Research Shows Budgets Redirected To Event Marketing
In the financial services sector traditional marketing is more likely to suffer budget cuts than event marketing, according to new research from event marketing group, George P. Johnson Company (GPJ) and the MPI Foundation.
The independent research, which was conducted among 123 marketing directors from large UK companies, documents the changing role, investment levels and effectiveness of event marketing.
It shows that 19% of financial services companies will cut their direct marketing budgets, 15% will cut their sales promotion budgets and 12% will cut their advertising budgets. However, no respondents predict a decrease in the budgets for event marketing and over a quarter state that budget allocations for events is to expand.
GPJ believes the research reflects the growing importance of event marketing in developing face-to-face interaction with clients and its strong level of return on investment (ROI).
According to the research, event marketing is seen as second only to direct marketing in generating ROI, followed by PR, then traditional advertising mediums and finally sales promotion and internet advertising, which are quoted as least likely to provide ROI.
Event marketing currently commands just over a third of financial companies’ entire marketing budget and this is set to increase still further.
Commenting on the research, Neil Jones, managing director of GPJ, said: “A significant percentage of the respondents in our survey feel that of all the elements that may be included in the marketing mix, event marketing provides the greatest return on investment.”
He continued: “Add to this the fact that insufficient ROI is given by most as the prime reason for budgets reductions, it’s clear that financial companies expect accountability from their marketing efforts and consequently are redirecting their marketing budgets towards tactics that can deliver this.”
George P. Johnson Company: www.gpjco.com
Recent Research Stories from NewsLine Dark Side Of Internet Keeps Broadband Britain At Bay First Radio Unveils Regional Advertising Packages Heart To Raise Profile With £1 Million TV Campaign
Subscribers can access ten years of NewsLine articles by clicking the Search button to the left