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HOW TO: Measure ROI for Live Events
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HOW TO: Measure ROI for Live Events

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As technology infuses itself into live experiences, marketers are often left with a sea of meaningless metrics. This presentation, originally presented by Ben Grossman at EventTech 2013, outlines the ...

As technology infuses itself into live experiences, marketers are often left with a sea of meaningless metrics. This presentation, originally presented by Ben Grossman at EventTech 2013, outlines the three types of measurement that actually matter (ROI, KPIs and Beyond), how to make measurement happen and why doing it will make you a better marketer. Topics covered include measurement methodology, optimization opportunities and benchmarking.

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    HOW TO: Measure ROI for Live Events HOW TO: Measure ROI for Live Events Presentation Transcript

    • 3 WAYS MEASUREMENT MATTERS FOR LIVE EXPERIENCES #LiveROI
    • THE LANDSCAPE 3 WAYS IT MATTERS DEVELOPING PLANS TRENDS MEASUREMENT AGENDA
    • THE LANDSCAPE 3 TYPES THAT MATTER DEVELOPING PLANS TRENDS MEASUREMENT AGENDA
    • THE SAD TRUTH: ONLY 11% OF MARKETERS’ DECISIONS ARE MADE BASED ON DATA. CEB, 2012
    • THE SAD TRUTH: INFLUENCES ON MARKETERS’ DECISIONS 1. PAST EXPERIENCE & INTUITION 2. COLLEAGUE RECOMMENDATION 3. CONVERSATIONS WITH EXPERTS 4. ONE-OFF CUSTOMER INTERACTIONS 5. DATA CEB, 2012
    • A LITTLE SECRET... When marketers’ statistical aptitude was tested with 5 questions, almost half (44%) got 4+ questions wrong. A mere 6% got all five right. CEB, 2012
    • WHAT’S AT STAKE: 15-20% INCREASE IN ROI for companies that put data at the center of their marketing and sales decisions McKinsey, 2013
    • WHAT’S AT STAKE: 15-20% INCREASE IN ROI for companies that put data at the center of their marketing and sales decisions $150 – $200 billion of additional value based on global marketing of $1 trillion/year McKinsey, 2013
    • THE LANDSCAPE 3 TYPES THAT MATTER DEVELOPING PLANS TRENDS MEASUREMENT AGENDA
    • 3 WAYS MEASUREMENT MATTERS 1. ROI Measuring success and returns. 2. KPI Optimization engine. 3. INSIGHT Context for planning.
    • 3 WAYS MEASUREMENT MATTERS 1. ROI Measuring success and returns. 2. KPI Optimization engine. 3. INSIGHT Context for planning.
    • Return on Investment: A simple equation. (Business Value - Investment) ROI = Investment For most marketers, the challenge in calculating ROI is not determining the investment (cost) of the experience, but rather determining what business value is delivered.
    • TWEET-ABLE TIP: “ Measurement shouldn’t be an intellectually bankrupt exercise. It can't cost more than the value you get out of it.” -@BenGrossman #LiveROI
    • Return on Investment: Defining business value. Customer Lifetime Value (CLTV) -- not immediate sales -sets the standard for determining value (and thus, lift in value). Harvard Business School offers a useful tool to help organizations calculate CLTV: http://bit.ly/HBSCLTV.
    • Return on Investment: Defining business value. Customer Lifetime Value (CLTV) -- not immediate sales -sets the standard for determining value (and thus, lift in value). Harvard Business School offers a useful tool to help organizations calculate CLTV: http://bit.ly/HBSCLTV. The best way to determine business value of a specific live event is two-fold: 1. Use cohort analysis of attendees’ pre/post behavior to determine a lift in value (i.e. spending, loyalty, advocacy, etc.). 2. Compare attendee value to a control group of consumers.
    • Return on Investment: Defining business value. Customer Lifetime Value (CLTV) -- not immediate sales -sets the standard for determining value (and thus, lift in value). Harvard Business School offers a useful tool to help organizations calculate CLTV: http://bit.ly/HBSCLTV. The best way to determine business value of a specific live event is two-fold: 1. Use cohort analysis of attendees’ pre/post behavior to determine a lift in value (i.e. spending, loyalty, advocacy, etc.). 2. Compare attendee value to a control group of consumers. Note: When unable to use actual behavior as an indicator of value (generally through a marketing automation or customer relationship management platform), using self-reported survey data can be a relatively accurate substitute.
    • 3 WAYS MEASUREMENT MATTERS 1. ROI Measuring success and returns. 2. KPI Optimization engine. 3. INSIGHT Context for planning.
    • TWEET-ABLE TIP: “ Experiences must be agile. If you’re not changing something, you’re not listening closely enough.” -@BenGrossman #LiveROI
    • Key Performance Indicators: An optimization engine. Key performance indicators (KPIs) are a set of initiativespecific metrics that are the key drivers of ultimate success and returns.
