Experiential Marketing Makes All the Difference
Martech Outlook | Friday, November 30, 2018
The excessive ad campaign penetration into the lives of consumers annoys them rather than creating a desire to purchase a product or a service of a company. To prevent such ads from being repeatedly displayed on the screen, customers use tools such as ad blockers and buy premium services instead. How can this antipathy of customers toward a certain brand be changed to solidify consumer-brand relationship? With all these factors in mind, CMOs of today are contemplating ways to invest almost half theirmarketing budgets for experiential marketing and marketing automation across channels including social mediato createthe superlative customer experience. While creatingbenchmarks to measure experiential marketing ROI is an uphill task, there are methodsthat help to measure experiential marketing ROI.
Budget Time to Understand Experiential Market
What is touted as the first step to fathom the experiential market, it is indispensable to understand the targeted customers and their true needs before crafting an experiential marketing campaign. Despite brands pouring their resources—time and dollar—to improve the visibility of experiential ROI, the grave challenge, however, lies in their inability to measure the effectiveness. The brands, apart from investing dollars, must also invest enough time to comprehendthe emotional needs of customers rather than attacking them with products/services.
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Determining Goals
Marketers often are not aware of what they want to achieve through marketing campaigns. Determining marketing goals and objectives enable them to distinguish between what is essential and what is not. Defining marketing goals may take into consideration the many challenges such as identifying time limit to achieve goals and difficulty to measure progress. It is worth mentioning that it is difficult to achieve the expected results without having a clear vision of the marketing goals.
Measuring the ROI
How can social activity, attendance of participants, and conversation and leads ratios be measured? While there are a myriad KPIs to measure experiential marketing ROI, not all of them provide effective and actionable results. Some of the KPIs that the Crème de la Crème marketers of the world incorporate into their campaign measurement tools include customer’s awareness and affinity, consideration to buy a product/service, segmentation of interested customers, and customer propensity—likelihood to convert a lead into a customer.
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