Experiential Measurement Terminology
When someone talks about measurement, it can often sound like a foreign language. You might be thinking, “What exactly do you mean by that?” At the EMMC, we believe a clearly defined set of terms is critical to our industry. After all, speaking the same “language” when it comes to measurement is the first step in driving consistent practices across the experiential and event marketing industry.
We’ve assessed measurement definitions and below are a set of terms we believe are important to understand:
Marketing Measurement: An evaluation of the performance of a marketing program against business objectives.
Objective: A measurable, desired outcome which effort is directed toward.
Goal: Synonymous with “objective”.
Data: A collection of facts and statistics to be analyzed in the service of marketing measurement.
Metric: A data point relevant to an objective.
Key Performance Indicator (KPI): The “most important” metric of success.
Target: A numerical outcome one hopes to achieve (not to be confused with target audience).
Baseline: A starting point associated with a program metric, used as a point of comparison with post-program analysis.
Benchmark: An average associated with a program metric, used as a point of comparison with post-program analysis.
Awareness: The knowledge of an audience or individual about an organization and/or its products & services.
Perception: The opinion of an audience or individual about an organization and/or its products & services. Also referred to as sentiment.
Behavior: The way in which an audience or individual acts pre, during, and post event.
Propensity: The likelihood of an audience or individual to take a desired action.
Sales Funnel: The buying process (stages) of an organization’s customers.
Pipeline: A forecast of anticipated sales.
Qualified lead: An individual who can make or influence relevant purchase decisions.
Conversion: The measure of someone who has made a purchase or implementing a desired, revenue-driving behavior, including advancing in the sales funnel.
Client/Customer: An individual or organization who currently purchases or recently has made purchases from a business.
Prospect: A potential customer.
Retention / Loyalty: The continued purchase of an organization’s products and services by an existing customer.
Advocacy: The recommendation of an audience or individual for an organization and/or its products & services.
Sample Size: Number of survey responses or observations included in a study.
While we know there are many other terms and definitions that could use clarification, we hope this initial set steers you on the right path to speaking accurately about experiential and event measurement. Have further questions about terminology or suggestions about how to improve this guidance? Reach out to info@eventmeasurement.org and we’ll be happy to continue the conversation.