It’s budget setting season and undoubtedly you’re going to have to make budgets work even harder in this current climate. Whilst events and marketing budgets tend to take a big hit during recessions, now more than ever is a time for businesses to invest in corporate events, and here are a few reasons why:
As your competitors make cutbacks, it’s time for you to swoop in and keep your high ticket clients sweet
The best client is a loyal one. By hosting exclusive events or inviting them as VIPs to corporate events you’re attending, it will improve your relationships with your existing clients, which can lead to higher conversions and continued loyalty.
“During recessions it’s more important than ever to remember that loyal customers are the primary, enduring source of cash flow and organic growth. Marketing isn’t optional—it’s a “good cost,” essential to bringing in revenues from these key customers and others.” Harvard Business Review
Your competitors will be spending less on brand awareness activities, and hosting or attending a corporate event opens up a plethora of opportunities to raise your profile in a less crowded market
“You can take advantage of the reduced or weakened competition to set a foothold in the market. Position yourself to learn and avoid the errors made by the current competition to leap ahead.” Forbes
Organising or attending corporate events creates lots of organic (free) social media content opportunities, helping to raise your profile amongst your existing followers, and attract new ones. Here are some social media post ideas, so you can maximise on corporate events:
- Promotion of the forthcoming event - remember to tag the event venue, event organisers, other delegates and your guests attending to ramp up your post impressions (opportunities to be seen online)
- A countdown to event day
- Photos or a timelapse videos of your team setting up the trade stand or behind the scenes preparations prior to the event
- Countdown to attending the event
At the event
- Photos and videos of your team and guests enjoying the event
- Interviews with your guests, delegates and event teams explaining why others should attend the event, why they are there, what they have enjoyed so far
- Videos and photos of delegates/guests enjoying the event
- Videos and photos of guest speakers in action - don’t forget to tag them to reach new audiences!
After the event
- Thank everyone who attended the event
- Share user generated content (any form of content, such as images, videos, text, testimonials, and audio, that has been posted by other users on online platforms such as social media)
- Share testimonials or positive feedback survey results
If organising a corporate event blows your budget out of the water and you need more bang for your buck, why not consider partnering with other organisations?
Working in collaboration with other organisations closely aligned with the theme of the event and your brand values can dramatically reduce the cost of hosting an event. It’s also a great way to build new partnerships and raise your profile amongst audiences you haven’t necessarily reached before. This can be done through:
Headline sponsorship opportunities
Invite organisations to sponsor your event and in return offer them branding opportunities, a free stand or free tickets so they can invite their colleagues and clients along.
Sell advertising space
You could sell advertising opportunities leading up to and during the event, whether that’s an enhanced listing on your website, an ad on your promotional emails, or a space in the event programme.
Sell trade stand space
If you’re hosting a medium/large corporate event there may be the opportunity to sell trade stand spaces to help fund the event.
If these reasons and cost cutting ideas haven’t convinced your budget holder enough that investing in events during this recession will deliver a healthy ROI, it’s time to pull out the big guns and share these compelling stats with them instead:
- 91% of consumers say they have more positive feelings about brands after attending events and experiences. Single Grain
- 85% of consumers are more likely to purchase a product or service after attending a live marketing event. Single Grain
- 80% of businesses believe that live events are an important component of their company’s success. Single Grain
- 79% of marketers generate sales through event marketing. Statista.
- 44% of marketers encounter a 3:1 ROI from event marketing. Statista
We hope you found this helpful and wish you luck in securing the budgets you need for a successful 2023!
If you’re looking to host conferences, networking events, corporate parties, corporate team building days, or outdoor events in 2023, contact Wherstead Park today