3 ways measurement matters for live events

3 WAYSMEASUREMENTMATTERS FOR LIVE EXPERIENCES

SENIOR STRATEGISTJACK MORTON WORLDWIDEe: [email protected]: + 1.617.752.1171t: @BenGrossmanw: www.ben-grossman.com

BEN GROSSMAN

How did we measure up?Continue the conversation!

Read our blog: blog.jackmorton.comFollow us on twitter: @JackMortonVisit us online: www.jackmorton.com

THE LANDSCAPE3 WAYS IT MATTERSDEVELOPING PLANS

TRENDS

MEASUREMENT AGENDA

THE LANDSCAPE3 TYPES THAT MATTER

DEVELOPING PLANSTRENDS

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

McKinsey, 2013

for companies that put data at the center of their marketing and sales decisions

WHAT’S AT STAKE:

15-20%INCREASE IN ROI

McKinsey, 2013

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



MEASUREMENT AGENDA

3 WAYS MEASUREMENT MATTERS

1. ROI

2. KPI

3. INSIGHT

Measuring success and returns.

Optimization engine.

Context for planning.

Return on Investment: A simple equation.

(Business Value - Investment)Investment

ROI =

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.

Measurement shouldn’t be an intellectually bankrupt exercise. It can't cost more than the value you get out of it.”

- @BenGrossman

“TWEET-ABLE TIP:

Return on Investment: Defining business value.

Customer Lifetime Value (CLTV) -- not immediate sales -- sets the standard for terming 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.



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 from can be a relatively accurate substitute.


1. ROI

2. KPI

3. INSIGHT




Experiences must be agile. If you’re not changing something, you’re not listening closely enough.”

- @BenGrossman

“TWEET-ABLE TIP:

Key Performance Indicators:An optimization engine.

Key performance indicators (KPIs) are a set of initiative-specific metrics that are the key drivers of ultimate success and returns.

Key Performance Indicators:An optimization engine.

Optimizing against KPIs on an iterative and ongoing basis allows marketers to maximize returns. Common live experience KPIs include:

Key performance indicators (KPIs) are a set of initiative-specific metrics that are the key drivers of ultimate success and returns.

‣ # 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


1. ROI

2. KPI

3. INSIGHT




Your brand experiences should get smarter every time they happen.”

- @BenGrossman

“TWEET-ABLE TIP:

Measuring for Insight:Providing context for planning.

Often times, marketers get bogged down reporting metrics that don’t matter the senior level audiences. But certain, insight-driving information should be preserved.

Measuring for Insight:Providing context for planning.

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:

Often times, marketers get bogged down reporting metrics that don’t matter the senior level audiences. But certain, insight-driving information should be preserved.

‣ 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


1. ROI

2. KPI

3. INSIGHT




TO WHOM MEASUREMENT MATTERS:

1. ROI

2. KPI

3. INSIGHT

C-Level Executives

Senior Marketers

Marketing Teams

Measure and report based on your audience.



MEASUREMENT AGENDA

Measurement simplicity is key. And simplicity doesn’t happen without some complex planning.

- @BenGrossman

“TWEET-ABLE TIP:

RECOMMEND

DEVELOPING A MEASUREMENT PLAN

DEFINE

PLAN

REPORT & OPTIMIZE

REPEAT


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.


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.


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.

RECOMMEND


DEFINE

PLAN

REPORT & OPTIMIZE

Final results should be reported to relevant stakeholders (sometimes requires multiple reports) in an insights and implications format.

RECOMMEND


DEFINE

PLAN

REPORT & OPTIMIZE

REPEAT



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 LANDSCAPE3 WAYS IT MATTERSDEVELOPING PLANS

TRENDS

MEASUREMENT AGENDA

SENIOR STRATEGISTJACK MORTON WORLDWIDEe: [email protected]: + 1.617.752.1171t: @BenGrossmanw: www.ben-grossman.com

BEN GROSSMAN

How did we measure up?Continue the conversation!

Read our blog: blog.jackmorton.comFollow us on twitter: @JackMortonVisit us online: www.jackmorton.com

3 WAYSMEASUREMENTMATTERS FOR LIVE EXPERIENCES