Avoiding Measurement Missteps
Measurement is much more than a marketing buzzword. It’s a critical element of any responsible and productive business strategy. After all, why invest money if you’re not going to assess whether your investment is giving you results?
But far too often, marketers are making needless measurement missteps. (Or even bypassing the discipline entirely.)
At GOXD, we specialize in creating extraordinary real-world experiences that inspire brand appreciation and drive measurable — and indeed, measured — business results. Our expertise allows us to avoid common missteps, like the ones below:
Measuring for vanity, not performance.
Metrics like impressions and foot traffic may deliver big numbers look nice in a project recap — but they’re not particularly telling. Certainly you can consider and even feel proud of these so-called vanity metrics, but marketers’ focus should be on the hard numbers that actually reflect value gained.
By measuring data like transactions, sales funnel progress, consumer engagement, or other buying behaviors, we can assess metrics that influence the bottom line. Similarly, by measuring cost per acquisition and other financial indicators, we can asses the real returns on your marketing spend and help you plan your budget allocations accordingly.
These metrics — metrics that align with your business objectives and correlate to your business performance — are the ones that are truly actionable. And they’re the ones that provide an honest basis for calculating ROI.
Measuring satisfaction, but not impact.
Audience satisfaction is of course important, but it’s barely more than the price of entry. If you’re creating an experiential marketing program — whether internal, B-to-B, or B-to-C — it should be a given that the experience is enjoyable.
And yet all too often, marketers stop measuring once metrics show that audiences were happy. They see that event attendees, for example, rated the food highly, said the environment was comfortable, and liked the entertainment. And they call the program a success. But surely these marketers weren’t planning an event purely for the enjoyment of their attendees.
When we design effective measurement tactics, we indeed consider audience response and general satisfaction, but we also assess how the project performed against the marketers’ business imperatives. Did attendees learn what they were supposed to? Did their brand perceptions or purchase intent shift in any meaningful way? Did the event yield actual behavioral changes? It can be more difficult to capture this kind of meaty data accurately and comprehensively, but only when we do can we assess true business impact.
Measuring too late.
All too often, marketers ask “how’d we do?” only once a program concludes. But by that point, the only results that can be gleaned are at best incomplete and more likely inaccurate.
Instead, build a comprehensive measurement strategy into the program itself. And do it from the start, with careful consideration of the objectives you’re trying to achieve, the KPIs that demonstrate performance against those objectives, and the target metrics for each of those KPIs. Do it with a plan to capture meaningful data, analyze it effectively and efficiently, and optimize your program in real time.
You’ll find yourself far more likely to design a program that will empirically succeed, and better still, you’ll be prepared to demonstrate that success in a quantifiable manner.
And when it comes time to ask, “how’d we do?” you’ll have a real, complete answer.
Want to talk about measuring the return on your experiential marketing investment? Email us at email@example.com.