Having metrics to assess trends in the events industry can only be a good thing, and the ability to have a view of spending on events relative to other forms of marketing is even better. The Bellwether Report is a valuable tool, as it allows us to see not only how much of the marketing budget is being allocated to events, but how our clients are embracing other modes of marketing in their campaigns, too.
With the report being quarterly, we can monitor how spend is tracking, and uncover which social, political and economic factors may be affecting event marketing and overall marketing spend, plus the report’s predictions enable us to better plan for the future.
The fact that event marketing spend has once again recorded the highest growth of all marketing sectors is confirmation of the growing importance of brand experience in the overall marketing mix. Brands now recognise that experiences offer a more powerful approach to reach, connect and engage consumers in meaningful and shareable ways.
By designing more personalised brand experiences that form stronger consumer relationships, brands have discovered that these experiences result in more consideration and advocacy. Consumers appreciate and want to share enjoyable, useful and meaningful experiences and the resulting earned media is increasingly valuable to brands.
While we’re seeing an increase in event marketing budgets, clients are also asking for more integrated campaigns, as they seek to build and extend relationships with their audiences 365 days a year. This is where other forms of marketing like the internet and direct marketing – both of which recorded upwards revisions – are also important – multichannel approaches to brand experience can extend the life of an event, and enhance the conversations our clients have with their audiences.
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