Events create high visibility experience for the target customers in the midst of the usual clutter of commercial messages that bombard regularly in the current era.
The entire concept of event management is regarded as one of the most intense or significant forms of advertising or marketing.
This may generally involve the seminars, fashion shows, weddings, product launches, exhibitions, etc.
In short, the event management involves the whole steps of conducting event management is an important area which has been evolving over the years along with the increasing opportunities.
Importance of Event Management
Events stand out among the line of promotional activities and it helps to create awareness about the product, brand amongst the target audience in a personal creative and innovative way.
For promoting doy kids soap, the company conducted many drawing & painting competition for school children all over India during 2004-05.
For promoting new art materials, Camlin conducted sponsored painting competitions for school children all over India. communication using the live media of an event helps in integrate the functions of advertising, sales promotion, and public relations.
Related: Things to Know Before Planning an Event.
Events play an important role in addressing the diverse marketing needs of a company. Events are helpful in various aspects such as:
1. Brand Building
Brand building is an integral aspect of personal and business development.
It not only increases the voice and consumer awareness of a brand, but it also gives it an identity and worth.
The advent of participatory and interactive platforms has given many businesses the chance to enhance brand awareness and equity.
An outstanding event will help to create awareness about the launch of new products or brands by catching the attention of the target audience, as hundreds of products, brands, or services are being launched every single month.
Events are ideal for re-launch products or brands and to highlight the products’ new and improved features, it helps in the repositioning of brands or products, creating and maintaining brand identity and in building image.
2. Focusing on Target Market
Events provide an interactive mode between buyers and sellers and are the effective means of being noticed by the target audience amidst the clutter of commercial communication.
Related: How to Create an Events Planning Team.
3. Implementation of Marketing Plans.
They serve as a tool for motivating salespersons, generating immediate sales, generate instant publicity, and developing new contracts with potential distributors.
It also creates an opportunity for test marketing of products for authentic feedback, enabling focused sales and communication to a captive audience without diversions.
4. Marketing Research
The market surveys conducted during the events can create scope for further reading/research or create database facilitating instant feedback and opportunity for authentic market research or create database facilitating instant feedback and opportunity for authentic market research.
5. Relationship Building
Events create a forum for career matchmaking.
For example, times job fair, where job seekers and companies meet face to face for mutual advantage.
Hyundai’s free service and check-up drive held for its customers helped in building CRM of the company to a great extent.
6. Surrogate Advertising
Tobacco and liquor companies use events as a means of promoting their brand as advertising for the core products are being banned by the government of India.
ITC sponsoring cricket matches, rock shows, horse races, film premier by displacing their banners predominantly at vantage points at the venue, and the companies get mileage through live telecast on TV, which accesses mass audience.
7. Financial Management
Financial management is another important aspect that the event management companies will handle for the success of the event.
This helps to reduce the chance of finance exceeding the budget limits.
Organizing a big event is not an easy task. The organizing person if he is not having enough experience it will turn out to be a failure.
So many planning has to be done like room hire. Catering special diets, financial planning, etc.
Procurement is also one of several functions involved in the complex logistic process.
It is a servicing which is directed to obtain equipment or supplies or service (with proper quality, sufficient quantity at a fair and reasonable price), and to have them available at the right time.
The scope of procurements covers:
- Research and development (R&D).
- Purchase, hire, or leasing.
- Production, modification, assembly.
- Maintenance and support.
9. Make Moments Memorable
This last characteristic is crucial since every performer, whether an athlete or an entertainer, wants to deliver his or her best performance.
The bride wants the day to be perfect in every way.
The marketing manager and the design team want the new product to be seen in the best possible light.
Key Factors for Best Event Management
All these things are taken care of by event management companies.
- Event is often “Once in a lifetime” experience for the participants.
- They are generally expensive to stage.
- They usually take place over a short time span.
- They required long and careful planning.
- They generally take place only one (however many are held annually, usually at the same time every year)
- They carry a high level of risk, including financial risk and safety risk.
- There is often a lot at stake for these involved including the event management team.
Thus, The whole process of event management necessarily involves the organization process.
This involves the organization of a personal or a professional event.