Experiential marketing has become a valuable tool for businesses looking to engage with consumers in much more meaningful and memorable ways. By creating immersive experiences that bring a brand’s message to life, you can build deeper connections with your audiences, increase brand awareness, and drive sales. However, with any marketing investment, it is important to measure the success of these efforts and understand the ROI. This is where tracking and reporting come into play.
One of the biggest challenges in measuring the success of experiential marketing events is quantifying the impact on consumer behaviour. 92% of consumers say that live experiences are more impactful than traditional advertisements (Event Marketing Institute), with 75% of consumers more likely to purchase a product after experiencing it first-hand (Forbes).
However, unlike traditional advertising, which can be measured through metrics such as impressions or clicks, experiential marketing relies on emotional connections that are harder to quantify. This is why tracking and reporting on these events is so important. By collecting data on consumer interactions, feedback, and other metrics, businesses can gain a deeper understanding of the impact of their experiential marketing efforts.
One of the key benefits of tracking and reporting on experiential marketing is the ability to measure ROI. In today’s business landscape, it’s critical to demonstrate the value of any marketing investments, and this is especially true for experiential marketing, which can often be perceived as a more intangible or “soft” marketing tool. 82% of marketers believe that tracking and measuring the success of experiential marketing events is important, but just 56% of marketers are actually tracking key KPIs (Event Marketer). By tracking metrics such as consumer engagement, sales, and brand awareness, you are able to demonstrate the concrete impact of experiential marketing events and highlight the ROI to stakeholders.
Another benefit of tracking and reporting is the ability to continuously improve and refine experiential marketing strategies. By analysing data from past events, you can identify areas for improvement, test new strategies, and optimise efforts for better results continuously. Using Elevate Impact to track and report on key KPIs from in-store sampling activities we’ve been able to highlight higher footfall time periods and change shift times to improve product sales for Waitrose across 50 stores, taking the average sale conversion from 8% to 13%.
Tracking and reporting on experiential marketing events is a critical part of measuring the success of these efforts and demonstrating their value to stakeholders. By collecting data on consumer interactions, feedback, and other metrics, businesses can gain a deeper understanding of the impact of their efforts, measure ROI, and continuously improve their strategies for better results. With the rise of experiential marketing, it’s more important than ever for businesses to prioritize tracking and reporting and to ensure that their efforts are delivering the results they need.
Book an Impact demonstration today to find out exactly how you can collect your consumer data at your next experiential marketing activation.