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In the past, marketing was very much an art comprised mainly of experience, some creative gut feeling and a good serving of luck. The ability to track interactions and append real actionable numbers to campaigns has upended the experiential industry and caused a shift to data-driven campaign analysis. Unfortunately, live marketing has remained largely traditional in the area of comprehensive reporting.
The truth is the majority of marketers can’t report significant or accurate numbers for their live, experiential or sponsorship marketing campaigns.
Billions of marketing dollars are funnelled into sponsorships, auto shows, events, samplings and more for the pure intangible value of exposure to targeted consumer segments. That’s not to say those billions shouldn’t be working through those channels. In a saturated marketing landscape any moment of in-person interaction is highly valuable. The question is which specific live marketing channels produce the best results and how do you track their true value to your organization?
1. CPE ((per 1000)) = (Campaign Cost / # of Engagements) x 1000
Custom tech solutions or assets built on a campaign basis can quickly inflate the cost of live marketing activities without a tangible increase in engagement numbers. It’s extremely important to understand how many engagements or leads, depending on your strategy, are being captured as a function of the amount spent on a campaign basis. By using a template approach to your live marketing campaigns you can greatly reduce the time and cost associated with your individual activations.
2. Engagements/Leads by Rep
Most experiential marketing activations employ a number of representatives, street teams or brand ambassadors to directly interact with consumers. In some cases these representatives operate without the ability to quantify their performance throughout the day. Some report on leads and sales with rudimentary means. The most important aspect of a lead by rep analysis is data integrity. Ensuring that reported leads are valid entries and that those entries can continually be tied to that representative are core principles to ensuring proper reporting.
3. Number of Engagements (Year over Year)
For an extended perspective of campaign effectiveness leverage a year over year analysis of overall engagement figures. This long-term analysis functions as the true measure of how changes to activations and your overall consumer engagement has performed. Year over year comparisons are greatly improved when using a template approach as your digital cost remains fixed regardless of the number of individual activations or assets you decide to execute. The number of engagements can be reported as a gross figure or filtered based on qualifying data fields.
4. Conversion Ratio = (Qualified Leads / # of Engagements)
For live marketing strategies focused on sales enablement the conversion of foot traffic into actionable leads offers vital insight on an event-level performance analysis. To access this level of analysis the tactical execution of live marketing events should include digital form capabilities, onsite data validation and instant lead qualification. By ensuring leads are accurate and qualified onsite your analysis becomes more granular offering you the ability to report across the sales funnel. This analysis can be broadened to a lead analysis based on event traffic.
5. Return on Investment (ROI)
The return on investment of your live marketing campaigns will amalgamate some of the above KPIs and depend heavily on your desired strategy for each activation. How you structure a ROI analysis will depend on whether your return is measured only on the strictest qualified lead or on the gross number of engagements. By automating your digital live marketing assets it’s possible to accurately report on every aspect of your return metrics. Furthermore, the low upfront investment of a template solution will ensure campaign cost remains at a minimum regardless of the number of assets or activations you execute.
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To learn more about live marketing and live marketing automation visit limelightplatform.com and track every key performance indicator in 2016.
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