Event marketing has become a vital strategy for businesses to engage with their target audience, boost brand awareness, and drive revenue. In today's dynamic landscape, marketers need to harness the power of various marketing channels, including social media, email marketing, content marketing, and more, to host successful events that leave a lasting impact.
In case you’re a bit beind on your playlist, here’s a brief summary that delves into a recent conversation between Camille White-Stern and Splash CFO Matthew Curry on Splash’s podcast, Checked In. In the episode, Matthew shares essential insights on creating a compelling business case for event marketing tools.
Understanding your numbers is a fundamental step in building a solid business case for event marketing tools. As Matthew Curry underlines, "You need to know the numbers to build your case. It's about knowing your budget and looking for opportunities to reallocate funds if necessary." By comprehensively knowing your marketing budget, potential cost savings, and expected return on investment (ROI) from event marketing tools, you can craft a compelling business case that resonates with stakeholders and decision-makers.
Having a clear grasp of your marketing budget also enables you to make strategic decisions when allocating resources for your events and determining the appropriate investment in event marketing tools while maximizing your efforts' impact. Moreover, by identifying potential cost savings, you can present a business case that demonstrates the efficiency and cost-effectiveness of your proposed event marketing strategy.
Incorporating these essential financial insights into your business case lays the foundation for a data-driven approach to event marketing. It highlights your preparedness and foresight, giving your business case a competitive edge and increasing the likelihood of securing support and resources for your event marketing endeavors.
Matthew emphasizes that one of the crucial aspects of building a compelling business case for event marketing tools is establishing a definitive line from your event marketing strategy to revenue generation. We all know it's not just about hosting events for the sake of it; it's about demonstrating how these events contribute to the bottom line. This means tracking and measuring event outcomes - for example, lead generation, customer acquisition, and sales conversions. Comprehensive data strengthens your position when presenting the business case to stakeholders and decision-makers.
Additionally, tying events to revenue helps secure buy-in for event marketing tools and establishes events as a strategic investment rather than just an expense. It showcases how events should be integral to the company's growth and marketing strategy. By focusing on revenue-driven metrics and connecting events to tangible business outcomes, marketers can elevate the importance of event marketing and position it as a key driver of success for the organization.
The ROI aspect of events is equally crucial as it provides a tangible measure of the success and value of your investment in event marketing tools. The potential ROI strengthens your business case's credibility and illustrates the potential benefits of an investment in event marketing tools. By demonstrating that your marketing programs achieve measurable outcomes and align with overall business objectives, you're solidifying your business case for event marketing tools.
In the process of building your business case, it is essential to address any potential risks and challenges that may arise. Matthew emphasizes the significance of acknowledging these risks upfront and being prepared to tackle them head-on. He advises identifying the most significant risks and explicitly mentioning them in your business case. Doing so demonstrates a proactive approach and a thorough understanding of the potential obstacles. Moreover, Matthew suggests explaining how you plan to mitigate these risks should they occur, showcasing your preparedness and foresight.
Among the risks to consider is the likelihood of canceled events, which could significantly impact your marketing efforts. Additionally, it's necessary to evaluate potential budget constraints that may arise during event planning and execution. By addressing these risks and providing contingency plans, you present a well-rounded and thoughtful business case that can garner support from stakeholders and decision-makers.
When building a business case for event marketing tools, data-driven decision-making is crucial. As Matthew advises, "Test your hypotheses and run scenarios to identify potential risks." By leveraging event management software and data analytics, you can analyze attendee behavior, registration trends, and engagement rates to make informed choices. Data-driven insights will strengthen your business case and ensure that your event marketing efforts are optimized for success.
Marketers can showcase the actual value of their event marketing efforts by understanding the numbers, linking events to revenue, and leveraging relevant metrics and KPIs. While establishing a clear connection between events and revenue generation is essential in securing buy-in from stakeholders and decision-makers, it also positions events as strategic investments that directly contribute to the company's growth and success.
As Matthew Curry highlights, "Know your numbers, understand the risks and leverage data to drive decisions. That's how you build a compelling business case for event marketing tools and set the stage for successful future events." By applying these insights and embracing event marketing opportunities, businesses can elevate their brand and build lasting relationships with their audience, ensuring a bright future for their event marketing endeavors.
