It seems that the event industry is experiencing a healthy and happy 2015 thus far, with the Institute of Practitioners in Advertising’s (IPA) latest Bellwether report showing that marketing budget spend on events has grown the most – indicating that the sector is in a stable and positive position.
The report, released earlier this summer, shows that spend on event related activities grew 7.4% in Q2 of this year. Other budgets that experienced positive growth include internet spend (6.8%) and sales promotions (6%) – in fact, this was the highest score since Q1 of 2004 for sales promotions.
The report shows that main media advertising, PR, market research and direct marketing also all experienced growth, but only marginally, at 1.7%, 1.1%, 0.6% and 0.5% respectively.
Overall, marketing spend increased by 12.2% with spend on events marketing contributing the most to this figure. This is the largest increase in marketing budgets within the last three quarters.
Paul Simonet, the creative strategy director at Imagination – a creative communications company – commented on the findings: “There are no surprises in the continued rise in the importance of events and experiences. Brands live in an experience economy, particularly for millennials. Consumers care less about what you say than what you do […] so events and experiences […] are at the heart of brand marketing.”
And it seems with marketers predicting the second half of 2015 to be as positive as the first, the events industry will continue to flourish. These findings reflect what we’ve been saying for years – no marketing medium can beat the power of face to face connections. Our software solutions are designed to help brands get even more out of their live event marketing budgets by helping to personalise the content a visitor sees to reflect their needs, or by providing rich data on visitor activities for analysis.
Get in touch to see how we can help your live event marketing spend go further.