Applying Marketing Science (how marketing ACTUALLY works) to Festivals & Events - creating effective marketing that grows brands and ultimately, achieves business results.
🎪 FESTIVALS 🎪 Do you know the answers to these questions? 💡Why do people choose your festival? (What different value does it offer to different people?) 💡 What are the other things people might buy instead of you? (As well as direct competitors (festivals) think of other categories people can get the same value from). Why do you need to answer these? 🧐 Well, to try and make clear your festivals unique role in the market - which competitors can’t fulfil. It’s all about creating ‘market space’ away from competitors. As without this ‘market space’ guess what happens? You become similar to a load of other festivals. So it ends up with consumers not having a clear preference. And over time, all of these similar festivals, essentially just become, well what you could call, commodities. And commodities generally only compete in three main ways: ❌ Spending more on marketing ❌ Lowering prices ❌ Copying features And who do you think is best placed to win this battle? Yep, those that have MORE scale and money 💰 So they can spend more on marketing (and artists), and keep prices lower (less affected by rising costs). Sadly, not only do they have that spending power, but they are also able to take advantage of the fact that many consumers don’t like taking risks; when push comes to shove consumers'll go with the big proven festival brand because it's a safe bet when compared to smaller lesser known festival brands offering the same value. Sound familiar to what we’re now seeing in the festival market? (Cough cough Live Nation, and more than 50 festivals cancelled in 2024). Amongst all the doom and gloom, it's an exciting time for festivals. So get focussing on your value, and creating space away from competitors 🚀 #Festivals #FestivalMarketing #EventProfs
