 4 out of 10 event planners spend the most on the venue. Catering is the highest expense for 34% of event planners. Event speakers and performers are also high on the list.
#8 – A High Number of Businesses Are Increasing Event Budgets in 2019 (Bizzabo Event Marketing 2019)
Event marketing is the best way to reach the consumer. That much is clear. It probably shouldn’t be shocking to learn that 62% of business owners plan to increase their event marketing budgets in 2019. Almost half believe that hosting an event is the right path. Another 30% look at sponsoring events. Finally, 19% use some of their event marketing budget to attend events.
#9 – Event Marketing Drives Sales (Marketing Charts)
Looking at marketing survey results from leading marketing executives, event marketing draws the most qualified leads and conversions. The survey found that 68% of the executives completing the survey admitted the event gave them solid leads and 55% lead to a conversion or sale.
#10 – It Takes Several Weeks to Plan an Event (Forbes)
The average time companies spend planning and organizing events is 5 to 8 weeks. If you don’t have a dedicated team for event planning, you’ll have to shift workers from one department temporarily. Can your company afford to have minimal staff in one area for more than one month?
Let Factory 360 help. We believe in going above and beyond for our clients. We’ll combine experiential marketing strategies to help you pull off an event that will draw and keep consumers. From event production to social media integration, we can handle whatever you need to be done. Call us at (212) 242-2417 to discuss your ideas!