Your experiential agency partners are delivering sub-par data because they don't have the right processes, systems or tech in place. Sound familiar?
If you rely on incomplete, outdated and poor-quality data, you're doomed. Perhaps not surprisingly, 59 percent of companies don't use predictive analytics or advanced analytics at all. Those that do still struggle. Fifty-four percent of organizations say insufficient data quality and completeness are their biggest challenges to data-driven marketing.
The problem could lie with your agency partners. The truth is, most of them simply have no clue when it comes to collecting actionable data and tracking experiential events, sponsorships and in-person activations. Most agencies are stuck in the past, and it's hurting their brands.
Think about the last experiential campaign you worked on with a partner. Did a lack of data result in lost opportunities? Did inadequate data collection processes lead to vague insights about your customers?
The answer is probably yes.
These are just some of the pain points that you might share with other marketing leaders who use agencies:
Thankfully for you, there's a solution.
"Poor data quality gives rise to poor decisions," says TechRepublic. It's just a waste of time. If you can't track customers properly, then you'll never know if your event was a success.
Fifty-nine percent of companies say they collect data that is not useful to their organization or not used at all. Shockingly, only 17 percent said they didn't face challenges with data.
It's a waste of money, too. Bad data costs brands 6 percent of annual revenue according to one study. Another study shows it it costs the United States as a whole $3 trillion per year.
Could your agency partners be to blame? Many of these companies struggle to adapt to the latest technology and use passive rather than active data — a huge no-no when it comes to experiential marketing, which relies on real-time, quantifiable insights.
There were fewer new business opportunities for creative agencies in 2017, and as a result, revenue dropped by 10 percent compared with the year before, according to a study from consultancy firm R3.
Fewer business opportunities and falling revenues will have a trickle-down effect on your campaigns. If your agency is struggling, you will, too. This could have a significant impact on the way you collect data, track customers and, ultimately, generate sales.
It's worrying, isn't it?
Most big brands use agencies to make a live experience happen. You're most likely one of them. But ask yourself these questions: What happens if your agency fails to deliver results? What if your agency provides you with poor-quality data that offers little or no value?
"Most marketing agencies struggle to generate recurring revenue," says Pete Caputa, vice president of sales at HubSpot. "Many suffer through the ups and downs of the cash-flow roller-coaster because they never make the switch to recurring-revenue engagements."
So what are agencies good for? Well, they throw great parties and plan great experiences, but all of this is useless if they can't generate great metrics — you know, metrics that tell you exactly what customers think and feel about your brand at live events.
This is where great marketing software comes in.
The right software can solve some of the pain points that you share with other marketing leaders.
Pain Point #1: Bad data tells you nothing about your customers at live events.
The Solution: Software provides you with actionable, quantifiable insights into how your customers behave before, during and after a live event.
Pain Point #2: Bad data hinders the growth of your business.
The Solution: Software generates unparalleled intelligence about your experiential marketing processes so you can make quick decisions in your company and grow your business.
Pain Point #3: Bad data costs you money.
The Solution: Software saves you money by reducing data inaccuracies. You can also automate many of the data collection processes that cost you cash.
Marketing software empowers your agency partners by providing them with credible data in real time. No longer will they have to rely on vague metrics. Instead, they can track key performance indicators (KPIs) that produce in-depth insights — social sentiment, leads by rep, number of engagements and more. It's no wonder, then, that the global event management software market will be worth $8.66 billion by the year 2020.
With marketing software, you can give your agency partners the power to do more and hold them accountable for their actions. Everything is kept in one place, so you can discover whether your partners provide you with a good return on your investment.
This kind of tech isn't a new idea — brands have used marketing software for years. In the context of your relationship with an agency, however, it's a pretty revolutionary concept. Agencies who rely on outdated methods of data collection and analysis can transform their experiential marketing strategies just by updating their software.
Experiential marketing software can't replace your relationship with an agency, but it will provide you with additional value. As a result, you can save money, track customers and improve your future experiential campaigns, sponsorships and in-person activations. It could be the best investment you make this year.
