In marketing, there are three letters that can justify market spend or pull the plug on a project.
Three letters that can put a value on marketing efficiency and hold marketing companies to account. Three letters that receive a boost when given the virtual treatment. You know what they are: they’re in the title.
Return on Investment (ROI) should be at the forefront of every marketers’ mind. Not only does it prevent all stakeholders from frittering away money unnecessarily, but it also allows brands to spot what works and what doesn’t.
The problem is, measuring marketing ROI is not always clear-cut. Almost 75% of CMOs say proving ROI and marketing effectiveness are their most pressing event challenges as for all the easily measurable hard ROI figures on sales, customers and profits, there are soft ROI numbers on brand loyalty, customer experience and brand strength. However, online marketing gives the softer ROI measures a little more backbone.
Intrinsically entwined with data, all virtual experiences can be evaluated in hard terms of views, shares and mentions. Marketers can set parameters, such as the number of registrants versus the number of attendees or website traffic after the event, weigh them according to preference and then let software do all the hard graft. Marketers can also gauge engagement more easily as online audiences are more likely to respond to measurement tools, such as live voting and post-experience digital surveys.
Take a webinar, for example. You’ve already enhanced the ROI by removing the physical venue, audience refreshment and invitation costs, but was the webinar a hit? In our books, it’s a simple equation: a higher retention rate than exit rate. If your audience stays until the end of the party then you know they’ve found value in the content, so marketers need to create magic from behind the screen that entices and enthralls and gives the audience a compelling reason to stay tuned.
Simple ROI measurement allows brands to know where and how they should be marketing online, but should they even bother in the first place? It’s a big yes from us. In fact, there are so many ROI advantages to creating virtual experiences, they require the mighty bullet point treatment:
Kristy Castleton is the Co-Founder and Managing Director of Calyx Technology, a global technology company who streamline consumer experiences. She is also the Founder and CEO of Rebel & Soul, a socially conscious business that produces highly memorable events for global brands across Asia Pacific. She is an extrovert and a geek, passionate about neuroscience and technology. He company Rebel & Soul works with brands like Heineken, HSBC, Chanel and MINI and agencies such as Dentsu and Saatchi & Saatchi to create events that pack a punch. Think wearables, gamification, holograms and virtual reality mixed with awesome music and a free flow bar. Rebel & Soul’s vision is to drive event technology to be the new frontier of marketing in Asia. Kristy spent years working on weird and wonderful events and campaigns in Europe at festivals like F1’s and the Olympics and wanted to bring a snippet of the event marketing fun out east. Kristy was nominated by Campaign Asia to be on their Women to Watch list. Team Rebel also provides pro bono event consultancy for local charities and non-profits. These initiatives include Billion Bricks, Thomson Reuters Trust Forum, Buy1Give1, and the 100 Resilient Cities initiative by the Rockefeller Foundation. Rebel & Soul won Excellence in Technology& Innovation award, Start-Up Excellence and Customer Engagement by the BritCham for its 18th Annual Business Awards. Kristy holds a Bachelor in Business Studies from Edinburgh University.