Earlier today, former New York City Mayor Michael Bloomberg announced the suspension of his 2020 U.S. Presidential campaign.
Today's takeaway has everything to do with politics and the marketing of one's event. Fear not, I'll stay away from the political side of the equation. Here's a short synopsis.
Former Mayor Bloomberg spent over $450 MM USD on his failed Presidential campaign.
Source: https://finance.yahoo.com/news/bloomberg-campaign-staffs-future-dropout-172121273.html
Over the last few months, several academic and media pundits were terrified that Bloomberg would be able to "buy a Presidential election." In the end, hundreds of millions of dollars were spent with disastrous results. What some have dubbed one of the biggest financial failures in the history of politics!
So what does the Bloomberg presidential campaign have to do with marketing your event?
It's yet another stunning example of even with the deepest pockets and a den of super-genius consultants, outcomes are never assured. Both in politics and in the event world.
The essential event lesson is that if what your event offers does not appeal to the those you're advertising to (your target market), your event is probably doomed. Because there is no amount of advertising, marketing, or PR that can create demand where none exists.
Lack of demand is probably the biggest reason why events fail. So before you spend a cent on advertising an event, make sure people what to buy into what you have to offer.
Here are some additional articles on planning and promoting a successful event:
- The Importance of Market Research in Planning Your Event
- An Extremely Dangerous Event Planning Mistake
- Your Event Promotion and Marketing Strategy - Start Point
- Event Planning: The Customer Avatar and Your Event
- Two Amazingly Powerful Event Survey Questions
- A Killer Social Media Promotion Strategy for Your Event