Finding the ROI in your Experiential and Event Marketing Program
1 like155 views
The document outlines a guide for measuring the return on investment (ROI) of experiential and event marketing efforts, detailing a step-by-step plan that includes defining objectives, establishing benchmarks, determining parameters and budgets, and selecting measurement instruments. It provides specific metrics for various types of events, focusing on activity and outcome metrics, and emphasizes the importance of analyzing results to inform future strategies. Additionally, it offers examples of different events and their corresponding objectives, metrics, and estimated budgets.
Finding the ROI in your Experiential and Event Marketing Program
- 1. Measurement Hour September 26, 2018 Katie Delahaye Paine CEO, Paine Publishing www.painepublishing.com | @queenofmetrics | measurementqueen@gmail.com How to Show the ROI of your Experiential and Event Marketing Efforts
- 2. How to calculate ROI Option 1. Cost Efficiency -- Cost per minute spent with prospect Option 2. Future Cost Avoidance Option 3. Increase customer value
- 3. Week 1: Clarify and Define Week 2: Agree on a benchm ark Week 3: Determi ne paramet ers and budget Week 4: Get approval for metrics and KPIS Week 5: Select your measure ment instrume nt (s) PARTY! Event + 2 Weeks: Analyze your data, draw conclusi ons and act! Your plan for a well-measured event
- 4. Week 1: Clarify and Define Why are you doing this? What’s the business outcome expected? Whose behavior/knowledge do you want to change?
- 5. Week 2: Agree on a Benchmark Where you were before any event took place The same event in a prior year A competing event An event put on by the competition A different type of event Other forms of customer outreach Other forums of communications
- 6. Week 3: Determine the Parameters What’s the size of the potential audience? What is a realistic expectation of how many you want to reach? What’s the budget for the event? What’s the budget for measurement?
- 7. Week 4: Get buy-off on metrics and KPIs What’s the best metric to reflect your impact on the business goal? What’s an acceptable proxy? Activity Metrics Share of desirable voice Share of leadership positioning Share of desirable visuals Share of # % of visitors that were qualified %of invitees that participate Outcome Metrics Qualified leads Dealer engagement Cost savings Shortened sales cycle
- 8. Week 5: Select your measurement instrument Surveys CRM Web Analytics Media Content Analysis People-tracking/eye motion detection
- 9. Post Event: Report, Recommend, Decide No more than two weeks after your event, gather your data. Sort everything from worse performance to best Analyze the results Draw conclusions Make decisions
- 10. Step 6: Analyze Results, Make Recommendations What worked, what didn’t?
- 11. Type of Event Examples Typical Objective Activity Metric Outcome Metric Benchmark or Baseline Research Method or Tool Required. Estimated research budget required Pop Up Store Charmin in Times Square Increase product adoption Number of visitors ROI vs retail store or other forms of promotion Retail version of store CRM and/or sales tracking $500-$15,000Share of voice in media Other forms of selling Increase sales Share of hashtags Stunt or “flash mob” Colombia in Times Square Generate engagement and publicity for a brand Social sharing results % of target audience more aware Other marketing or promotional activities Social listening $0-$1000 % increase in desired activity (click thru, google searches, website visits Web analytics CPM vs other promotional activities Trade Show (with booths and exhibitor area) Consumer Electronics Show Generate qualified sales leads % of booth visitors providing emails or qualifying information % increase in qualified sales leads Other/prior Trade Shows CRM and $500 for a good CRM system + in- house staff time. ComiCon % reduction in cost per lead Other marketing tactics Budget numbers Conference (mostly speeches with little room for demos or booths) South By Southwest Position company in the industry, Share of desired positioning in media coverage of the event. % increase in target audience believing in your positioning Other/prior Trade Shows CRM $5000-$15,000 PRSA International Conference Generate qualified sales leads Share of (or increase in) desirable voice in media coverage. % increase in consideration or preference. Other marketing and/or sales tactics In-show or post show survey Share of hashtag for the event. % increase in qualified sales leads Key Competitors Media Content Analysis % of attendees that visit provide contact info % reduction in cost per lead Social Analytics % reduction in cost per minute spent with key customers or prospects
- 12. Type of Event Examples Typical Objective Activity Metric Outcome Metric Benchmark or Baseline Research Method or Tool Required. Estimated research budget required Conference (mostly speeches with little room for demos or booths) South By Southwest Position company in the industry, Share of desired positioning in media coverage of the event. % increase in target audience believing in your positioning Other/prior Trade Shows CRM $5000-$15,000 Share of hashtag for the event. % increase in qualified sales leads Key Competitors Media Content Analysis % of attendees that visit provide contact info % reduction in cost per lead Social Analytics % reduction in cost per minute spent with key customers or prospects User group or customer meeting (generally company or product specific) Apple Developers Conference Increase customer loyalty, reduce churn, increase renewals % of customers that participate % increase in customer loyalty Prior meetings CRM $500-$15,000 DreamForce % customers that consider new or additional products % increase in referenceable accounts In-show or post show survey Ratio of positive to neutral comments in social media % reduction in customer churn Social Analytics % increase in renewals % growth in existing accounts Thought leadership event Ted Talk, Position CEO or other member of the leadership team as an subject- matter or industry expert Share of media items positioning the CEO or other member of the leadership team as an subject-matter or industry expert % of target audience perceiving CEO or company as an industry leaders Key competitors share of conversation In-show or post show survey $300-$15,000 The Summit on the Future of Measurement Other events Media Content Analysis
- 13. Type of Event Examples Typical Objective Activity Metric Outcome Metric Benchmark or Baseline Research Method or Tool Required. Estimated research budget required User group or customer meeting (generally company or product specific) Apple Developers Conference Increase customer loyalty, reduce churn, increase renewals Increase time spent with key customers or prospects. % of customers that participate % of mentions that contain key messages % increase in customer loyalty Reduction in cost per minute spent with key customers or prospects. Prior meetings Other sales or marketing tactics CRM In-show or post show survey Media Content Analysis $500-$15,000 Community Event Chili/Chowder Festival Local music festival Increase brand awareness, consideration or preference in a specific community. Increase trust, build relationships with community leaders, reduce opposition Share of desirable brand mentions vs other sponsors % of mentions that contain key messages % Increase in brand awareness, consideration or preference in a specific community. % increase in trust among community leaders % decrease in undesirable coverage Other community relationship- building events. Last year or prior period Pre-post survey Media Content Analysis $500-$20,000 Charitable event Golf tournament, Charity auction Increase trust, build relationships with community leaders, reduce opposition Share of desirable brand mentions vs other sponsors % of mentions that contain key messages % increase in trust among community leaders % decrease in undesirable coverage Other community relationship- building events. Pre-post survey Media Content Analysis $500-$20,000 Seminar or learning event Product training sessions or webinars i.e. Measurement Base Camp. Build customer loyalty, knowledge awareness of product, increase adoption % of customers that participate % customers that consider new or additional products % increase in renewals % growth in existing accounts Other events or prior years CRM Post-event survey $500-$2,500
- 14. Thank You! Click here to explore the newest articles from The Measurement Advisor Reminder: As a paid subscriber you have 24/7 access to all of TMA’s articles, just visit TMA’s homepage Follow me on Twitter: @queenofmetrics Follow Paine Publishing on Facebook and LinkedIn 14 14