By Tyson Moore, Nashville President, Bank of America

There’s a reason that cities compete to host popular festivals, tournaments and tours. Live events create a “halo effect” that extends beyond the event itself, boosting local economies and benefiting surrounding businesses.

The numbers speak for themselves.

Consumer demand for live entertainment – especially sports – has surged since the pandemic, with attendance well above 2019 levels and spending up 25%.

The weekend of Super Bowl LVII, for example, fueled a 25.5% rise in spending in Phoenix, Arizona-area bars and restaurants, while local brick-and-mortar retailers enjoyed a 7.5% year-over-year spending surge, thanks to an influx of visiting fans.

Over the course of her multi-month and -city Eras Tour, Taylor Swift was estimated to generate $10 billion in indirect spending.

Looking ahead, the 2026 FIFA World Cup is projected to inject $47 billion into the U.S. economy, according to FIFA. Bank of America credit and debit card data shows that this year’s FIFA Club World Cup drove a 7% YoY rise in consumer spending in host zip codes, including Nashville, mainly on food and drink.

High-profile events aren’t the only ones with economic ripple effects. Even smaller-scale events — regional music festivals, craft fairs and theater productions — can contribute to the local economy in meaningful ways.

Nashville’s own CMA Fest generated $77.3 million in estimated direct visitor spending in 2024, with almost 90,000 fans from all 50 states and 46 countries in attendance.

Another signature event for Nashville, the annual Iroquois Steeplechase presented by Bank of America, welcomed over 30,000 attendees in both 2024 and 2025. Proceeds from the event benefit Monroe Carell Jr. Children’s Hospital at Vanderbilt which has received

more than $11 million from this event over the years.

Business owners looking to capitalize on events can apply these three strategies to enhance their visibility and leverage revenue potential.

1. Set Measurable Goals and Build in Time to Plan

Successful marketing programs begin with clear, measurable goals — and event-related activations are no exception. The right goals depend on the business, its objectives and the target audience.

Tourism presents a host of short-term revenue opportunities, but pre-event planning should begin a few months out from the event itself. So, for example, bars, restaurants and retailers near FIFA World Cup stadiums might aim to boost foot traffic by 20% on game days, but they’ll need to start hiring additional staff, securing permits for extending business hours and raising awareness among visiting fans about three to six months ahead of kick-off. Post-event, they can measure success by tracking sales, counting customers and assessing average order value.

Passionate local fans may also become dedicated customers. For instance, businesses less directly tied to the event may find more success in building long-term brand associations with the spirit and values that the FIFA World Cup represents. Business owners who are not in a position to sponsor FIFA or other major events may consider hosting watching parties or offering themed promotions to attract customers and tap into cultural moments.

Again, conceptualizing a marketing program should start months in advance so the business has ample time to develop promotional activities, secure necessary materials and generate buzz. For example, a local grocery store that wants to set up international food-tasting stations to represent the competing countries in this global spectacle will need time to source ingredients, create culturally appropriate marketing materials and partner with local cultural organizations for authenticity and community engagement.

2. Explore a Variety of Channels

Businesses can enhance their brand visibility by actively marketing through various channels in the weeks and days leading up to a live event. While investing in physical signage may feel decidedly old-school, having a tangible presence can cut through the digital noise. By strategically placing signage along routes to the event, for example, businesses can engage a captive audience and associate their brand with the event.

Audio platforms like radio and podcasts can also help businesses reach a highly targeted audience with relevant messaging in the months leading up to the event. In fact, a 2024 report from Acast with Edison Research found that podcast advertising is particularly effective: 84% of listeners take action after hearing a brand mentioned, including 44% who make a purchase. Additionally, radio and podcast advertising may be more affordable and accessible to small business owners.

Finally, businesses can and should blend in-person activations with online engagement to keep the conversation going. For example, a hardware store could host a historical woodworking booth at a local Renaissance fair and sell themed products (such as build-your-own-trebuchet kits), encouraging customers to share their finished projects online. Using a relevant hashtag, followers can find a wealth of user-generated content, boosting the store’s visibility and fostering a sense of community around the brand.

3. Think Beyond Revenue Benefits

Increased revenue isn’t the only reason to associate a brand with an event. Businesses can strengthen their reputations and increase visibility in the community through investments like sponsorships. According to a March 2025 survey, 82.5% of event management professionals credit sponsorships with enhancing brand exposure, while just under half note their role in improving the customer experience.

Business owners can contact event organizers or their city’s convention and visitors bureau 12-18 months ahead of an event for sponsorship opportunity details. Allowing a longer lead time will not only help them iron out logistics but also enable them to create more comprehensive campaigns with maximum impact. Plus, building a relationship with convention center professionals could lead to new collaborations — with unique ways to participate — for future events.

When evaluating sponsorship opportunities, businesses should consider the event or program’s audience, its values (and whether they match their brand values) and the likelihood that the reputational gain will impact revenue in the future.

Next time an event — big or small — comes through, business owners can seize the chance to be active participants rather than just onlookers. By strategically engaging with events, businesses can boost their visibility, build stronger customer ties and enhance brand reputation.

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