Maximizing sponsorship amounts and increasing visibility should be pressing priorities for brands when creating an event marketing strategy. But responding to the unexpected should also be a priority – maybe even the most important.
While every event marketer’s dream is to execute their plan without a hitch, things don’t always work out that way. For example, right from the outset of the marketing strategy for the World Cup, Budweiser (a major sponsor) was committed to providing beer for sale to attendees. However, the plan was halted two days before the start of the World Cup in Qatar – a country that bans drinking in public but previously announced it would not impose such local customs on the event. until it suddenly changes direction.
It is clear that there is confusion between what will be offered and what is expected. So what did the brewer do? Well, he created Budweiser Zero, a soft drink, and ran with it. And guess? Budweiser has succeeded, giving us hope that we can do the same when there are unforeseen circumstances. As you can see, success lies in the details – but ideally, those details should be worked out before problems arise.
Result? Because changes can come suddenly and without warning, it’s important that your event marketing strategy is flexible.
Why it’s important to keep event marketing flexible
A flexible marketing approach can keep your marketing strategy on track even if you’re forced to make sudden last-minute changes. It’s important to anticipate marketing risks and find ways to address those risks directly in your strategy.
Events are a breeding ground for the unexpected. For example, bad weather or a power outage may disrupt the event, or the event may be postponed or moved to another location. Anticipating these changes and having a contingency plan in place can help event marketers keep track of their events. Finally, event marketers must anticipate risks, as they can have a significant impact on the outcome of an event. For example, if an event marketer does not have insurance for their equipment and their equipment is damaged during installation, they may be liable for replacement or repair. Buying insurance and having a backup plan can help protect you from these types of financial risks.
Strategies to overcome the challenges that arise in the event marketing industry
There are several things you can do during the initial marketing planning process that can help you overcome challenges should they arise.
1. Always have a plan B.
For example, if you’re hosting an event with a culinary professional and the meal is the main attraction, hire a caterer. Having someone to lean on will save you from having to cancel your event due to an unexpected incident, illness, etc.
2. Consider breaking down a large event into several smaller events.
Scheduling multiple trade shows or visits can help reduce the risk if one of your events is cancelled. In addition to helping you manage risk, this method can increase your visibility and significantly expand your marketing efforts into other markets or regions.
3. Clearly describe the document.
Your legal team should ensure that your sponsorship clearly outlines what happens in the event of a cancellation or replacement of talent, location, date, etc., so you can continue with your event. yourself and reduce possible losses. It is imperative that potential sponsors review the fine details surrounding their contract and agreement before signing. Together, management and sponsors will be able to communicate any additional requirements and expectations to ensure everyone is on the same page. Any negotiations should be done in advance and properly recorded so that there is no confusion.
4. Make space in your budget.
Finally, consider your budget needs. Be prepared to invest more money to make sure your event stays on track. Ideally, you want the financial flexibility to adapt to changes. For example, buying more tickets to receive unexpected VIPs ensures that no one will be disappointed.
Flexible marketing is a must for event marketers because of the sometimes unpredictable nature of the work. Plus, the benefits of agile marketing are huge, from the ability to handle crises quickly, to the ability to increase your brand’s exposure and to lock in your results, you’re set to succeed.
As the need for customized solutions grows and the landscape rapidly changes, it is essential for today’s marketers to adopt a flexible approach that can help them make informed decisions. throughout for optimal results.