How to measure and improve the effectiveness of experiential marketing was the focus of an event run by the IPM Experiential Council as part of the IPM’s contribution to Effectiveness Week at the beginning of November 2016.
Chaired by Carey Trevill, the IPM’s Managing Director, and Jessica Hargreaves, Managing Director of agency Pretty Green and Chair of the IPM’s Experiential Council, the event presented the five key principles that the IPM are advocating as the basis for measuring experiential impact.
These key principles are built around the absolute belief that the purpose of experiential marketing is to affect the behaviour of the target audience and that this can and should be measured.
It covered five main areas:
- KPIs: It is critical to define the business challenge experiential is solving at the start of a campaign through setting SMART KPIs;
- TERMS AND DEFINITIONS: The use of industry common language for measurement (e.g. contacts, interactions, engagement, reach, amplification);
- BENCHMARKING: Where possible, activity should adopt a best practice of assessing past data and benchmark ‘what good looks like’, in order to build robust activity;
- ROBUST METHODOLOGY: To ensure the accuracy, consistency and validity of results regardless of the sector, category, brand and agency, the IPM advocates minimum standards required for measurement methodology;
- EFFECTIVE MEASUREMENT: A common approach to effective measurement and evaluation which should focus on Reach, Impact and Return on Investment.
The IPM has a model to support these principles and is calling for agencies and brands to join forces to test it. For more information on building effectiveness in experiential marketing, contact Carey Trevill, Managing Director of the IPM – Carey.Trevill@theipm.org.uk – or Jessica Hargreaves, Chair of the IPM Experiential Council – Jessica@itsprettygreen.com
Effectiveness Week (http://www.effectivenessweek.com/) was launched by the Institute of Practitioners in Advertising and is backed by UK advertising and marketing industry trade bodies including the Institute of Promotional Marketing (IPM).
The objective of Effectiveness Week is “To create and promote a shared Effectiveness Culture by building an unrivalled evidence base for how marketing and communications activity delivers value and by equipping clients (and agencies) with the tools and techniques to put into practice everyday.”