Experiential marketing is an invaluable strategy you can use to reach new customers, introduce new products, and increase your brand value. Although this marketing strategy is highly effective, many business owners are interested in learning how to measure the success of experiential campaigns.
How to Measure Experiential Marketing
Measuring the success of an experiential marketing campaign is similar to measuring the success of any other type of marketing strategy. For the most part, you will be using data analytics to assess the effectiveness of the event to market to your business or products. In general, you’ll be looking at specific KPIs for these live events to assess the marketing strategy in terms of measurable ROI. Some KPIs to pay attention to include:
Specifically, event awareness refers to how aware consumers and attendees are of your event, as well as how much interest your event is generating. The goal of an experimental marketing technique is to have maximum awareness of your brand, services, and products.
There are a couple of ways you can measure KPI awareness, such as with unique visits or traffic sources. Both of these KPIs are related to data analytics connected to your online presence or website. For example, you may ask your data analysts to consider unique traffic visits to the website versus repeat visits.
It also helps to know how visitors are finding your website, such as through traffic sources. For example, if your visitors are coming through social media traffic, then this can give you a better idea of how awareness of your event is spreading, which may then help you measure the effectiveness of each of your advertising channels. You can also look at SEO and email strategies to judge traffic sources.
Location effectiveness is another aspect of event awareness that you will want to measure. For example, during the event, you can judge how much time consumers spent at the location, how easily they were able to move between attractions, or even how many products were sampled. Each of these factors will be an indicator of whether the event was successful.
Attendance is one of the key performance indicators that you will need to pay attention to, but it is not the only important aspect of attendee evaluation. For example, attendee evaluation can be related to a positive customer experience at your event. You can use metrics to understand whether attendees seemed to enjoy the event based on the foot traffic during the event or even the average duration of visits to attractions at your event.
Consumer sentiment is also important as it is related to attendee evaluation. The staff at your event will be key to understanding customer sentiment. For example, you can ask staff if the customer seemed happy or had a positive experience. You may also be able to judge consumer sentiment based on how many consumers received samples or took photos. All of this information will give you an idea of how happy consumers were at your event.
For both online and offline events, conversion rates are especially important performance indicators to look at. For online events, you will be able to more easily judge conversion rates based on the traffic your website gets and how much of that traffic converts into consumers finalizing purchases. For offline events, conversion rates could be measured by seeing how many unique hashtags were used during and after your event, which could indicate that attendees are investing in your brand or products.
Consumer retention is part of analyzing conversion rates. For example, you will be able to use data analytics to compare event check-ins with the number of people who were invited to the event. You can also compare sign-ups for your event versus real-life attendees, which will give you a better idea of how many consumers were retained with the event.
Although consumer retention and conversion rates are important, they are not the only aspect of judging the success of an experiential marketing campaign, unless your event was very exclusive. If you have an exclusive event but don’t have a high number of attendees, this could indicate that your consumer retention and conversion rates are low.
Brand mentions after events are also a KPI to pay attention to. The brand mentions for your business can be measured through Google Analytics or other data analysis software that is used by social media. The more brand mentions you have, the more likely your event was successful. Brand mentions are a good indicator of judging consumer interest in your product or services.
Social media is a key area to look at for brand mentions. Most people spend a significant amount of their day on various social media platforms, so using social media and unique hashtags to analyze interest in your services, products, or business, can be a savvy and low-cost strategy. When your social media hits viral altitude with interest in your brand, this can be an excellent indicator that your marketing technique was successful.
Staff reflection is another KPI to take advantage of, even if it’s less related to analytics and more concerned with individual opinions. However, the human factor of judging the success of an event cannot be undermined, as staff at the event will generally have a better idea of the real-time reactions consumers had to the marketing strategy.
For example, staff will be able to tell you whether a product was popular, such as with food samples. Staff will also be able to tell you if certain attractions, like photo booths or interactive games, were popular among attendees. Staff reflection will give you a better idea of attendee satisfaction, such as whether people were smiling or not.
You can also use classic ROI analysis to determine whether your marketing strategy was successful. Classic ROI analysis is done by using data analytics to assess the performance of your business after an advertising strategy is used. Essentially, this type of data analysis will let you know whether the return on your investment was adequate.
The goal of an ROI analysis is to conclude that the return of profits for your investment in an advertising strategy was greater than the money you spent on marketing. ROI analysis can also give you a better long-term look at the success of an event.
You may also be able to use event surveys after your event to assess whether your strategy was successful. Event surveys can be sent by mail or through email to attendees to assess what they liked about the product or service, which can also be used in the future to help you improve your business. Surveys are a more straightforward KPI, but are nonetheless extremely valuable, particularly for offline events.
Why Does Experiential Marketing Work?
Experiential marketing is highly effective for several reasons. This type of marketing strategy can be used to build a brand or introduce a new product. You can even use this type of marketing strategy to redefine the culture of your business, which can help your business move into the future.
For example, many automotive brands are now using marketing techniques such as eco-friendly in-person events to usher in the age of hybrid vehicles. Some reasons why this marketing strategy is so effective can include:
The unique thing about experiential marketing is how accessible it is to all of your customers. In the past, event planning has been a highly localized activity that can only be accessed by a small portion of your customers. While this can still serve a function as a marketing strategy, exclusivity is losing popularity.
If you can create an event that can be attended by hundreds of people, you can increase the accessibility and conversation about your brand. For example, you can use virtual reality or online events to reach thousands of customers at the same time.
Another reason why this marketing strategy is successful is that it helps create a positive memory about your brand and products for the consumer. Memories are a powerful thing, and advertisers know that the key to long-term success for a business is the ability to inspire customer loyalty.
It’s much easier to create a loyal customer base when your customer can associate many positive things with your service, products, or brand. Events for customers are one of many ways you can encourage positive associations.
Marketing strategies for businesses are constantly evolving to keep up with the fast-paced reality of contemporary life. The days of newspaper advertising are long past, particularly because technology affords businesses the ability to reach all of their consumers at one time. Creating an experience for the customer helps the customer associate positive feelings with your brand. To learn more about how you can measure the success of your experiential marketing campaign, please contact King Sixteen today.