From the spectacle of the Super Bowl and the adrenaline of the World Cup final to the in-the-moment joy of Glastonbury or the Travis Scott X Fortnite Astronomical concert breaking lockdown boundaries—experiences are impactful, inspirational and endure in the memory. For marketers and brand managers, experiences can engage customers and bring brands to life in ways that traditional communication channels can’t, offering immersive moments that entertain while building a brand connection. 

But for some marketers yet to dip their toes into the experiential marketing waters, it is often concern over how to measure the activity that puts them off, as they remain wary of the metrics that will demonstrate the effectiveness of the experience. Marketing budgets, as we all know, are under increasing pressure, and marketers have become all too used to the instant feedback loop of digital marketing—which makes understanding the benefit of experiential marketing a much more challenging task.

For our whitepaper, we conducted a survey last year among senior marketers—375 marketers globally across four main industries—and found that while the majority had used experiential or events and exhibitions in campaigns, 22% had not. That’s a significant minority. And 41% of non-users said it was because they can’t measure its effectiveness—just behind lack of experience (49%) and not enough budget (42%). These numbers show a vicious cycle: lack of measurable evidence of ROI leading to lack of belief (and, in turn, lack of budget) and consequent lack of knowledge and confidence. To break this cycle, we’ve created a three-pronged formula for measuring the value of experiential marketing.

Experiential happens at a specific time and often in a physical place, and these constraints give some marketers the impression that it’s harder to measure this part of the marketing mix—but our formula uses easy-to-collect data, together with comparable measures from other channels, to create a measure of meaningful and sustainable ROI. The formula is simple, consisting of three variables: depth, behavior and reach.

Depth 

The first thing to look at is depth and how it impacts long-term brand value. We know there is a correlation between time spent with a brand and favorability toward that brand—experiences achieve significantly higher dwell time compared with above-the-line advertising or social media. So all it requires is a standard metric of engaged minutes for marketers to compare experiences with other forms of marketing. Then, Net Promoter Score can be used to measure the impact among attendees, or indeed other qualitative measures such as surveys.

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