Page 85 - DMGT304_EVENT_MANAGEMENT

Event Management

Notes 4.4.2 Promotion

You may have the best-quality event product, but unless you have a strategic plan for promoting
this product, it will remain the best kept secret in the world. Even large, well-known mega
events such as the Super Bowl, Rose Parade, and Olympic Games require well-developed
promotion strategies to achieve the success they require.

Following is a systematic checklist to assist you with identifying and budgeting for your event
promotion:
1. Identify all event elements that require promotion from the proposal through the final
evaluation.
2. Develop strategies for allocating scarce event promotion resources with efficient methods.
3. Identify promotion partners to share costs.

4. Target your promotion carefully to those market segments that will support your event.
5. Measure and analyze your promotion efforts throughout the campaign to make corrections
as required.

The promotion strategy you identify for your event requires a careful study of past or comparable
efforts, expert guidance from people who have specific expertise in this field, and most important,
setting benchmarks for specific measurement of your individual promotion activities.

There are a variety of ways to measure promotion efforts. First, you may measure awareness by
your target market. Anticipation of the event may be tantamount to ultimate participation.
Next, you may measure actual attendance and the resulting investment. Finally, you may measure
the post-event attitudes of the event promotional activity. Did the promotions you designed
persuade the participants or guests to attend the event? Promotion is the engine that drives the
awareness of your event by others. Throughout event history, legendary promoters have realized
that you must shamelessly promote your event product to attract the attention of the public.
However, it is essential that event managers carefully select those media outlets that will precisely
target the market segments that are appropriate for their events. Targeting promotion strategies
is essential to ensure the alignment of the event’s attributes with the needs, wants, and desires of
potential attendees.

4.4.3 Price

Market research will help you determine price. Part of this market research will include
conducting a competitive analysis study of other organizations offering similar event products.
You may initially believe that your product is uniquely different from every other event.
However, when you interview potential ticket buyers or guests you may be surprised to learn
that they consider your event similar to many others. Therefore, you must carefully list all
competing events and the prices being charged to help you determine the appropriate price for
your event.
Typically, two factors determine price. First, the event manager must determine the financial
philosophy of the event. If the event is a not-for-profit venture, the organization may not be
concerned with a large commercial yield from the event. Instead, the philosophical purpose of
the event may be to generate overall awareness and support. However, if the event is a
commercial venture, the goal is probably to generate the greatest potential net profit. Once the
philosophy is clear, the event manager will be able to determine price. The price must reflect the
cost of all goods and services required to produce the event plus a margin of profit or retained
earnings.

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