A key component of preparing for your event is marketing it. There are dozens of marketing methods out there, and it may seem that every organization has a different promotion method. Yet, most event organizers realize they need a proven, well-rounded method of marketing as they have limited time to get results. One place to start is with your marketing mix. Here’s a look at what it is and three event planning marketing mix tactics to keep in mind.
What Is Marketing Mix?
The simple definition of marketing mix is that it’s the tactics or the actions you use to promote your event to the market. Rather than one single element, it is based on all the methods you use. Marketing mix isn’t a new term. We have used it since the 1950s. It’s still very much relevant, especially for those planning an event and looking for the right balance of marketing methods to reach their audience.
The 4 Ps for Event Planning
Marketing mix focuses on the 4 Ps: price, product, promotion, and place. In each area, you need to consider what’s right for your event. Here’s a closer look at each one.
Price: The price you set for the event is critical, and it can define the marketing methods you use. You must understand what the customer is likely to spend on the event, based on how valuable it is to them. Lower prices mean more likely purchases, but it needs to be high enough to create a profit margin.
Product: The product component of the marketing mix looks at the product you are offering, or the event you are planning. What is the event? What problems does the event pose? Are there any challenges to hosting the event?
Promotion: This is the area most organizations focus on– the digital advertising online and offline, the public relations aspect of marketing your event. What type of media is right to reach your audience? Is print media beneficial, or should you focus on online ads?
Place: The next consideration is the location of the event. Where will it be held, and why is this location ideal? You also need to consider factors such as parking, seating, the venue size, and the overall access to your likely attendees.
Using these factors, you need to identify what your marketing mix is to reach your audience. Create a basic answer to each one of these questions. Using a bit more information, you will be able to create a plan for how to reach your audience and fill your event’s seats.
Identify Your Target Audience
Many of the decisions you will make here cannot be made until you identify your target audience. Who is the most likely person to attend your event? It becomes essential to consider this for several reasons. First, you need to learn who to market to; what are the demographics or shared features of the people that are likely to attend your event?
This may mean identifying who your previous investors were (who came to previous events you’ve held?) If this is your first event like this, it’s harder to pinpoint who the ideal audience is. However, use information about the area to help you.
Second, you need to determine where your audience is. The marketing methods you use need to be effective towards that group, but they have to be able to see it, learn about it, and embrace it. To do that, you need to get your marketing media in front of them. Is your audience online? Do they take public transportation? Are they more likely to be the people on a bus that are seeing a billboard or the digital ads? To figure out your target market, check out this article to learn more.
Set Your Goals and Budget for Your Event
Next, you need to consider the event’s budget. Remember, you also have to budget for marketing. Even though you may believe that social media will carry your event out on its own, that is not likely the case.
Determine how much money you can put towards marketing, considering the 4 Ps and the target audience you plan to reach. You don’t have to have a huge budget to get good results, but you need to use those funds wisely.
Finally, create some goals. Once you establish a location and the event, consider other aspects of your marketing mix. What type of message do you want to use to attract your audience? Where will you place that message? Create goals on how many people you will reach with your marketing effort. For help with creating achievable goals, check out this article.
Marketing mix is about creating a strategy that identifies who is right for your event and how you can reach those people to encourage them to attend. The more well-thought-out and planned your event is in these areas, the more likely you are to achieve your goals of filling the seats and hosting a must-see event.