You’ve put a lot of thought and effort into your overall event marketing strategies: spending hours selecting just the right events, considering exactly where inside the building your booth will make the biggest impact and much more. It’s no surprise, considering that event marketing is one of the most expensive line items on a budget each year.
But if your event marketing strategies aren’t data-driven, you may not be setting your program up for success from day one. Utilizing data can help you to attribute sales that may have previously been left on the table, determine exactly who your customer is via persona data, find out just how much manpower you need at each event and much more.
So how can you start making a difference now? Take a good look at all of your 2017 event marketing strategies and goals, and determine exactly which type of data can help you achieve them. Even if you haven’t historically been measuring or evaluating any, it’s not too late to start.
As an added bonus, if your CMO isn’t already demanding more transparency and accountability from your experiential campaigns, consumer events or trade shows, 2017 is sure to be the year. Start utilizing data in your event marketing strategies now and you’ll be ahead of the curve!
2017 Event Marketing Strategies: 5 Metrics to Consider
Cost Per Qualified Lead. Most marketing campaigns will track Cost Per Lead (CPL), which is a great first step, but you can do even better. Once you understand your CPL by event, location and more, it’s time to move towards better understanding the costs associated with acquiring a qualified customer. Looking at this metric will help your team to successfully evaluate your brand experience and various campaigns.
Addressable Market. Do you know how many potential customers you will have the opportunity to reach? Not every single attendee at the event will walk by your booth, let alone interact with you. Understanding the potential addressable market metrics vs relying simply on event attendance data will allow your brand to make better decisions, negotiate contracts, and site plan accordingly.
Revenue Attribution. Chances are that event attendees are not buying your product or services the same day or even the same week. In fact, Event Marketing Institute reports that 87% of consumers said they purchased a brand’s product or service after an event – but at a later date. Understanding your sales cycle and implementing the appropriate lead tracking strategy will allow you to understand the revenue impact of each campaign, regardless if those sales come after 10 days, 45 days, or 6 months.
Activation Costs. Successful event marketing doesn’t come cheap, so make sure you’re taking enough time to evaluate the entire cost of activating your events. Costs associated with brand ambassadors, logistics, quality control, install/dismantle, and drayage can add up quick – which can significantly impact your programs overall ROI. Are you relying on show decorators for your activation needs? Overall, we have seen as much as 35% in drayage cost overages alone - do you have someone in your corner during all stages of activation?
Social Data. Social media can play a big part in your data collection and overall event marketing strategies, too. Most social media networks provide demographic information on followers for business accounts. Utilize this information to ensure you’re speaking to your actual customer and attending events they are likely to also attend.
It’s also important that during or immediately after the event, you’re also monitoring social media posts. Check out the variety of hashtags, see what your followers are saying and even what the followers of your competitors are posting. Social media can allow you to see what others are saying about whether the event was successful or not, and they may even give you direct feedback on your event presence.
With more data at your fingertips than ever before, now is an exciting time to be in events! Make sure you’re setting yourself up for more success than ever.
Want to learn more about a data-driven experiential marketing program? Download our free white paper.