- ELEVATE CONNECT
- 11, MARCH 2019
Determining the ROI of a Brand Experience (Elevate Connect)
Key Takeaways:
- Brands in every segment are executing live brand activations, yet many are not sure what to measure to determine experiential ROI.
- While we tend to think of millennials liking one thing and boomers preferring another, itâs beneficial to keep people out of âsilosâ and understand how generations affect the purchasing behavior of others.
- Keeping things âin-houseâ has its benefits, but itâs important to know when to hire a specialist or an agency.
What is the ROI of a Brand Experience?
How marketers reach audiences has evolved over the past few decades. Now, rather than dictate company and product messaging to an audience, brands need to have a two-way relationship with customers. It is this sentiment that has led many companies to embrace experiential marketing. Events offer authentic consumer engagement that can build relationships and result in long-term purchase. Yet, even with live brand events, what works for one brand may not work for another.
There isnât a magical formula that ensures a successful activation. Moreover, many companies arenât completely clear on what they should be measuring to know if the event was successful. Cramer recently published metrics that brands should track when determining the ROI value of a live experience.
Across the Generations: How Gen Z Influences the Rest of Us
Two important aspects of a marketerâs job are staying ahead of trends and playing a part in shaping new ones. To be successful, not only do marketers need to know what is popular with their target and why, but they must intimately understand buyers and their buying habits. Yet, most times when it comes to focusing on the habit of people within generation groups, the largest group of spenders tend to get the biggest amount of buzz. For the last few years, the focus has been on millennials.
But as this article points out, itâs important for marketers to understand cross-generational influences and how some groups affect the behavior of others. In this case, the article discusses the influence that generation Z has on other generations. And this is despite the fact that a majority of Gen Z are still coming of age as purchasers themselves.
Kevin Chesters: Why the World Needs Specialists
As trends come and go, so do consumersâ approach to purchasing. Of course, many factors contribute to what and why people decide to buy certain things, including the ever-unpredictable economy. But no matter what the climate, itâs up to marketers to keep up. And when the pace moves quickly, it can be tempting for teams to take on a âJack of All Tradesâ mentality.
Yet, handling everything in house can be dangerous. In many cases, itâs smart for agency and brand teams to outsource items to a contractor or agency. This article from the Drum emphasizes the benefits that come with hiring a specialist. This applies to a variety of elements within a marketing campaign or activation, from technology to brand ambassadors.
Experiential Insights from Princess Cruisesâ Tech-Driven Show
Never before has it been more exciting to be in marketing. New technology, tactics, and techniques are constantly introduced. Marketing teams from consumer goods to financial services are doing amazing things with consumer engagement. No matter what space you work in, successful brands know that creativity is key. And these marketers are finding that inspiration can come from anywhere.
Recently, Event Marketer published insights taken from Princess Cruisesâ entertainment show âFantastic Journey.â And, as one can assume, itâs not a run-of-the-mill cruise liner show. The ship is pushing boundaries and delivering the unexpected by incorporating immersive technology. The article provides readers with ideas related to the larger-than-life main-stage production experiences that came from the show. Read all about them here.
How Brands are Using Sensory Experience to Improve Retail
In the age of technology, itâs easy to get distracted by the digital world. Whether itâs endlessly scrolling through friendsâ and influencersâ posts on Instagram or reading the latest news stories on Apple News, the online landscape appeals primarily to our visual sense. And in ignoring our other senses, people are left with an unfilled need; one that brands are finding they can meet through an experience.
Brands are using activations to give customers a multi-sensory experience. But these activations donât need to be one-offs, or even separated from a brandâs daily footprint. When it comes to the world of retail, we can look to Sephoraâs Paris flagship store (which is complete with a selfie mirror, make up bar, and smart sampler) or auto brands like Jaguar. These brands show how retail companies are using the power of experience to go beyond our visual sensibilities.
How Brands like Marriott and Standard Hotels Cultivate Community Through Group Activations
For the most part, people are drawn to others who are like-minded or share their interests. And it is often through these commonalities that we build communities. For companies, creating a brand-based community can be beneficial for many reasons, one being that they can nurture a group of brand advocates.
As PSFK reported, hospitality brands are fostering communities by giving customers tools and spaces in which they can create their own events. One of the examples the article uses is a new app created by The Standard called âLobby,â which allows guests to meet both digitally and in-person. Read on to learn how other hospitality brands are supporting communities and helping them grow.
Lego and Snapchat Just Opened a Clothing Store with No Clothes in It
As London fashion week approaches, companies are designing activations that give fashion lovers an opportunity to get to know their brands. In the past, weâve seen leading fashion labels take a playful approach, like Stella McCartneyâs ball pit or a giant beanbag courtesy of Anya Hindmarsh. For the most part, these activations were created to break away from the traditional catwalk-focused presentation. But this year, a brand that isnât normally associated with the world of fashion is changing things up.
In launching its first clothing-line for adults, LEGO created a pop-up shop. But this shop is unlike any other â itâs empty except for a single Snapcode. But, when a visitor uses their Snapchat app to scan the code, they are transported into an AR-based LEGO world where they can shop in real life.
3 Types of Partnerships that Will Make your Experiential Activation Wildly Popular
There is no doubt that experiential marketing is popular marketing tool, with many CMOs setting aside budgets for events â in some cases, a significant amount. With an increased number of activations comes an influx of creative and innovative strategies that brands are using to engage with customers. And in order to pull off the crowd-pleasing activation that every brand hopes for, companies need a clear focus on the visitor experience.
This Adweek article, written by Brian Salzman of RQ agency, suggests that ârather than focusing on the financial gains that come from a sold-out event, brands should think about the experience theyâre creating for consumers.â Salzman provides three partnerships for brands to consider in order to drive the right results. Check out the full article here.
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