Logbook Entry: List the risk factors associated with your product. Define ways to decrease risk for consumer’s decision-making process. What strategic marketing activities could lower perceptions of risk associated with your product or event?
As mentioned in previous posts, there is a big time commitment for Beats & Brushstrokes and a high risk factor because the quality of art is dependent on what art is submitted. Thus, our event is associated with a high level functional risk. I know that in previous years many people who came to buy art came specifically to support ELAN and not particularly for the art itself. Thus, most of our consumers are basing their decisions on internal factors like past experiences and association to the organization. These people have a higher motivation to attend the event and purchase art even with a high degree of risk and involvement.
However, we can not continue to depend on those that will support us regardless of risk. Furthermore, we could potentially loose these people if we continually disappoint their expectations. This is difficult because we have two main consumer bases that we are trying to satisfy at the same time: the party crowd who spend a lot of money on beer and the sophisticated crowd who will spend more money on art. It is my assumption that we will end up making more money on beer than art. This leaves the question: is it necessary to continue to market the silent auction portion of the evening or should we focus entirely on the party? Since we are a professional arts organization, it makes sense to uphold both aspects of the event to represent our mission. Thus, we need to figure out a way to be professional and yet fun (this is also something I’ve always found difficult to present through social media).
I believe the key factor in getting more people to come to Beats & Brushstrokes this year is spreading good reviews from last year. I personally haven’t been to the event, so I am basing my opinion entirely on others. According to all the reviews, this event is the best thing ELAN does all year. Everyone I’ve talked to reports having an amazing time, including professors and students. Thus, I believe we need to build the hype for this year’s fundraiser by advertising these good reviews. I am going to try to use social media to do this. I have also been handing out fliers at arts events in town (First Friday and the JSMA opening) in order to attract an older or active arts community. Hopefully, if they look up our event, they will then see all the good reviews on our Facebook or twitter and use a subordinate decision making process to lesson their perceived risk of attending. In the meantime, we’ll continue to market that $5 admission includes drinks and food!