HNW and UHNW clients are renowned for being extremely discerning, and for good reason. This audience will pay what most of the world would consider extremely high prices for items, not just because they are interested in what the product does for them, but how it makes them feel. However, they are increasingly difficult to get the attention of, with so many brands competing to get into their heads. This has meant that labels must come up with unconventional and innovative marketing strategies with which to communicate with and captivate them.
One method that has been proven to be hugely successful with luxury brands over the decades is event marketing, whereby a brand, product or service is promoted through holding or participating in events that their target audience will attend.
Event marketing helps to promote a brand through an event. Let’s imagine that that event is the 2021 Monaco Grand Prix. The event itself hardly needs any marketing, so great is its international reputation; the Monaco Grand Prix was watched in 2018 by an audience of more than 110 million, making it the most watched F1 race of that year.
However, imagine the exposure that you could attain for your brand through an association with the Grand Prix in Monaco? 2021 remains a challenging year due to Covid restrictions, however it is reported that between 40% and 50% of the total capacity of live spectators will still be able to attend. What’s more, those that are not able to be there in person may well tune in to watch the F1 race on TV, offering ample exposure for brands associated with the event.
Event marketing can work in a number of ways. The most obvious event marketing strategy is for a brand to host an event, such as a social event or party during the Grand Prix. For example, an exclusive VIP event on a superyacht moored in Port Hercules during the Grand Prix weekend in late May will help your brand build stronger relationships with current and prospective clients, acquire new leads and develop brand affinity.
You could also look at ways of sponsoring events within the main event itself, such as charity auctions or parties, while drinks brands could look at getting an exclusive sponsorship where they are the only drink of its kind sold.
For those working with a smaller budget, another idea is to attend the Grand Prix as a guest and network to promote your product or services, or to strengthen the reputation of your brand by flexing your expertise. Events such as the Monaco GP provide an ideal venue at which to network and meet HNW and UHNW clientele.
With the explosion of digital marketing, it is even easier to get brand recognition and eventual sales from an association with an event such as the Monaco Grand Prix. Plan your digital marketing strategy carefully to reach the maximum number of people before, during and after the event.
There are many innovative digital marketing ideas to include, from strategizing your social media activity on platforms such as Instagram and Facebook by creating event hashtags, teasing about any celebrity guests due to attend as well as using influencers to promote the event. Another must is to create first-class video content in the run-up to the event—and of the event itself—to evoke feelings of FOMO (fear of missing out) and encourage people to attend.
Event marketing will also encourage attendees to post about their attendance online, sharing your brand with their friends and family, who are likely in a similar demographic and therefore also your target audience. According to the Eventbrite blog, 48% of millennials say they attend events to share their experiences on social media, which will mean higher outreach and brand awareness for your brand.
A staggering 95% of marketers believe that live events provide attendees with an opportunity to make connections in an increasingly digital world, according to a report by cloud-based event management software company Aventri.
Other statistics in the same report reveal that 31% of marketeers consider event marketing to be the single-most effective marketing channel, while 84% of event attendees say that they have a more positive opinion about the company, brand, product or service being promoted after an event.
Meanwhile, in the Event Marketing 2019 Benchmarks and Trends Report by Bizzabo, it was found that over-performing companies spend 1.7x the average marketing budget on live events, whilst companies that experience more than 30% growth have been increasing their event activity the most.