Need help tapping the millennial market? Get great results by sponsoring live events.
While most companies tend to steer away from sponsoring live events as a way to attract a particular market segment, recent studies show that this is the perfect way to tap into the highly coveted millennial market.
According to a study conducted by live promoter AEG and marketing agency Momentum Worldwide, 93% of millenials have high regard for brands that sponsor live events while 80% say that if brands want to connect with them, they should try sponsoring a branded live music event. In addition, 37% of the respondents had a better perception of the brand after attending a branded music experience.
Considering the fact that millennials represent the country?s largest generation by population and have a total estimated purchasing power of $1.68 trillion, businesses and brands should try their best to capture this emerging market segment. However, most businesses are finding it difficult to accomplish this task.
How can sponsoring live events help?
Unlike the rest of the population, millennials prefer to invest in experiences and not material things. They believe that happiness does not lie on acquiring possessions but rather on creating, capturing and sharing memories through real life experiences. In particular, they love taking vacations and attending live events.
According to a 2014 online survey conducted by Harris Poll on behalf of Eventbrite, a global marketplace for live experiences, 78% of millennials prefer spending money on desirable experiences or events rather than buying material things. In fact, 82% attended a variety of live events during the previous year while 72% are planning to increase their spending on live experiences in the immediate future.
Add the ?fear of missing out? (FOMO) on once-in-a-lifetime opportunities for new experiences and/or social interaction into the equation and you can easily see why young people drive in hordes to show up in these live events.
Using Live Events as a Marketing Tool: Some Tips to Consider
- Show them why you are there. When sponsoring live events, prove that you are actually bringing added value to the table ? and are not merely doing it to market your brand.
- Charge low admission prices. Since a good number of millennials have a substantial amount of student loans and credit card debts, consider charging low admission prices to attract more people to the event.
- Consider giving away free stuff. You can foster a deeper connection between your target market and your brand by giving away free stuff that promotes your business.
Sponsoring live events can help you attract the elusive millennial market so follow these tips and enjoy the results.