Offense sells tickets, but defense wins championships.
You can make countless parallels between sports and experiential marketing, but this one feels most fitting.
As sports fans, we’re drawn to teams with the glitz and the glamour—ones that score points and do it in bunches. People show up for that and spend their money to see it. If there’s no defense and the team can’t win, then all of that glitz, glamour, and money spent is for naught.
As experiential marketers, we face the same challenge—create a unique experience to draw consumers in and convert them into active customers. For us, our defense lies in the numbers. We don’t succeed if the client doesn’t. Whether it’s earned media, incremental dollars earned, or some other metric you’ve created, you need to produce results or you won’t keep your clients’ business.
So, how can analytics help? Big data rules the world and informs the decisions that are moving needles at businesses every day. Let’s look at some specific ways it can move your business forward.
3 Business Benefits of Experiential Marketing Analytics:
1. You Establish Benchmarks.
Analytics are often viewed as a necessary evil to many companies, offering them simply as a requirement by the client. They’re content to deliver numbers spit out by their analytics tool and provide a glossy overview of why the campaign was ultimately a success. To some, that’s considered a job well done, but to me that just feels lazy. There’s a greater purpose to analytics, the first of which is developing benchmarks.
Whether it’s to measure a campaign’s results month over month, or to serve as guidance for the same or future clients, you need to establish benchmarks. Without them, you have no basis for proving success to your clients.
For our GEICO campaigns, we track upwards of 10 separate KPIs, each one measured by individual markets, overall, and year over year. The more depth you can provide, the better, as a top-level overview just doesn’t cut it anymore. The Agency of Record title continues to diminish, so with patience at a minimum, you need to bring your best stuff.
2. You Become Agile.
No one ever said analytics had to be reserved for the conclusion of a campaign. In fact, if you’re the one waiting until the end, there’s likely some valuable data that you’re missing out on along the way.
Now some campaigns may only run for a day or two, so for those instances, this may not be as applicable. However, for those multi-week and multi-month campaigns, you don’t want to be the one who realizes at the very end that you weren’t activating at the optimal times, or in the best locations, or even to the right audience.
We’ve reached a point where analytics are available on demand, so ignoring that luxury is wasted opportunity. For the same previously mentioned GEICO program, we noticed certain markets were far outperforming the rest, so rather than continue to pour money into underperforming markets, we reallocated our resources into more prosperous markets.
As the saying goes, you snooze, you lose, and no one wants to lose out on revenue.
3. You Become More Valuable.
This should really go without saying, but when you have something additional you can offer to a client or you’re simply better at something than the rest, you increase your value. It’s hard to get away with being a one-trick pony these days, so having something like a strong analytical framework makes your case for new business opportunities even stronger.
Having the tools to analyze data is one thing, but having the analytical minds to decipher trends and opportunities is another completely. People often find crunching numbers a mind-numbing and tedious task (which it certainly can be), but every championship team needs that person who’s willing to do the dirty work that no one else will. That added benefit can mean the difference between a good organization and a great one.
Gain Your Competitive Edge with Marketing Analytics
Analytics have pervaded the sports world like they have the marketing landscape. With that said, it’s something few do well and something even fewer can call a competitive advantage.
If you don’t believe in analytics, you’ll soon find yourself behind the eight ball. Make sure you make this a priority because your clients aren’t going to wait up for you.