In marketing, there are three letters that can justify market spend or pull the plug on a project. Three letters that can put a value on marketing efficiency and hold marketing companies to account. Three letters that receive a boost when given the virtual treatment. You know what they are: they’re in the title.
Calculating online ROI
Return on Investment (ROI) should be at the forefront of every marketers’ mind. Not only does it prevent all stakeholders from frittering away money unnecessarily, but it also allows brands to spot what works and what doesn’t.
The problem is, measuring marketing ROI is not always clear-cut. Almost 75% of CMOs say proving ROI and marketing effectiveness are their most pressing event challenges as for all the easily measurable hard ROI figures on sales, customers and profits, there are soft ROI numbers on brand loyalty, customer experience and brand strength. However, online marketing gives the softer ROI measures a little more backbone.
Intrinsically entwined with data, all virtual experiences can be evaluated in hard terms of views, shares and mentions. Marketers can set parameters, such as the number of registrants versus the number of attendees or website traffic after the event, weigh them according to preference and then let software do all the hard graft. Marketers can also gauge engagement more easily as online audiences are more likely to respond to measurement tools, such as live voting and post-experience digital surveys.
Take a webinar, for example. You’ve already enhanced the ROI by removing the physical venue, audience refreshment and invitation costs, but was the webinar a hit? In our books, it’s a simple equation: a higher retention rate than exit rate. If your audience stays until the end of the party then you know they’ve found value in the content, so marketers need to create magic from behind the screen that entices and enthralls and gives the audience a compelling reason to stay tuned.
ROI’s online advantages
Simple ROI measurement allows brands to know where and how they should be marketing online, but should they even bother in the first place? It’s a big yes from us. In fact, there are so many ROI advantages to creating virtual experiences, they require the mighty bullet point treatment:
Remember, remember, the return on investment
Put simply, the better consumers remember an event, the better the return on investment.
At Rebel & Soul, we apply our proprietary neuroscience methodology INVOLVE® across our range of experiences to create memories for brands and maximise ROI. For example, our award-winning Origins of Luxury event for HSBC Jade contributed to over 38% annual growth revenue and built a campaign that delivered an ROI of 79.5 times the dollars spent. In addition, we curated 11 money-can’t-buy experiences across five days for Glenfiddich’s Global Grand Cru Launch resulting in 6,000 x increase in engagement YoY and designed a fluoro festival experience for Mastercard, which reached 2.6m Singaporeans and delivered 466,597 unique engagements from more than 18 million brand impressions.
So, if you’re a CMO or Brand Manager wondering what to do with this year’s budget, download our Definitive Guide to Creating the most Memorable Virtual Experience and come and make some memories with us.
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