With the ever-increasing competitive environment that all businesses operate in, marketing strategies are coming under growing pressure to be unique while simultaneously delivering results through the engagement of their target audiences.
Event marketing is one strategic marketing tool that has had accelerated growth in recent years for the very purpose of engaging with consumers. Unlike other mass marketing methods, it provides consumers with an interactive, immersive experience of a company’s products and services.
Red bull is renowned for its innovative marketing strategy based on creating and organising their own events all around the world. So we decided to take a closer look at why Red Bull has been so successful. This also led us to question the benefits/challenges that face companies when including events in their own marketing mix.
Why Your Company Should be Investing in Events
When a brand pays to sponsor an event, they are often one of one-hundred sponsors and risk getting lost in clutter. However, Red Bull, by investing in and creating its own brand events, guarantees authentic ownership and exclusivity. This demonstrates a high level of commitment to their audience, which is something that resonates strongly with consumers. Creating inventive and unique events that excite and engage their audience is something Red bull does particularly well. Such events compel their audience to share their thoughts and experiences on social platforms, thus leading to further invaluable WoM marketing at no extra cost!
If Red Bull’s success is not enough to make you rethink your event marketing strategy, then here are just a couple of encouraging benefits to think about. First and foremost, holding an event allows you to showcase your own products or services and generate interest in your offering. When generating these leads you are, most importantly, engaging your audience in an environment without external noise or competition.
Overcoming the Challenges
Creating a unique experience that differentiates your events, excites your target audience and attracts the crowds can be a major challenge. As if that wasn’t enough, the lack of budget, resources and the uncertainty about how it will integrate with the marketing mix and generate an ROI is a concern that often leads to low levels of management buy-in.
What We Can Learn From Red Bull
Creating unique events is arguably what Red Bull does best. As an organisation they have revolutionised the way they approach their marketing strategy. By thinking outside the box, Red Bull repeatedly creates breath-taking and awe-inspiring events that people want to, not only talk about, but share on their social networks. More than 8 million people across the world watched Red Bull Stratos Jump live on youtube, with many more following the action on TV and other platforms.
Red Bull could have happily sat back at this point and let its audience take to social media networks to talk about the event, but it didn’t. Instead Red Bull actively drove engagement in the event through the use of live updates on, for example, twitter and even provided suggestions of hashtags for its audience to use.
It is Red Bull’s consideration of social media when designing its events which allows it to achieve such an extraordinary reach. By including social share buttons on all digital communication, consumers can’t escape both the opportunity and urge to spread the word. The Red Bull Stratos event was a huge success in reinforcing their position as an edgy, lifestyle brand who believes that taking chances is worthwhile. Although it is difficult to attribute an exact figure to the success of Red Bulls event marketing to their net worth of £5bn, it is safe to say it is more than anyone could have anticipated.
As a multinational FMCG brand Red Bull’s budget and resources are clearly quite substantial, and something many of us could only dream of. By referencing their successful event marketing strategy, we’re not suggesting that you ought to follow a like-for-like strategy, rather use it as a point of inspiration and consideration when reviewing your own.
It was reported that for 46% of organisations, their event marketing budget accounts for 25% or less of their overall marketing allocation. Of these respondents an encouraging 64% suggested they would be increasing their event marketing budgets within the next 12 months. It’s clear then, that the importance of events as a strategic marketing tool is growing and ought to not be ignored or simply left to the big players.