One of the leading downfalls of experiential marketing campaigns is the difficulty of measuring its general success. Just because you encounter a terrific turn out and engagement at your activation does not suggest that it achieved anything for your product. All too often, anyone who try to go into experiential marketing presume there’s basically no easy solution to monitor the effects, so they decide not to stress over it. This typically results in a good deal of wasted time, energy and resources. In the absence of quantifying the ROI of a campaign, how could you improve your initiatives in time? The following is a few ideas in order to get back on course with tracking the ROI of your experiential marketing event:
Establishing Your Goal
You may not track the success of just about anything without describing precisely what success signifies. Therefore, the very first step of any sort of experiential marketing boost is to clearly define at the very least one goal. Ask yourself what the ultimate objective and core values of your campaign or event are aiming to accomplish. Do you want to increase conversions? Are you aiming to raise awareness about an all new product or service? Are you attempting to branch off toward various markets or attract a variety of group? By setting up transparent objectives, you are setting up the cornerstones for an efficient campaign.
Understand Your Campaign Metrics
Establishing how your KPI’s are identified and monitor is a critical subsequent action in knowing your event’s ROI. As an example, in the case that you want to increase conversions, the optimal result will be an increase in sales. If your main interest is establishing brand awareness, you’ll be looking for a spike in online mentions of your brand. After defining your objectives, relate the correct KPIs that align along with your general idea.
Quality Over Quantity
As stated in the opening part, even if a throng of consumers appears at an event doesn’t mean it’s thought of successful. Once again, don’t forget to always remember your objectives and key performance indicators (KPIs). The honest truth is the fact that it’s significantly preferable to have real connections with smaller sized groups of consumers rather than it is to have shallow conversations with much larger sized groups. For one thing, when someone genuinely engages with a brand and is emotionally hooked up by its story, they are very likely to get the word out to other people. Without doubt, positive word of mouth is a KPI that’s extensive among all experiential marketing campaigns.
What Would You Expect in the Future of Experiential Marketing
Not surprisingly, a lot more solutions to correlate and monitor ROI of experiential marketing campaigns are on the horizon. One example is facial recognition and tracking program, which can be used at live functions to assess faces in the audience for things such as age, gender or even for how long these individuals hang out at a certain place. Such software programs may even keep track of how many people are looking happy or otherwise showing contentment, which in turn is a valuable statistic in its own right. This software as well as some other new technologies aren’t so wide-spread right now, but you can expect to encounter them come into their own over the next couple of years.
If your budget allows it, accomplishing brand awareness analysis before, during and after an experiential marketing event is an excellent way to evaluate its success. This approach is best taken advantage of when boosting brand awareness for a new service or product. Surveys are a fantastic resource to leverage this. By evaluating your target group before, during and after an event, you can evaluate the way their perception potentially improved according to their experiences. Ideally, you will definitely would like to find out an attendee who has minimal awareness about your brand end up being more informed, engaged and excited about your offerings.