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« Master of Your Domain | Main | Smart Advance Ticket Strategies »

Event Marketing: What is the Perceived Value?

Are you conveying the perceived value of your event, product, or service? Perceived value is extremely important to the consumer and a crucial element of marketing.  Perceived value isn’t always determined by how much a product or service costs.  In many cases it is what the consumer expects to receive or experiences that determines value.  A good marketing plan both online and offline can help establish the perceived value of an event or product.  It's far easier for consumers to buy when they recognize the value of your event.

The Tale of Two Air Shows
One of my favorite examples of perceived value comes from the air show industry. A few years ago there were two air shows held on the same weekend. Both shows are located almost equidistant from a major metropolitan area in the United States. Each had a military jet team (huge draw).  One show charged a gate fee and the other show was free.

Can you guess which show had three times the attendance of the other air show? Most people respond “it’s the free air show!”  In fact it was the show that charged a gate fee that was significantly more successful.

People Won't Spend If They Don't See Value
Consumers are willing to pony up their hard earned money - if they see value.

One of the biggest differences between the two events above was the marketing. The show that charged admission spent a significant amount of money on marketing.  They started their marketing campaign months in advance.  Marketing, publicity, and advertising can translate into value. The free air show in the above example spent almost nothing on marketing. Ironically, most free events have little value in the prospect's mind.

Here is what it essentially comes down to - If people don't know about your event, or care about your event . . . nobody is going to show up.

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