Ever wonder how sponsors measure their effectiveness of their experiential marketing?
Experiential (or event) marketing can require a significant outlay in resources—money, people, and time.
The good news is it’s very likely to pay off.
How exactly is event ROI to be tracked? Simple, right? Money out, money back in.
Not so fast.
Event ROI is a flexible term that indicates the net value an event marketer gets from an event for the net cost that goes into producing it. Note that the term “event value” is much broader than the term “event revenue.”
Event ROI includes looking at long-term engagement via consumer registrations, sponsorships, partnerships, number of people attending, satisfaction of attendees, and many more measures.
First, you have to spell out your event goals, which may be varied, depending on the type of event, target audience, and stakeholders involved. We always focus on starting with the end in mind.
Set goals that are specific, measurable, actionable and relevant, and you’re well on your way to developing your metrics.
But what about those intangibles like brand awareness, word of mouth, and customer lifetime value?
Consumer engagement is a key step in the sales journey, and it’s incredibly valuable to engage prospects and leads face-to-face in an effort to build a deep emotional connection.
5 ways to prove event ROI:
- Social Listening
Using social media to track activity pre- and post-event is nothing new, but keeping up with what your audiences are saying during your event could lead to valuable clues and insights to help optimize your event for the future. Event Marketer and Mosaic, in their annual EventTrack survey, found that approximately 77% of event marketers use social to engage prospects before an event, but social engagement drops to 61% after the event.
Ongoing measuring of social media gives you great benchmarking for your campaigns. Create a unique hashtag for your event and push it out before the event.
…During the event.
…After the event.
Measure multiple times.
And measure not only that the hashtag was used, but also what was said. We even take that social data further after the event (ask us how).
- Surveys (at the event)
What did your audience think about the event? What did they learn about the products they experienced? How popular was the swag? Do they plan on purchasing the offering? If so, when? Ask them during the event or immediately after via email. Strike while the experience is still fresh.
Spin a wheel, guess a number, or answer some trivia…you might just win something great!
Games are an educational and fun way to engage prospects and get them excited, as well as collecting their data for further marketing efforts.
- Mobile app
App engagement can be measured in multiple ways, including number of downloads, who used the app, where they went, and what messages were sent. Additionally, the app can be used to continue communication with your customer well after the activation or event has ended.
Sometimes the old ways are still effective. Tracking the number of coupons that have been distributed (physically or electronically) is an okay start, but with a coupon that’s unique to your activation, you will be able to track exactly what percentage of your customers are coming to you via your experiential marketing efforts.
Mobile marketing is all about getting face-to-face with your prospects and customers. Pro Motion develops comprehensive plans to make sure your marketing tour reaches your target audience and strengthens relationships, propelling your sales success and growth.
Contact us today!