Experiential Marketing Forum (EMF) members continue to learn with IMI International as part of the forum partnership to keep members abreast of the latest insights, research and methodologies in the industry.
This month’s topic is “How to Measure & Optimize Experiential Marketing” which is a three-step process:
- Isolate the experiential impact versus other marketing campaign drivers
Use consistent measures, with the key categories being efficiency (reach), effectiveness (residual impact) and cost effectiveness ($ cost for the gains)- Compare results to an objective database in order to show relative program strength
With this consistent approach, experiential programs can be evaluated against each other and against various marketing programs.
For experiential programs, as with all marketing campaigns, it is imperative to focus on targeted reach and conversion to actual program impact. Further, leveraging IMI International’s best practices by dollarizing experiential impact via a ‘Cost Per Impacted Consumer’ model equalizes all campaigns so the best, fact-based marketing investment decisions can be made.
For more information on the EMF, visit www.experientialforum.com where you can join to receive regular updates on the latest experiential news, research and insights. The EMF / IMI International research articles are also available for viewing on IMI International’s Downloads page.
Tags: Brand Activation, Consumer Insights, Cost Effectiveness, Cost Per Impacted Consumer, Database, Effectiveness, Efficiency, EMF, Experiential, Impact, Insights, Measurement, Sponsorship, Word of Mouth