Almost everyone loves a good live event. From backyard barbecues to global conferences, pop-up restaurants to 5K fun runs and more, people are back to getting together and socializing in all sorts of great ways, and some of those ways can even benefit your small business.
It’s safe to say that event marketing is back, too, and in a big way. But we’re not just talking about ComicCon or SXSW-level events; smaller-scale in-person and online events aimed at directly reaching and engaging with your core demographics have grown by leaps and bounds in recent years[1].
Whether you’re looking at hosting events for your current clients, scheduling a series of webinars and virtual events, or adding more event marketing opportunities to your future marketing efforts, join us as we look at how strategic partnerships can (and should) become an integral part of your event planning.
The event marketing landscape
Whether you’re aiming for increased brand awareness, new lead generation opportunities, or to create immediate opportunities for conversions, small businesses can achieve these goals through event marketing opportunities.
This year has seen not just a return to pre-pandemic levels of events incorporated into marketing campaigns, but an increase across the board. With new, interactive technology available[2] and more people comfortable with participating in virtual events and in-person opportunities, small businesses have found significant success with new audiences thanks to event marketing.
In fact, according to our recent survey, SMBs are planning to host or sponsor even more live marketing events in 2024 than they did this year.
Return on investment is always on any stakeholder’s mind, and hosting a large event can be a costly endeavor. But the cost associated with events is proving to be well worth it.
Including outreach to potential attendees, hiring event management professionals, email marketing and content marketing efforts, 78% of SMBs estimated that they spend more than $10,000 each year on event marketing. And more than one-third—36%—estimate their overall event marketing spend to be $50,000 or more.
Those numbers are trending upward as well, with more than 80% of small businesses planning to spend $10,000 or more in 2024 on event marketing opportunities.
Clearly, the success of event marketing is leading to an increase in interest among small business marketing professionals, and this is evidenced in the event goals and planning for next year as well.
In terms of growth, 82% of SMBs are planning to host five or more marketing events in 2024, up from the 73% who have hosted or will host the same number in 2023.
Among the top event formats being considered or planned as part of SMBs’ event marketing strategy, celebrations topped the list. In fact, the top three types of events that SMB marketers reported participating in were all traditional event types:
- Celebrations and galas (48%)
- Trade shows/expositions (47%)
- Conferences/networking events (45%)
Rounding out the top five options being planned or considered were seminars and workshops, and community fairs or festivals. Each of these were selected by more than 40% of respondents.
What does this tell us?
While there’s no black-and-white answer here, our survey data seems to suggest that when it comes to small business event marketing, you don’t need cutting-edge technology or big-name celebrities to have an impact. Traditional events are more than enough to draw a crowd and create marketing opportunities.
Of course, when it comes to the KPIs, event marketing has to work in order to be worth the time and effort. But judging by the increased interest and budgeting for events, it’s clear that small businesses are seeing results.
Nearly 50% of respondents reported that they were seeing between $20 and $40 dollars in return for each $1 they spent on their event marketing, and another 25% are seeing an impressive ROI of $40 or more. And that kind of ROI is hard to come by in many other marketing initiatives.
While all of these responses indicate that event marketing is a terrific option for many small businesses, don’t jump into planning your next event just yet.
The growth and potential are certainly there, but hosting a successful event that delivers results is still a major challenge[3].
Small business share their event marketing goals and strategies
As with any part of your marketing plan, you want to have a full understanding of the goals set for your event. Ask yourself:
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- What are you hoping for event attendees to do, gain, or experience?
- How will you define what a successful event is to you and your team?
- Will you be working with event planners and event industry experts to define and plan things?
- Do you have a giveaway[4] or other special feature in mind?
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Among our respondents, 50% cited increasing brand awareness or recognition in the marketplace as the top goal for their event marketing.
Nearly as important (at 46%) was the goal of launching or promoting new products and services in a bold way. And 45% of respondents also had the goal of improving their relationships with customers or clients, both new and prospective.
When it comes to your goals and hosting a successful event, getting the word out is perhaps the most important part of the process. And over half of our respondents cited social media marketing as a top tactic for driving awareness and attendance. Signage and digital boards were next on the list, but social media was the clear winner in terms of event messaging.
When reaching out to existing customers or clients, SMBs can also utilize CRM tools including email marketing and push notifications. This tactic can be especially impactful if you have a database of prior event attendees.
Just who was going to get the word out and drive attendance for marketing events was another topic of discussion. Nearly 55% of respondents indicated that they had and would use an in-house marketing team to handle everything from sponsorships to reporting and metrics.
However, almost half of respondents reported that they would be partnering with an outside event marketing agency to execute their events. This is an area where successful partnerships become a critical piece for small businesses, whether or not they have an internal marketing team available.
Finding the right partner for your event marketing can be the missing component for many small businesses in terms of growth. Event partnerships bring with them a ton of potential benefits, including cost savings, experience across multiple industries, and valuable connections to drive further savings and success.
