With the arrival of the second half of the year, many organizers start 2020 budget planning. And even if budgets are already set, new initiatives pop up, or ideas don’t pan out as originally planned – making it an opportune time to adjust or re-evaluate event budgets.
In the last several years, event budgets as a whole have increased, with more money being spent on social and digital than ever before.
But when it comes down to planning specific tactics to incorporate, a big question remains: what areas should event organizers and marketers plan to spend their budgets in 2020 for the best results and return on investment?
Word-of-mouth, including social referral marketing, is an area experiencing rapid growth because of the powerful results generated within the face-to-face event realm.
Like word-of-mouth marketing, social referral marketing utilizes the natural inclination of people to recommend products and services to others – and amplifies that inclination through social networks.
The power of peer-based recommendations is significant. Researchers at Convince and Convert, a leading digital marketing consultancy, have documented how often Americans make recommendations:
According to Gleanin benchmarking data from hundreds of events globally, when social referral marketing is used within events, attendance and conversion increase:
Because social referral marketing leverages attendees’ natural behavior to share, it’s a worthy audience acquisition tool for organizers and marketers.
However, achieving the necessary scale to achieve significant gains in attendee registration and revenue won’t occur through one-off or manual social referral marketing campaigns.
To truly harness the power of social referral marketing, organizers and marketers alike need to understand how to activate, facilitate and track word-of-mouth referrals – best done through a social referral marketing platform (SRMP).
SRMPs make spreading the word affordable and easy by:
And this is where effective budgeting for 2020 comes full circle. To properly allocate event funds, understanding overall event promotion trends help inform new strategies for organizers and marketers to invest in and begin planning for. Given the power of peer-to-peer recommendations and personal referrals, planning now to include social referral marketing in the next budget just makes sense.
Contact Gleanin to learn more about planning and budgeting for implementing a social referral marketing strategy and download our white paper, “Why Social Referral Marketing Platforms are an Exhibition Marketer’s Best Friend.”
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