Overcoming the Fear of Data
There’s no getting around it: today’s marketing landscape is data driven. Ongoing data collection and measurement are critical functions in optimizing performance and justifying the value of implemented strategies and tactics. So why then, within events, do we see marketers deprioritizing or completely ignoring the measurement of their programs? We believe there is an unspoken “fear of data” that is holding marketers back from investing in measurement within the experiential marketing industry.
Let’s examine some reasons for this fear:
Limited Budget: Marketers want to use their budgets on the experience rather than the measurement. We understand needing to allocate budget toward things that are going to drive audience impact. But if you don’t know what that impact is, or what is actually moving the needle, you could be making your experience more expensive than it needs to be. The cost to measure appropriately does not need to be significant. In fact, as a percentage of a usual event budget, it is often miniscule. Carving out funding to gather data and understand the impact drivers can make your events more efficient.
Uncertain Impact: When collected in the right way, data is honest. And the truth can be scary! Stakeholders may have lofty expectations for what experiences can deliver for their brands, and there is a risk the data won’t demonstrate that impact. Events tend to be expensive versus other marketing channels. As a result, there is a fear that an apples to apples comparison on certain metrics will reveal that heightened expense for events. Because of some of these factors, marketers fear not being able to effectively showcase the power of events and that the investment may only look partially justified. Even if that is the case, it is better to measure, diagnose what can be improved, and optimize performance for the future.
Measurement Confusion: There is an abundance of data available to marketers and sometimes that can create information overload. It can be intimidating when we have a lack of knowledge and understanding on what to measure. Measurement people are sometimes seen as highly trained specialists whose work sits behind a dark curtain. The reality is measurement isn't that complicated, and any marketer can learn enough to do at least the basics, including understanding what to measure and how to measure it. As a suggestion for where to start, the EMMC endorses two key metrics to focus on: perceived value and increased propensity to take action.
Math Anxiety: Marketers typically don’t like math. We realize that may sound funny, but marketers tend to be right brain dominant. They are creative and visual. When thinking about creativity, measurement is probably not the first thing to come to mind. But data can be fun in that it objectively proves the impact we have on audiences. Plus, you don’t need to be a math whiz to be able to report on event impact. Many survey tools come with basic data analysis and visualizations built in. Furthermore, there is tremendous value in qualitative data gathered in the form of comments, both supportive and constructive.
To alleviates some of the fears event marketers have with data, we have a few tips:
Admit your fears and make a plan to overcome them.
Learn the basics so you can have a productive discussion on approaching measurement. Remember, you don’t need to be an expert.
Face the fear by measuring your next event. Start small with something like a short survey, poll, or a report on registration data. The more you do, the easier it gets.
Measurement is a critical component in our industry. The more we embrace data, the greater the investments in the events and experiential marketing will be.