Efficiency of Event Usage for the Increase in Competitiveness of Companies

Abstract

The study investigates the efficiency of event usage for increase in competitiveness of companies. During the recent years there has been an increase in usage of events and other interactive forms of communication. Interactive communication is a response to the chal-lenges of the mass application era. Interactive commu-nication tools manifest a unique capability to influence a potential customer under dynamic conditions of the global economy. These tools enable companies to per-sonalize customer experiences while they are learning about new goods and services, to identify similar situa-tions and apply the experience that was gained before. Thus personalized presentation of goods and services reach millions of potential customers. Global changes in marketing communication strategy have formed the necessity to look for optimal methods and their combi-nations in order to evaluate the use of events for com-panies. It is really difficult to evaluate interactive com-munication tools because they include not only tangible (quantitative, measurable), but also intangible (qualita-tive, immeasurable) components. The aim of the study was to analyze the efficiency of event usage for increase in competitiveness of companies. The following scien-tific methods were applied in this study: systematic analysis of scientific literature, logical analysis and synthesis. The application of events in a competitive strategy of companies adds to brand awareness, image and identity. Therefore measuring the changes of these elements is crucial in general evaluation of events and their efficiency. The impact of events on the identity of a company is chiefly evaluated with the help of qualitative methods. Companies gather event-related information: formal, which is obtained from personnel during the event (reports, etc.), and informal (observation, com-munication with attendants, etc.). The impact of events on the image of a company is also commonly evaluated with the help of qualitative methods. Companies analyze the mass media coverage on a certain event. The impact of events on brand awareness can be evaluated only when a company has some primary information to start with (in order to estimate the changes). A company has to clarify and define its goals of evaluation. The most common evaluation tools of brand awareness are sur-veys (using questionnaires) and interviews. They are carried out in target audiences before (during) and after an event. It can be deduced that the efficiency of events is to be evaluated using similar tools as in other cases (when evaluating other communication tools). But the uniqueness of events and their impact on competitive-ness of companies manifests itself through their influ-ence on brand awareness, image and identity. The changes in these elements must be measured before and after an event, using both – qualitative and quantitative methods. There must be a correlation between evalua-tion criteria and the following elements: strategic aims and communication purposes of a company; specifics of an event (whether it is single or continuous, whether it is meant to create brand awareness or increase direct sales of a mature product, etc.).