Event Marketing Strategies On Sales And Revenue Assignment

Assignment Task

Introduction

In the competitive marketplace, corporations are required to keep in trace with customers to acquire feedback, establish a new corporate, familiarize new concepts and ideas, and brands and maintain stride with the rest of the business. The explosion of malls, mass media, convention centers, large stadiums, etc. having open and closed auditoriums have built new prospects for the commercial world to involve with customers - through proceedings and stage performances that can also entice attention in radio, television and newspapers (Kiani & Rizvandi , 2020).

Event has been acknowledged as a vital component of the contemporary company tactics generating sales and enhancing brand awareness (Kotler, Bowen, & Makens, 2014)Business have recognized the value of events in giving them a platform to interact with their target market, develop their brand equity and eventually increase sales ( Kotler, Bowen, & Makens, 2014). Numerous studies have been conducted and reported regarding the use of events as a business strategy with the studies emphasizing the value of events for fostering brand loyalty and boosting sales (Fechner, Filo, Reid, & Cameron, 2022).

Although there is growing collection of the subject, little is known about the precise effect on the sales and how these effects might be gauged. This research paper intends to investigate the connection between company event and sales with emphasis on how events may use as part of business strategy to increase sales considering the research gap. The thesis will shed light on the firm’s approach to events and how this approach is used to boost and brand recognition by doing a case study on Outfit International A/S. moreover this paper will investigate the techniques for calculating the effect of events on sales and offer suggestion for business wishing to enhance their event-based business strategy.

Event marketing strategies are regarded as the events that corporations use to get involved with the customer in an open stage, like trade fairs, stage demonstrations, and sporting events (Rai & Nayak, The Essence and Measurement of Trade Show Event Experiences, 2020). A few of the famous methods to acquire brand worth and mindshare of customers are through music, fashion, holding marathons, shows, contests, subsidizing charity shows, health awareness events, parties and fun events.

There is no arguing that it is a famous marketing approach. Recently, the UK events commerce is worth about 42 billion euros and a great portion of that is probable to be patented and company events, with over 1.3 million UK corporate events being held each year (Getz, Event management: Encyclopedia of Tourism Management and Marketing, 2022). No matter, if the company is B2C or B2B, being there in person fetches the company with the prospect to establish human relationships. It influences conversion rates, specifically as consumers can ask their queries right then and there. By making sure about staff events with highly qualified and skilled employees, the company can give itself the best chances of closing a greater number of deals (Rai & Nayak, 2020). Measuring sales at the event is a simple way to directly track the ROI of the event marketing measures.

Objective of the study

Though, there is a large amount of literature and research available on event marketing, very little is known regarding its impact on the company's sales. The main aim of this paper is to analyze the link between a company's events and sales, laying emphasis on how events can be used as part of the business promotional strategy to raise sales taking into consideration the gap in the research. Companies use event marketing as a promotional strategy to generate interest in and awareness of their goods and services through experience or events. Along with this, the paper also aims at discussing the methods for computing the effect of events on sales and offer measures for firms wishing to improve their event-based business approach.

The main goal of the study is to determine the top event marketing tactics that may be implemented to boost sales and revenue. The study will look at the many kinds of events including product launches, event sponsorship and collaboration with other companies that the Seeland utilizes for marketing. Moreover, this research paper will also look at how Seeland uses the social media like Facebook, Instagram and LinkedIn to market its event and how it may use it to promote events and interact with potential customers and increase sales. The thesis will further look at how event marketing has affected the reputation and brand equity of Seeland. To ascertain which event marketing tactics are most successful at boosting brand reputation and equity, the study will examine case studies from diverse industries.

The overall goal of the thesis is to give Seeland insight into the best event marketing tactics for increasing sales and revenue as well as brand equity and reputation. By understand the impact of the event marketing on financial performance and brand image, Seeland can make more wise decision about its marketing strategy and more efficiently allocate the resources.

Research question

How the company uses events as part of its business strategy to improve sale?

Working question

The main research question will be supported by the sub working question. All the sub question will be based on the

1. What are the different event marketing strategies used in Seeland and how do they differ in terms of their effectiveness in increasing sales and revenue?

2. How does the effectiveness of the event marketing strategies vary across different types of events in Seeland?

3. What are the best practices for event marketing in Seeland based on the experience and insight of local business and event organizers?

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