Spending on event marketing is on the rise in a dramatic way.
According to an article in The Huffington Post, spending on Media-Directed Promotions and Event Investments is on the rise. Media economist, Jack Myers, is publishing a report this week on 19 advertising categories. Myers argues that understanding marketing requires an accurate assessment of the $700 billion spent annually in the US in advertising andnon-advertising consumer, distributor and retailer communications. The figures are as follows:
- Traditional Advertising: 26.8% of total marketing expenditures in 2009 ($188 Billion)
- “Unmeasured Media:” 73.2% of total marketing expenditures in 2009 ($513.5 B)
Myers defines Unmeasured Media as direct marketing, trade and consumer sales promotion, event marketing and public relations. In fact, the upcoming Media Business Report estimates that Media Directed Promotion/Event Investments attracted an estimated $16.7 billion in spending in 2009 and will generate an estimated $38 billion in 2012.
Clearly this means event marketing is becoming increasingly valuable – or is at least finally being appreciated for the value it always brought to the marketing table. Spending of this magnitude obviously signals a call to all marketers.
Keeping on top of marketing trends can be difficult but let’s not confuse events as a trend. Perhaps social marketing in general can be thought of as a trend but events are truly an effective staple in an ever evolving industry. Perhaps the reason event marketing is riding the social marketing wave is because it lends so well to emerging interactive media and all the social elements that come along with that technology.