Experiential Marketing Return on Investment
Traditionally we associate return on investment with a quantifiable impact on the business, for examples a spike in sales, an increase in customers or a boost in website visitors, but what if the impact of your marketing efforts isn’t immediately visible? When assessing the success of an experiential brand activation, it is important to understand the difference between ‘hard ROI’ and ‘soft ROI’ and what these terms mean for the success of your campaign and the profitability of your business.
Hard ROI is the quantifiable results we as marketers and business professionals are all too aware of, the sales, the numbers, the customers. This type of return is more immediate and can be easily tracked and attributed to a source. Soft ROI on the other hand is a long-term player in the game, this type of return crops its head at a later stage, and is based on the time and effort you put into your customers to build a positive connection between them and your brand.
Brand strength, customer experience, customer loyalty are all examples of soft ROI, and although not always immediately measurable, soft ROI should by no means be overlooked as it almost always directly feeds the success of the more tangible returns your business will experience in the future.
Did you know:
72% of consumers say they positively view brands that provide quality event experiences*
74% are more likely to buy products promoted during event marketing experiences*
98% of consumers participating in event or brand experiences create digital social content as a result*
With sales being the end goal of any business, it is imperative to understand the importance of the path we take to secure reoccurring business that generates the most lucrative forms of revenue. The path to success relies on creating tangible connections between consumer and brand that evokes positivity and encourages further engagement.
Experiential enables you to mould the success of your business’s future. Whether your campaign is measured on its immediate success or the achievement of future goals. Succeed in convincing the consumer how great your brand or product is, and the rest will follow.
Robyn Ward is a Senior Account Manager at Purity Productions – with offices in the UK and the USA supported by an international network of affiliate partners, each specialist in their own territory, Purity is shaped to create, deliver and evaluate integrated experiential marketing campaigns. To understand how Purity can help your brand email Robyn@wearepurity.com or call the office on +44 (0)1296 682 555.