The military is known for utilizing many acronyms that can be hard to keep up with. While event marketing may not have quite as many, even a seasoned professional could benefit from brushing up on their ABC's. Here's 7 event marketing acronyms you should know.
1. I&D - This stands for installation & dismantle, or the set-up and tear down of an event. Typically there are set times and deadlines for these activities that will be spelled out on your contract with the event or venue.
2. RFP - A request for proposal is sent from an event marketer or agency to vendors prior to an event, detailing needs and requirements. Vendors use the RFP to submit bids or quotes. In addition, brands and companies use the RFP when seeking out event marketing agencies.
3. ROI - A return on investment is one of the measurement markers used in almost all areas of business. For event marketing purposes, the ROI compares leads generated, sponsorship benefits, partnerships, revenue, sales, etc. against factors such as travel expenses, sponsorship costs, labor, display costs, etc. to determine the value of an investment. This marker is helpful in determining if an event or activation was "worth it" in comparison to the costs incurred.
4. ROE - ROE is just as important as ROI. While the term is technically used to measure the success of an event or activation, the return on event goes beyond the physical event itself. Digital marketing allows ROE to extend into social media reach, e-blast communication, hashtag interactions and conversions into customers.
5. ROO - The return on objective measures a specific objective. These are determined prior to an event or marketing initiative and are typically less analytical or hard number-focused than some of the other "return on.." counterparts. Objectives in this measurement could be increasing brand awareness, increasing understanding of a product or service, adding to an event attendees skill set, and so forth.
6. CAC - The customer acquisition cost is the price you pay to gain a new customer. On a simple level, this can be calculated by taking the total of your marketing expenses, and dividing it by the number of new customers in a pre-determined time period. Event marketing costs should certainly be included in this total, but digital marketing, advertising, and traditional marketing costs like radio or TV ads should also be included.
7. TOS - If you have looked closely at any contract, you've probably read through the terms of service. Terms of service spell out the requirements for utilizing a service, and sometimes include a disclaimer or penalty information if the terms are violated.
While it may seem as though event marketers speak their own language, you've probably heard many of these terms before - with or without abbreviations. Are there marketing acronym's that have stumped you? Let us know in the comments!