Is Event Marketing still a valid GTM play?
Remember the days when event marketing was all the rage and the core of B2B Marketing strategy? There would be an events season, where your field marketers would be heads down in planning, then packing boxes and organising booth duty before they’d be on the road for what seemed like month, only to be heard of when fresh leads were uploaded in your CRM system!
If you’re a CEO, CRO, or startup founder who’s been around for a while, you might remember those busy and raucous conference floors, the excitement of launching a new product in front of a live audience, or the value of a meeting a prospect to close a deal. Event marketing used to be the ultimate way to drive pipeline, generate sales, and build lasting relationships with customers. But in a post-COVID, digitally-led world, is event marketing still a worthwhile investment?
The Golden Era of Event Marketing
In the not-so-distant past, event marketing was key to B2B success. Companies invested huge budgets in booth design and creation, giveaways, sponsorship deals and travel and staffing costs to participate and stand out at their industry trade shows, industry conferences, and corporate events.
They were seen as an essential part of the Go-To-Market strategy for the following reasons:
Face-to-Face Interaction: Nothing beats the meeting a prospect or customer in person. Meeting prospects, customers, and partners in person created trust and rapport that was difficult to replicate using other marketing channels and methodologies.
Product Demos: Events provided the best opportunity to showcase your product in a live setting with your target audience. Prospects could see, touch, and experience your product firsthand, which often led to faster sales processes and decision-making.
Brand Visibility: A well-executed event presence boosted brand awareness and credibility for businesses. Companies that invested in large, impressive booths or keynote speaking opportunities were often seen as industry leaders.
Networking Opportunities: Events were a hub for networking. Whether it was a pre-planned meeting, a happy hour or a chance encounter in the hallway, these connections often turned into valuable business relationships.
What Changed?
The world of event marketing has changed dramatically in recent years. Several factors have contributed to this shift:
The Rise of Digital Marketing: As digital marketing channels became easier to track and measurable campaigns, companies began to allocate more of their budgets to online strategies. SEO, content marketing, social media, and email marketing were considered a more cost-effective way to reach a global audience for lead generation.
The COVID-19 Pandemic: Obvious to everyone in the world, but the pandemic forced the cancellation of in-person events worldwide. This sudden shift pushed companies to explore virtual events and digital engagement strategies, leading many to question the future relevance of traditional event marketing.
Shifting Buyer Preferences: Today’s B2B buyers are much more informed and prefer to do their own online research before speaking with a salesperson, especially at the earliest stages of the buying cycle.
The Impact of Virtual Business
The switch to virtual business models has had a massive impact on event marketing. Virtual events, webinars, and online conferences have become the norm, especially during the pandemic. Whilst these virtual events offer several advantages, they also come with challenges:
Cost-Effectiveness: Virtual events are often less expensive to host and attend, making them accessible to a wider audience. This can lead to a higher volume of leads but often at a much lower quality compared to in-person events, especially as it is difficult to create meaningful engagement and interactions.
Global Reach: Virtual events break down geographical barriers, allowing companies to reach a global audience without massive overheads. This can help drive awareness, but it can also reduce engagement that is typically delivered by in-person events.
Engagement Challenges: One of the biggest drawbacks of virtual events is the lack of personal interaction and rapport building. It’s harder to capture attention, create meaningful connections, and build trust through a screen, especially when most attendees are multi-tasking.
Data and Analytics: On the positive side, virtual events provide the ability to gather data and analytics. Businesses can track attendee behaviour, engagement levels, and lead quality more accurately, allowing for more targeted follow-up from the sales team.
Event Marketing Today: Does It Still Work? Is It Worth The Investment?
So, is event marketing still a valid GTM play in today’s world? The answer is yes but it’s complicated!
Here’s how you should think about it:
Hybrid Approach: The most successful companies are using a mixture of marketing strategies and a hybrid approach to events, combining the best of both in-person and virtual events. This allows them to get the benefit of face-to-face interaction while still having the reach and data capabilities of digital channels.
Quality Over Quantity: In a crowded digital space, it’s important to focus on the quality of your events rather than the quantity, and the same goes for the lead count. Whether it’s an in-person conference or a virtual webinar, the goal should be to create meaningful experiences that deliver real value to attendees and your future customers.
Integration with Digital Channels: Event marketing shouldn’t be siloed. It needs to be fully integrated with your overall GTM and marketing strategies. This means using events to drive content creation, social media engagement, and lead nurturing efforts.
Focus on Relationships: Event marketing is all about building relationships. In today’s fast-paced world, taking the time to create these relationships—whether in person or online—can set your company apart from the competition.
Driving Pipeline, Sales, and Customer Relationships
When executed well, event marketing can still be a powerful tool for driving pipeline, generating sales, and improving customer relationships.
Here’s how:
Pipeline Acceleration: In-person events can speed up the sales cycle by giving prospects an opportunity to interact directly with your team and see your product. Virtual events, can also help build pipeline if they are positioned for the right audience and provide valuable insights or content.
Sales Enablement: Events provide your sales team with a platform to engage with prospects in a more personal and impactful way. Even virtually, having a dedicated Q&A session, one-on-one video calls, or interactive demos can make a big difference in generating leads.
Customer Engagement: For existing customers, events offer a chance to deepen the relationship. Hosting exclusive events, customer-only webinars, or VIP meetups can help reinforce loyalty and create advocates for your brand.
Event marketing is far from dead, it’s evolving. Things may have changed, but the core benefits are still valid. It’s about creating experiences that resonate with your buyers, building relationships for longterm loyalty, and driving meaningful business outcomes.
As a CEO, CRO, or startup founder, it’s essential to adapt your event marketing strategy to support your business goals. Whether you’re investing in a large in-person conference, hosting a virtual summit, or doing something in between, remember that the key to success lies in delivering value, creating meaningful connections, and integrating your efforts with your broader GTM strategy.
