How to Convince Stakeholders that Measurement is Worth the Investment
On the whole, brands strive to maximize returns, whether that be higher revenues, more members, increased donations or another value-driving result. Marketing, in its many forms, is a critical conduit to realizing those goals. A key question is; how do companies know whether their marketing-mix is effective? And, more importantly, what within their marketing-mix is driving the most significant impact?
We know that today’s marketing landscape is ensconced in data. Performance is tracked at multiple levels. Successful marketers analyze results and determine the root causes driving impact. They continually optimize marketing plans to realize the best results possible.
It seems simple. And within individual channels, it might be. However, when trying to understand if traditional media or social or events or email should get an influx in investment, reaching a decision is a real mix of art and science.
Several forms of media have metrics that just about every marketer subscribes to, such as website traffic, social shares, or email click-thrus. Other media channels have less defined measurement approaches. Events are one of those channels. Experiential Marketing Measurement Coalition (EMMC) members have heard comments such as “I know experiences are important, but we can’t measure the results,” or, “I judge success by the smiles I see on people’s faces.” These types of comments delegitimize the true value that events and experiences are able to deliver.
Given this scenario, how do we get stakeholders to recognize that investing in experiential measurement is an essential piece of the puzzle? After all, without measuring, how can anyone justify if marketing dollars are being spent effectively?
Surface level data will yield surface level insights. The old adage of “garbage in, garbage out” is absolutely true in experiential marketing. Data may be available in some capacity, but the necessary data required to assess if an experience positively impacts business results may require a deeper level of investment. To determine effectiveness, a proper research methodology ought to be implemented. If you are new to measurement, we suggest engaging an expert to help get you started.
Benchmark results. Comparing impact with others helps to determine the quality of the work. This is one of the key reasons the EMMC was founded - to standardize measurement across the event industry. Through that standardization, we can help companies better understand their results by providing points of comparison.
Optimize your marketing spend. Knowing which practices are delivering - and which are falling short of expectation - is critical to ensuring dollars are being spent properly. A small investment in measurement may save a much greater investment in execution down the road.
Effective measurement continues to be a challenge for many marketers but we must try, as not doing measurement puts marketing investments at considerable risk. If you’d like to chat about measurement or learn more about the EMMC, drop us a line.