At first, events seem like a superfluous promotional activity in the age of digitization and the internet. But, then, look at your local promotional events held in the last year or so; you will find out that nearly all of them went houseful. Statistics also prove that events are as relevant to promotion and marketing as they were, say, 10 years ago.
Surveys suggest that over 90% of trade event attendees go to the show because they are looking for new products. Research also suggests that one out of five people who attend corporate and trade events have the buying power and authority.
In short, events still occupy an indispensable place in marketing and sales plans, and they are more crucial to B2B marketing strategies.
99% of exhibitors find B2B events more yielding than other marketing channels
77% of key business executives find at least one relevant contractor in any B2B event they attend
In this article, we are going to dissect the importance of events for B2B marketing in detail.
Events Let You Reach Out to Entire Target Market Effectively
In general, B2B markets are not as large and expansive as B2C markets. For a small-to-medium business, it is possible to cover its entire B2B target market in its marketing and promotional campaigns. The digital medium offers you the easiest, cheapest, and quickest way to reach out to your target B2B market. However, the availability and abundance have blunted the effectiveness of social media communications.
There are strong chances that a decision-maker will give more importance to an actual event invite than a message on SM accounts trying to initiate a conversation. Besides, events allow you to target your entire B2B market in a single go and in person. For instance, you can create a list of all the potential B2B clients that are present in your area of operation. You can extend your event invitation to all of them.
An event also allows you to have an in-person outreach to potential clients. This interactive exposure provides you an opportunity to understand your clients’ demands and requirements and put across your own message in a better manner.
With professional event marketing and invitations, your enterprise will take its place in invitees’ conscious whether they attend the event or not. They may recall your brand the next time they need a product/service that you offer.
Events Allow Quick and Effective Branding
For any new enterprise that primarily operates in the B2B domain, it is not easy to build its brand. Unlike the B2C market, where you deal with multitudes of population and socioeconomic groups, the B2B market is fairly homogenous. It remains difficult for a budding enterprise to break into that close-knitted group with its brand. Here too, events come useful. They offer organizations to brand themselves quickly and effectively.
Besides the itinerary of the event, factors like the venue, the promotional effort, the way you welcome your guests, and moderate the proceedings create a holistic picture of your brand. Therefore, it will be better if you take expert corporate event organizes and managers onboard instead of covering all the fronts on your own.
Keep in mind that a successful event boosts your brand to the extent that you can’t get even after months of regular promotions.
Better Lead Generation
As mentioned earlier, events are mainly attended by those who are already looking for something. Let’s suppose you have invited all of your 50 potential B2B clients to the event. Out of which, 35 attend the event. There are strong chances that 25-30 of those attendees are already looking for the product or service that you offer.
In other words, a B2B event provides you a platform to convert nearly half of your target market. You can also say that those 25 attendees are readymade leads. This certainly poses a better scenario than working on all the potential clients right from the start of the sales funnel that demands more effort, time, and resources.
Events Provide a Great Learning Platform
For any organization holding a B2B event for the first time, it acts as a great learning opportunity. Events provide them with more hands-on knowledge about their potential clients as well as competitors. While preparing for the event and looking at how competitors have done it, the enterprise learns many practical lessons about customer engagement, employee-management, product display, pitch, and lead generation schemes.
Events Help You in Becoming a Part of the Community
Every commercial sector of any region has a community of its own. When you hold an event and invite people from the industry, you put your business’s cooperative temperament on display. Also, events allow you to rub shoulders with the seasoned players of the industry. This entire series of amicable interactions help a business to become a valuable member of the community in the long run.
Holding Events in the Time of Pandemic
The ongoing pandemic has halted all sorts of events all around the world. Social distancing is the primary preventive measure against the virus, which has made it virtually impossible to hold any event with a traditional setting. Nonetheless, there is still room to hold events during such testing times.
For instance, you can use a video link to broadcast your event to the attendees. Depending on the nature of the event, you can have it arranged inside your own facility with your staff while maintaining social distancing and following all the SOPs provided by the local and state administration.
Whether you are thinking about organizing a digital event right now or want to hold a traditional event on the other side of the pandemic, get in touch with Business Marketing Solutions Group. This digital marketing company can help you in promoting your B2B event to make it a resounding success. You can also use their expertise for a host of other marketing and promotional requirements.