While an event often only lasts a couple of days for guests and customers, we understand that event actually took months of your team's time and resources to make the magic happen. With all of that hanging in the balance, you want to go into an event as prepared as possible to maximize the marketing and business value you can build from it. A well-executed event can live on for weeks through digital content and the right follow up.
Event marketing is on the rise, with more brands bringing customers and prospects to experiential events than ever before. According to event management platform Bizzabo, the majority of marketers (63%) plan on investing more in live events in the future both in budget and number of events. Frost and Sullivan further report that results in $512 billion spent on B2B events alone, and that's in addition to bringing your customers and prospects to already-organized events like professional sports and club gatherings. These events provide your brand an opportunity to connect and engage, moving far passed the simple metric of "brand impressions."
Consider the $5 million brands were spending for 30 seconds of air time at last year's Super Bowl. That is in addition to the production costs of the ad, fees, etc. While the reach is massive, how meaningful is that reach and how engaging is it? With that same $5 million of marketing budget, we challenge you to build a powerful, year-long business program that will build on itself over time.
Get on the right platform for your brand
First thing is first, you want your brand to be in the right place at the right time, engaging with the right audience. When all three of those variables come together, you have found the right platform to actively invest your marketing dollars in. It's a mindset shift to use sponsorship as a tool to give you access to the right platform for your brand. That platform is the place where you can engage your audience in a refreshing and exciting way, often times becoming more genuine in the process.
The work of activating your brand in sports and entertainment is much different than running ads or other more traditional promotions. With rights holders and properties becoming much more available to sponsors as times continually evolve, brands have more opportunities than ever to bring their brand to life.
Start small and grow toward results
The best part of this approach is that it doesn't have to be grandiose. We encourage our partners to start small with their investment, experiment with different activation strategies, analyze results, and continually align investment to where you are seeing the results. It is great to see brands grow their involvement all the way to the point where they are owning and operating their own teams and unlocking unique brand building opportunities.
When we first partnered with ITW Global Brands, we tested various platforms with targeted Personal Service Agreements with some key influencers in motorsports. We produced authentic and engaging content leveraging product knowledge and a passion for racing. As we fine-tuned our messaging and added some sponsorship property to our work, we were able to leverage more with our activation efforts. And then we grew a little more. And a little more after seeing more success.
Until in 2016 one of ITW's key brands, Black Magic, grew to become the title sponsor of one of the hottest up and coming motorsports series in the world at the time, Formula Drift. This investment expanded their event marketing from a few production days to a season-long set of events they could now market in. Another one of ITW's key brands, Gumout, is also prominently featured throughout the series as a primary team sponsor. After growing their activation program organically over time, the ITW team went from targeted events and promotions to one of the most recognized set of brands on their platform.
When you make the most of each event weekend, you have the opportunity to continually test and learn each week while you grow toward where the results are coming from.
Lean on us to help you execute the perfect event weekend.