In 2016, the data driven marketing concept could no longer be ignored, yet there was a barrier preventing event marketers from really using this. A lot of data is collected by pop shows, theaters and festivals, but the tools, knowledge and time to make the correct analyses are not always available.
To take the first steps towards data driven marketing, you first have to know how to measure your marketing ROI effectively. In short, if you want to work in a data driven way, measuring the ROI comes first. So what are the steps event marketers can take to ensure the ROI of all marketing activities get measured?
1. Set targets
Before you start a campaign, set up SMART targets: Specific, Measurable, Achievable, Realistic and Time bound. If you want to start a ticket sales campaign, or build brand recognition, brand value and brand identity, the rate of return can vary, so make sure you implement the correct time frame for the ROI.
2. Make it measurable
Identify what will be measured and how. It is important to ensure the correct data is collected on a ‘continuous, consistent, complete and comparable’ (4Cs) basis. Use UTM tags, make sure you add consistent parameters to your URLs.
3. Small campaigns
Use small campaigns so you can determine the campaign’s value in considering larger investments, then continue to expand the campaign.
Actively collect data for analyses in order to acquire detailed insight in campaign achievements. Consider factors on which the result is based, such as the characteristics of a media channel. Share your findings and analyze them as a team.
By establishing what doesn’t work, you can change and optimize the channels to improve performance. Evaluate at various stages so you can optimize the channels and campaigns proactively.
Once you have defined the correct marketing mix formula, you can invest more money in your channels and campaigns. Ensure continuous improvement through a ‘launch and learn’ strategy so you can improve your (data driven) marketing strategy in a step-by-step way.
By gaining insight in your marketing ROI, your decisions are based on data and experience. Do I have to advertise this event in the press? Should I place an add on Facebook? How does the combination with a post actually work? Should I launch a promoted post? You test the likely outcome of these marketing decisions based on your marketing ROI!