Experiential marketing can be considered a straight-forward idea. It encompasses providing consumers with a memorable brand experience. But, as clearly-defined as the concept is, it is equally vast as it relates to how those experiences are delivered. Experiential can include a sampling program or a product demonstration. It can also incorporate an interaction at a trade show, or an avant-garde PR stunt at a popular intersection in a big city.
Experiential allows brands to be as creative they want to be. And this experiential diversity leads to a variety of campaign objectives among activations. From soft launching a new product to driving sales, brand activations have a multitude of goals and event ROI metrics that marketers are choosing to examine. This week, one White Board article provides insight about how to determine event ROI metrics. We also showcase 5 tips for preparing for a trade show and why monetizing experiential shouldn’t be off the table.
ROI, although determined by the objectives of each event, is the measure of all measures for marketing campaigns. It is the standard to which all marketers determine whether they have been successful or not. But Corporate Event News challenges this thought when it comes to the experiential field.
They argue that the effectiveness of an event can and should be measured beyond ROI. With increased brand affinity, an event can also claim success. Here they provide four key metrics and how to collect the data for measurement.
For most brands, executing a brand activation is about generating revenue. But, in most cases, that revenue is in the form of consumers purchasing their products and services. Sometimes the brand is working to drive purchase after the event, using offer redemptions or building long-term brand loyalty. Some are designed to generate revenue at the experience, such as in the case of a pop-up shop.
Yet, very rarely is the event itself monetized. Most brand experiences are considered a part of a marketing platform, and costs associated in that expense budget. But Pop2life arguesthat there could be a place for events themselves to become revenue streams. Read on to see why this potentially radical idea could make sense.
These days, brand authenticity is a big deal. Both Millennials and Gen Z-ers are simply not interested in what marketing has traditionally offered. In fact, according to this article, “Only about 1% of millennials claim that a compelling ad influences them. The rest are almost naturally skeptical of advertising. They think it’s all spin, so they don’t bother paying attention.”
What they do care about is where a brand came from, the company’s values, and their mission. It is for these reasons that Lokus Design argues that a company’s brand strategy should come from within – and ignore what the competition is doing. They argue that, by focusing on what is unique about your brand, your strategy will be that much stronger.
In the modern marketplace, customers have an unprecedented number of choices. It is critical as marketers to adapt to this reality. We must adjust not only how we engage with consumers, but how we measure the success of our efforts.
The same technological environment that is providing these buying choices has also given brands the ability to create customer experiences that are relevant to their audience. And as brands focus more on the individual consumer, the perception of authenticity increases. Improving and personalizing each consumer’s experience creates brand affinity.
Inc. Magazine provides a general guide on “How to Adopt a Customer-Centric Approach.” This article covers topics such as personalization, preparing for upcoming generation’s buyer personas, and why a brand just should focus on being human.
With the continued popularity of music festivals and outdoor events, more brands are finding ways to insert themselves into the mix. From sponsorship to on-site brand activation, smart companies know the value of capitalizing on these events to develop relationships with attendees.
But planning an activation in a high-attendance, outdoor environment brings several unique variables. Boomset offers some insight and suggestions on key steps to ensure that your outdoor brand activation goes off without a hitch.
Budgets. A necessary evil that every department, marketing and otherwise, is intimately familiar with. When planning an event, not only does everything need to come in at the right price, there are dozens of tiny details that can’t be missed. Teams must ensure they’ve included every component for the next campaign. Did you remember to include shipping of product to the site? What about staffing? And while every team generally has a budget, some are better than others at managing it.
The struggle is real, so why not get a little bit of help? Here Capterra shares some helpful event budget templates. They also include a guide so you can create a more customized budget to fit your needs. They walk through each step to ensure you are working your budget in the most efficient way possible.
According to the Center for Exhibition Industry Research (CEIR), 72% of trade show visitors say the experience influenced their buying decision. In a previous post, we provided tips for consistent trade show success. But what about a brand’s very first trade show? While many companies use trade shows as a marketing staple, several brands are just now identifying trade events that are beneficial for them to attend.
As Blazer Exhibits explains in their article, “the first step in your trade show preparation process should be setting clear, measurable and achievable goals.” They also provide some tips on how best to prepare for your first show. Regardless of your industry or goals, understanding trade show best practices will allow your company to find continued success.
We’ve shared some of the efficacies of experiential marketing, from driving brand loyalty to increasing sales. And event ROI metrics have contributed to the rise in the popularity of marketing events. In fact, “79% of brands say they will be executing more events and experiential programs.”
Navigating the process to turn out a flawless execution can be daunting, especially when brands need to stand out. In this article, Biz Bash lends 6 Big-Picture Rules for Event Activations. Brands are wise to keep these rules in mind through the entire planning process, as more than just performance is at stake. As the article points out, “attention to detail will create efficiencies across the board—including with your budget.” Money talks, so let’s listen.