The Five P’s of Event Marketing

The Five P’s of Event Marketing
Event business is not a profession about organizing meetings of crowds only, but also a great deal of marketing effort. Actually, we can say that, events are only the products and we need to sell those products to our customers, which means, event organization doesn't mean a lot without marketing. But, can we say that, event organizers are also good at marketing? I am not sure..

Here are five Ps of event marketing below;

  • Product
  • Price
  • Place
  • Public Relations
  • Positioning
1) Product
Each successful event marketer is at first the consummate student of his or her product. The product may be anything such as an educational program, a county fair, or a full-fledged convention. It may be a reunion for a fraternal organization or a corporate product launch. If you are marketing the event, there are essential elements that you must know and questions you must ask of the event sponsor. a.

    What Is the History of the Event?

    Many veteran marketers will attract participation because they can sell the celebratory essence of the event. "The 50th Annual Conference" proclaims the success and venerability of an organization, as well as the pride that goes with being part of it. But even if there is no history, there is the opportunity to be historical. For example, "The 1st Annual Conference" will have no history, but can be portrayed as an opportunity to get in on the ground floor of a "happening" that participants can infer will be an ongoing event, turning into a tradition and developing long-term loyalty. The greatest part of event marketing is the opportunity to create history, by attracting people into a synergistic activity that can define the organization and its goals. The celebration of history is a fabulous promotional asset in whatever way the event marketer wishes to interpret it for the audience.

    What Is the Value of the Product?

    Marketing an event requires that the message emphasizes the manner in which the participant will benefit. The promise of increasing productivity, maximizing profitability, or simply having a great time can be legitimate benefits that can persuade a person to buy the product or attend the event. Later in this text, we will discuss the science of studying demographics and determining audience needs. Designing an event with that research in hand and effectively describing how that event will fulfil those needs are keys to effective marketing.

    What Makes the Product Unique?

    What makes this event different from others? Why should one choose to invest time and money in this event, as opposed to the competition that surrounds it? Marketers that can identify the return on investment (ROI) that can be expected by the participants, the special experience that will be offered, and the added value of attendance are those who will successfully market the event. This will require research into the markets and into the objectives of the client or organization. Only then can the uniqueness of the product be identified and described in all of the marketing media utilized.

2) Price
    Primary among the responsibilities of the event marketer is an understanding of the financial goals of the sponsoring organization. Once this is determined, market research will illustrate the competition's pricing patterns:

    Who is offering a similar product, to whom, and at what price? Equally important are considerations such as the level of demand for the product and economic indicators such as the relative health of the economy in a particular city or region or, to an increasing extent, globally. Price may be secondary to perceived value. It is in this area that the event marketer can play a major role. In marketing events, consider these issues of pricing:

    What Is the Corporate Financial Philosophy?

    Some events are designed to make money, pure and simple. Others are strategically developed to break even financially. And there are some that are positioned as "loss leaders," expected to lose money in an effort to gain greater assets elsewhere, such as membership development or community goodwill. Corporate meetings are typically expensed not as profit centre but rather as "costs of doing business" in order to build employee loyalty and pride and to learn how better to sell products and services. The event marketer must clearly understand the financial mission and design a strategy to accommodate those goals.

    What Is the Cost of Doing Business?

    Price must reflect the total costs of goods and services, including the cost of marketing itself. Marketing is often relegated to a secondary role in event production because the costs of printing, postage, advertising, public relations, and other basic marketing expenses may not be considered part of the event budget.

    Instead, it may be treated as part of the organization's general overhead and operating expenses. The marketer will be considered an integral part of event production when that event's budget provides for marketing as a primary event function and income-expense centre.

    What Are the Financial Demographics of the Target Audience?

    Analyze your market's ability to pay. This sounds simple, but it is critical to the marketing effort. An event designed for executives who have access to corporate credit cards and can charge their participation as business expenses will likely be priced at a higher level than an event designed for those who must pay from their own personal wallets. Market research will help determine the ability and willingness of attendees to pay ticket prices at various levels and, therefore, influence the planning of the event itself.

3) Place
    The location of your event can dictate not just the attendance, but the character and personality of the event as well. This is a consideration for the earliest part of the planning stages.

    For example, for an event being held at a plush resort, the setting for the event should be a key part of the marketing strategy. The event site may even be the major draw featured in brochures and advertising. An awards dinner at a new public facility in your town should emphasis the opportunity to experience the facility as an exciting highlight of the event itself.

    On the other hand, an educational seminar at an airport hotel would not necessarily feature the attractiveness of the site but rather could emphasis the convenience and functionality of the location as the major asset for the attendee. Place should be marketed with a number of important elements in mind like;

  • Proximity to the potential attendees and ease of travel
  • Availability of parking for a commuter audience
  • Ambiance and originality of the site
  • Logistical practicality of staging a particular event
  • Surrounding attractions/infrastructure for ancillary activities
  • Existence of related audiences, organizations
  • Degree to which the location fits the character of the event
  • Safety, security of event attendees
  • Availability of public transportation (airport and city)
  • Availability of overflow space (sleeping and meeting rooms)
4) Public Relations
    Public relations is a major part of the marketing mix. You can advertise anything you want—that is, what you say about your organization and your event. Public relations can determine what others perceive of you and your mission. It may be as bold as a team of press agents distributing releases to newspapers or staging press conferences to extol the virtues of your event. Or it may be as subtle as a trade publication interview with a leader of your organization, when the interview includes references to your event and its benefits. The essence of a public relations campaign is that it never stops; rather, it is an ongoing effort to establish positive perceptions of your organization and its products.

    You need not be a public relations professional to practice effective public relations. A media release, feature article, or simple phone call to the editor of a trade publication can result in invaluable publicity for your event.

You must also care what people say, and your message to the public must be carefully crafted to reflect the character and strategy of your event. The effective event marketer will seize on every opportunity to plant the seeds of credibility and positive response.

5) Positioning
    Event marketing relies on the proper positioning of the product. No event can be effectively sold until a marketing plan is developed. The marketing plan will likely be the predicate that determines success or failure. And the key to a successful marketing plan is "positioning."

    Positioning is the strategy of determining, through intuition, research, and evaluation, those areas of consumer need that your event can fulfil. What types of events is the competition offering? What level of investment are they requiring of their attendees? Who is attending, and who is not? In other words: What niche are we trying to fill? What makes us different and how can we seize upon our unique qualities to market our events? And what markets will be receptive to our event concept? The event marketing executive who can answer these questions has the greatest opportunity of fulfilling expectations.

    Here are some key considerations when positioning an event;

Location: Issues of location must be continuously evaluated, because interests of the markets change constantly.
Attention Span: People forget quickly. Marketing materials must constantly emphasis the needs the event will satisfy and the benefits it will provide, because potential attendees will likely be thinking about a thousand other things
Competitive Costs: Positioning strategies must consider the economic level and flexibility of the audience being sought, and meet that expectation. Some organizations hold events where admission is free and the costs are covered by exhibitors, sponsors, and supporters. Others may set the cost of participation exceedingly high in order to attract only the market niche represented by big spenders and industry leaders. So, there is no definitive answer, other than that, registration/participation fee issues are a significant part of correctly positioning the event and an integral cog in the marketing plan.