Proving Experiential Marketing Effectiveness – It’s all about ROI
This week PrettyGreen hosted the IPM’s involvement in the annual IPA Effectiveness Week. One of the The IPA’s fundamental’s being that “marketing effectiveness is not just a ‘nice to have, It is a key factor in business growth..” rings absolutely true across the marketing industry and the IPM have been driving an initiative within the experiential and events industry to prove this.
The IPM & their Experiential Council have spent over 2 years working through principles, insights, data and inter-agency & brand working practices, so it was a big day to reveal the initial findings.
Paul Cope, IPM Managing Director told us:
“The IPM are delighted that we can present findings and trends of the 1st stage of the IPM Experiential Effectiveness Model which includes 56 studies from 40 brands, covering 10 event types across 12 sectors.”
What we’re also proud to say is that this whole initiative for the IPM has been driven by our very own Jessica Hargreaves (Joint MD and, IPM Experiential Council Chair), who has been adamant that the industry must pull together to prove the commercial worth of this channel…
“The IPM Experiential Council of agencies and brands have worked collectively to prove that experiential effectiveness can and should be measured. These 1st stage trends are incredibly exciting as they form the basis of illustrating the reach, impact and ROI of the experiential channel and we look forward to developing this research to the next stage.”
Our 5 key take-aways from the Research
- Experiential delivers a quantifiable financial return– solid evidence of the commercial viability of experiential with initial scores showing that every campaign had driven a positive ROI with an average indicator of £2-5 return for every £1 spent
- It delivers incremental brand affinity– experienceshowed an AVERAGE 10% brand affinity uplift post experience
- Drives 8:1 Word of Mouth– People who have a brand experience will share that with 8 people and recommend the
- Deepexperiences deliver incremental amplification.We talk about the effect of the 1-9-90 model at PrettyGreen and this rings true with longer engagements impacting WOM scores and social amplification
- Do it properly or not at all– the research indicates that consumers expect a lot from brands and those who run experiential must EXCEED expectations in delivery or risk negatively impacting their brand image
So PrettyGreen are calling out to our industry friends at agencies and brands to get involved as this is the start of building a robust model which can help us all to benchmark what success looks like.