Vetting potential partners[5] will be an important part of the process, of course, and there are a number of questions you can ask before selecting your event marketing partners. For example:
- What is your experience with this type of event?
- Where have you found the most success in driving attendance?
- Do you have existing relationships with suppliers and sponsors that will help keep costs down?
- What is your favorite type of event to attend personally or professionally?
Finding the best-suited event partners for your business can yield tremendous benefits to your overhead costs, ROI, and overall success.
SMBs identify the top benefits and challenges of event marketing
In addition to ROI, we asked our respondents to share their successes with event marketing, and the results were enlightening. Nearly two-thirds of small businesses indicated that raising brand awareness was a top benefit of their event marketing efforts.
Even for SMBs with strong presence and recognition in the marketplace, driving an increased recognition and understanding of their brand was a key outcome of their continued event marketing efforts.
Improving relationships came in a very close second, with 57% of respondents, indicating that they had seen notable improvement in their connection with customers and customer engagement.
Additional benefits included:
- Increased revenue from direct sales/new clients (53%)
- Improved relationships with industry peers (49%)
- Increased sales leads (46%)
Across our discussion and responses, there were several challenges to event marketing that our respondents were quick to share from their own experiences.
One-third of SMBs indicated that their top challenge has been finding an excellent service provider and partner that could help them fill in the gaps and drive successful events.
Still another 30% told us that finding partners in the form of co-hosts or event sponsors was a top challenge, which is fairly understandable.
When collaborating with other organizations, the benefits have to be immediately clear, and this can be challenging to demonstrate when proposing a new event or arrangement.
However, the cross-promotional and even cross-industry potential is often worth the effort, with increased ROI and lowered expenses for both organizations being top benefits.
Event marketing partnerships present advantages and challenges of their own
Strategic partnerships have played a large role in helping small business owners find success with their event marketing.
The upsides of making partnerships part of the event marketing strategy include:
- Improved return on investment for event marketing costs (47%)
- Increased attendance/turnout and pre-event promotional success (46%)
- Creating new and future opportunities for ongoing partnerships (45%)
Like every other marketing effort, event marketing partnerships bring challenges with them that must be addressed in order to be successful. The most frequently mentioned challenge was potential disagreements between partner organizations on which suppliers or vendors they should work with.
Nearly half of respondents reported having some difficulty coming to an agreement with their event marketing partners, which can throw a wrench into the process and cost time and resources.
Similarly, 48% of respondents indicated that maintaining clear lines of communication during the planning process was a challenge. And this is true of any project where multiple organizations are involved.
Ensuring that everyone involved is up to speed at all times is always a challenge, and the best way to address it is to have designated employees or representatives who focus on frequent updates with and between both teams.
Finally, agreeing on how to split the expenses/costs (43%) and finding the right partner businesses (42%) rounded out the top four challenges identified by small businesses.
The future of event marketing seems bright
Despite its challenges, event marketing is clearly a worthwhile endeavor for small businesses across industries. From products to services, consultancies to consumer goods, small business owners are finding terrific value in event marketing to help them reach new customers, build their brand, and drive engagement.
74% of our respondents agree that event marketing is going to remain a key component of their marketing strategy moving forward in the next 3-5 years.
Two-thirds of small businesses also indicated that hosting or sponsoring community events had helped them distinguish their business from competitors locally, allowing them to stand out and establish stronger brands.
Finally, almost 80% of small businesses we surveyed say they consider their event marketing efforts to be effective on some level. And more than three-quarters of them are confident in their capabilities when it comes to hosting or sponsoring a successful event that achieves goals and benefits the customers and the business.
Event marketing calls for a strategic approach to partnerships
Without question, event marketing can be an incredibly valuable component of any small business’ marketing efforts. Whether partnering with influencers or event marketing agencies, caterers or complimentary businesses, strategic partnerships can be the key to helping your organization gain the most from event marketing while keeping the time and money spent from becoming unmanageable.
If you’re considering hosting a marketing event or you’re looking to take your events and engagement to the next level, connect with an event marketing provider to turn your opportunities into a reality. From promotion to planning to execution, an experienced event marketing company will make your event a success.
Sources
- Live Events Bounce Back From Pandemic, And Forward Into The Immersive Future, Forbes
- Event Technology: The Ultimate Guide for 2024, Bizzabo
- Top Solutions to 3 Key Challenges Event Marketers Face Right Now, Tag Digital
- 24 Best Conference Giveaway Ideas for Events in 2023, teambuilding.com
- How to Choose the Perfect Partner for Your Event, Eventbrite
UpCity’s Survey Method
This survey was conducted using Pollfish in October of 2023 among 300 U.S. small business marketing leaders to learn about their event marketing challenges, goals, strategies, budgets, results, and more. Respondents were screened for their role overseeing event marketing opportunities.