    • Key Performance Indicators: An optimization engine. Key performance indicators (KPIs) are a set of initiativespecific metrics that are the key drivers of ultimate success and returns. Optimizing against KPIs on an iterative and ongoing basis allows marketers to maximize returns. Common live experience KPIs include: ‣ ‣ ‣ ‣ ‣ ‣ ‣ ‣ # of Attendees Net Promoter Score Avg. Time Spent Engagement Rates Conversion Rates Satisfaction Attendee Quality Social Media Sentiment ‣ ‣ ‣ ‣ Attendance Rate Event Loyalty Rate Digital Channel Metrics Digital Installation Interaction Metrics ‣ Social Media Engagement Rates ‣ # of Impressions
    • 3 WAYS MEASUREMENT MATTERS 1. ROI Measuring success and returns. 2. KPI Optimization engine. 3. INSIGHT Context for planning.
    • TWEET-ABLE TIP: “ Your brand experiences should get smarter every time they happen.” -@BenGrossman #LiveROI
    • Measuring for Insight: Providing context for planning. Often times, marketers get bogged down reporting metrics that don’t matter to senior level audiences. But certain, insight-driving information should be preserved.
    • Measuring for Insight: Providing context for planning. Often times, marketers get bogged down reporting metrics that don’t matter to senior level audiences. But certain, insight-driving information should be preserved. Complementary data that doesn’t speak directly to success can provide context (the “why”) behind certain results. These should be reported sparingly, but analyzed carefully. Examples include: ‣ ‣ ‣ ‣ ‣ ‣ ‣ Gender of Attendees Attendee Ages Geography Ethnicity of Attendees Weather Food Consumption # of Brand Ambassadors ‣ ‣ ‣ ‣ ‣ # of Complaints Quality of Staff Time of Year Time of Day Confounding World/ Local Events ‣ Competitive Landscape ‣ Creative Considerations
    • 3 WAYS MEASUREMENT MATTERS 1. ROI Measuring success and returns. 2. KPI Optimization engine. 3. INSIGHT Context for planning.
    • TO WHOM MEASUREMENT MATTERS: 1. ROI C-Level Executives 2. KPI Senior Marketers 3. INSIGHT Marketing Teams Measure and report based on your audience.
    • THE LANDSCAPE 3 TYPES THAT MATTER DEVELOPING PLANS TRENDS MEASUREMENT AGENDA
    • TWEET-ABLE TIP: “ Measurement simplicity is key. And simplicity doesn’t happen without some complex planning. -@BenGrossman #LiveROI
    • DEVELOPING A MEASUREMENT PLAN DEFINE PLAN REPORT & OPTIMIZE RECOMMEND REPEAT
    • DEVELOPING A MEASUREMENT PLAN DEFINE Define the measurable measure of success for your live experience. Establish what data outputs you will need to conduct your analysis. Create report templates for the analyses you will want to generate.
    • DEVELOPING A MEASUREMENT PLAN DEFINE PLAN Plan how you will collect data to create the inputs for your models and reports. Institute dashboards, surveys, and database integrations that enable you to operationalize your Measurement Plan. Establish team roles and responsibilities. Identify optimization opportunities.
    • DEVELOPING A MEASUREMENT PLAN DEFINE PLAN REPORT & OPTIMIZE Reporting should be a mix of instant indicators and thorough post-analysis. An optimization plan should enable real-time shifts that are feasible and actionable.
    • DEVELOPING A MEASUREMENT PLAN DEFINE PLAN REPORT & OPTIMIZE RECOMMEND Final results should be reported to relevant stakeholders (sometimes requires multiple reports) in an insights and implications format.
    • DEVELOPING A MEASUREMENT PLAN DEFINE PLAN REPORT & OPTIMIZE RECOMMEND REPEAT
    • THE LANDSCAPE 3 TYPES THAT MATTER DEVELOPING PLANS TRENDS MEASUREMENT AGENDA
    • Just In Time Optimization. Hubspot opened up more space in real time at its Inbound 2013 conference and used social media to determine which speakers should host encore presentations. When social media-empowered attendees called for it, Hubspot opened up more space in real time at its Inbound 2013 conference. It also tracked which sessions filled up and used the data to invite speakers to host encore presentations before the conference was over.
    • Simplicity Rules. In a world where data is growing at a rate of 40% per year, there are two types of people: complicators and simplifiers. You want simplifiers doing your measurement. Fab.com is using DelightedApp to survey its customers with a one-question Net Promoter Score survey that lives within the email. Response rates are through the roof.
    • Making Big Data Small. Big Data is only as good as how you use it. Consider small ways for data to enhance your understanding of event attendees and customers. Webtrends appended its customer profiles with B2B data sources and cut its profiling process from 21 days to 24 hours.
    • THE LANDSCAPE 3 WAYS IT MATTERS DEVELOPING PLANS TRENDS MEASUREMENT AGENDA
    • How did we measure up? Continue the conversation! BEN GROSSMAN SENIOR STRATEGIST JACK MORTON WORLDWIDE e: ben_grossman@jackmorton.com m: + 1.617.752.1171 t: @BenGrossman w: www.ben-grossman.com Read our blog: blog.jackmorton.com Follow us on twitter: @JackMorton Visit us online: www.jackmorton.com For today’s presentation, visit: http://bit.ly/JackROI
    • 3 WAYS MEASUREMENT MATTERS FOR LIVE EXPERIENCES #LiveROI