Customized Reporting and ROI
To get a comprehensive understanding of the success of an experiential marketing event sponsor program INSPIOR helps marketers to look at overall customer engagement with their messaging.
In most cases, INSPIOR works with a number of measurement and tracking modalities. At INSPIOR we believe that marketers must take a cumulative approach to measuring experiential event marketing metrics by focusing on relevance
INSPIOR analyzes, evaluates, and dissects beginning to end metrics measurement and how they fit together and complement each other and their benefits:
- Reach metrics basic, primarily reach related the most basic of measures, INSPIOR reach metrics track primarily how many people are exposed to an experiential marketing event, along with reaction measures. For instance, the number of impressions, unique viewers, for an event, or website sponsor ad. These metrics provide a good starting point for marketers to measure results because they can be tracked easily and cheaply.
- Efficiency metrics provide insight into consumer behavior across channels. Efficiency metrics measure results of a single interaction. Efficiency metrics measure relative channel effectiveness. For example response rates as a key metric but they only measure what users do, not what drives them to do it. Efficiency metrics let marketers gain insight into the relative effectiveness of each channel in their mix. Many efficiency metrics provide indirect insight into how consumers feel about products or marketing efforts. For example the number of comments in an exit survey may indicate aggregate consumers’ emotional reaction to experiential marketing event, brand, or product. Efficiency metrics include cost per acquisition, i.e. the cost to acquire a new consumer. After some initial planning about which metrics are needed, INSPIOR uses analytics to track selected metrics and provide daily, weekly, or monthly reports or graphs to enable easy analysis and presentation.
- Consumer metrics are usually attitudinal and longer in scope. Consumer metrics reveal consumer attitudes and behaviors in response to an experiential marketing event effort. Through surveys, interviews, or self-reported consumer feedback gathered during polls administered at the experiential marketing event, or event website, consumer metrics reveal changes in brand awareness or purchase intent in response to marketing exposures. These metrics help marketers evaluate the emotional effect an experiential marketing event has on consumers separately from the actions it drives them to take. For example, metrics like “satisfaction” or “willingness to recommend” can indicate a customer’s long-term brand engagement. INSPIOR can research consumer metrics in several ways, including face-to-face, online, or phone-based surveys brand image studies through telephone interviewing and interviews for example focus groups, depending on the target audience and sample size.
- Cross-channel (models revealing the impact each channel has separately and together); cross-channel metrics measure the synergies between different channels within a multi-channel an experiential marketing events program and the combined effect of these channels to influence desired marketing outcomes.
- Emerging metrics (such as sentiment). For marketers the most important metrics may not be immediately obvious. Many consumer metrics like unaided and aided awareness, brand image, and purchase intent will likely already be in use in the typical marketing organization. To identify which metrics truly help diagnose marketing performance, marketers should continually review if they: 1) Correlate directly with business goals; 2) Provide insights that improve results; and 3) Turn out not to give useful insight.
- ROI or revenue contributions made through marketing activity (marketing mix models). At INSPIOR this methodology uses statistical techniques such as linear and multivariate regression analysis to look for correlations between marketing activity and sales volume and teases out metrics such as the sales impact of individual media or promotional elements of an experiential marketing event sponsorship.
At INSPIOR, we believe these metrics work best when used in concert to help discern marketing effectiveness towards achieving specific goals of experiential marketing events.
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