Tag Archives: roi

Surviving CES and Experiential/Event Marketing

Posted on by Andrew Rushmore

The office is buzzing even more than usual lately and that can only mean one thing for our team: CES is coming! This will be the fifth year our client (Fulton Innovation) attends the show; we’re excited, as always!

Experiential and event management is exciting yet there are many ‘nail biting/ nerve racking’ moments that can be averted with a proper strategy. If you’re interested in experiential marketing, in the middle of planning an event, a marketing student, etc. than then post is for you. I’m going to share the top ten tips and tricks I’ve picked up in my five years of experience with CES – hopefully you’ll stop biting those nails now! Click below to read more.

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New Strategies for Managing Social Relationships – SRM

Posted on by admin

Back in 2002, when we were trying to get our new catalog company off the ground, we quickly learned the value of a customer.  The old saying “it is easier to keep a customer than get a new one” came to life when we were buying names of prospects and less than 1.2% of them became customers.  The house list was our bread and butter and we learned how to squeeze every last drop of value out of it.  We quickly became experts in segmenting our list using the RFM model: Recency, Frequency and Monetary value.  It worked well.  A new customer was a live customer and we did everything we could to let them know they were valued and keep them engaged.  We incentivized heavily to increase purchase frequency and treated our best customers like royalty.  Now, segmentation goes much deeper and CRM models have become much more sophisticated, but the same fundamental principles still apply.  Today, with brands engaging customers through social channels, how are these relationships managed?  What are the rules in a world driven by return on engagement not return on investment?  Social Media is changing the brand-to-consumer relationship driving the need for new strategies to take advantage.  We call this new strategic approach Social Relationship Management (SRM). Continue reading →

Are you content with your content plan?

Posted on by admin

Content is the Key

Question: In this developing world of social media and digital marketing, we all know that we need to reconsider the way we’re delivering content to our audiences, but do you feel like you have things under control? There are threads everywhere discussing how we’re losing control of the conversations going on around our brands and how we’ve entered into the age of transparency in messaging. The rage today seems to be around monitoring and measuring and conducting damage assessment and control once a conversation is made public. But let’s consider content in the context of measuring and monitoring and think about how brands can move from “reactive content victim” to “proactive participant in a meaningful conversation.”

So then, how are you developing content in the new media age? How are you planning to update all the social media channels and blog(s) your company is launching, or has already launched over the course of the year? These are big questions, and unless you know the answers to them, you may want to consider scaling your digital media plan to accommodate your ability to create content that will effectively represent your brand effectively in a two-way conversation with your audiences. The key word there is “two-way,” because you’re entering an environment that is built on networks and opinions and transparency, and if you’re merely in a position to launch messaging (even if you’ve spent millions of dollars testing its relevance) into the digital space without being able to measure its effectiveness and, more importantly, without having a strategy on how to respond if a conversation erupts around your thought, you’re leaving yourself vulnerable.

As we get into it, here’s a little background on where we are and where we’re heading:

Web 2.0 has enabled a two-way dialogue. Audiences have become “search savvy,” information flows and, most importantly, the line between professional and amateur content has started to blur. The challenge isn’t finding information, it’s knowing what to do with it…

The new age of Web 3.0 is about semantics. It’s enabling a new distribution relationship around content/data centered around Filtering (information and content) and Context (delivering the right message, at the right time, to the right person, with the right device). This approach to content is creating an open source social structure that will allow databases to talk to each other and encourage social network content that urges audiences to use snippets of content as they please and where they please to reach new levels of meaning between brands and audiences.

These changes are creating a MARKETING STRATEGY SHIFT…

Web 2.0 asked us to build massive sites and drive traffic to a place where we could try to control messaging. Web 3.0 is asking us to create content that can travel throughout the digital world via conversations with multiple participants, creating connections that drive content consumption, data collection and new content generation.

So, here’s the rub, and it’s a simple “if/then” proposition: if we’re now in a position that requires us to create content that will enable and respond to conversations about our brand, then how do we generate content plans that aren’t simply focused on feeding information and stories out to audiences, trusting in their ability to run with it? The answer’s simple: plan. Build a plan that maps out your entire content strategy across all your channels for the entire year. Of course, you need to leave some room to be reactive, but if your marketing plans are aligned with your business objectives, you should be able to create a conversation that you can feed to your audiences and interact with in an organized, ongoing basis throughout the year. And if you do this well, you’ll be able to measure not only the sentiment of what’s going on around your brand, but also the effectiveness of your content (for good or bad). Once you know that, you can create a content baseline that allows you to generate planned, targeted content year after year that is valued internally for its measurable effectiveness and externally for your contributions as the subject matter expert around your brand.

Event measurement is a science

Posted on by Jill Wolgemuth

Frequently there is little thought to why a company should (or should not) attend an industry event or tradeshow. Justifications of “we have always gone”, “it would be noticed if we were absent”, and  “all of our competition will be there” aren’t really valid business reasons, and more importantly impossible to gauge as a success (or failure).

Evaluating event participation, and the metrics that determine success, aren’t as fuzzy as most people think. There are solid ways of measuring event success that are usable for every sized business in every sized event.

The best article I’ve found that explains key measurement metrics is The Five Key Metrics of Event Marketing. I’ve summarized the main points below.

KEY METRIC 1: TOTAL COST OF THE EVENT

Expense vs. investment. Expense is any out of pocket costs related to the event. Investment includes out of pockets plus your day-to-day overhead, including salaries of all those involved.

“Either calculation is valid. Simply be clear when you are reporting your numbers which approach you have taken, and be consistent over time.”

KEY METRIC 2: REACH AND FREQUENCY

The number of unique prospects that attend each event and if, and how often, they attend in the future. Are you communicating to your target audience and building a lasting relationship with them? Do they find your events valuable? Or do you get a bunch of tire kickers looking for a free pen or tee shirt? Maybe a tee shirt isn’t the best way to reach out to your audience…

“Tracking reach and frequency over time can help you gauge the effectiveness of your promotional efforts, as well as to assess the perceived value attendees find in your events.”

KEY METRIC 3: BUSINESS VALUES OF ATTENDEES

Knowing how much potential each prospect has can be helpful when determining the true value of an event. Getting thousands of attendees may feel like a success, but if they’re not the right audience that will bring in the money, you could be wasting your time.

“It’s one thing to know that 75 people attended your event. It’s another to know that those 75 people represent $750,000 in potential business. This number is called customer or prospect lifetime value, and can be a powerful guide in helping you determine which events — and which attendees — merit your time and budget.”

KEY METRIC 4: SHARE OF VISITS

Used to measure the number of people that attend your event compared to competing events in the industry. What makes other events successful in attracting valuable attendees from your key market? If you are attending a tradeshow as an exhibitor, defining this metric is important in knowing which events have the most value and bring in the right attendees.

“Tracking this number over time can tell you if you are gaining or losing ground to your competition for attendees’ limited time and dollars.”

KEY METRIC 5: RETURN ON INVESTMENT

Are you spending your event budget wisely? What are you truly gaining from each dollar you spend? You cannot answer either question until you define goals and establish what success means to your company for each event. Is it to maintain your space in the industry? Announce a new product or service? Gain the attention of the media? Obtain as many leads as possible whether they’re on or off strategy? Are you only interested in qualified leads? If so, what makes a lead qualified? Maybe it’s all of the above…

Regardless of what determines the success of your event, it is very important to define it at the beginning, and communicate it to all who will be involved in the event (from planning to execution).

Of course, if you need a hand, feel free to give us a call.