What is a metric?
A metric is a quantifiable measure that is used to track and assess the status of a specific process.
Benchmarking Metrics
Benchmarking metrics represent data from multiple experiential marketing campaigns combined in different ways to serve as a point of comparison. Think of benchmarks in the same way as a home appraiser thinks about home value. The real estate market evaluates one person’s home based on what everyone else would likely pay for it. They determine what everyone else would likely pay by looking at what the actual purchase price has been recently for similar homes in the same neighborhood.
Efficiency Metrics
Per Hour – The number of interactions or samples per staffing hour; calculated by dividing the total number of interactions or samples by the total number of staffing hours (i.e., number of engagement staff times the hours of operation).
Per Event – The number of interactions or samples per event day; calculated by dividing the total number of interactions or samples by the total number of event days.
Cost Per – The cost per interaction or sample distributed; calculated by dividing the total campaign budget by the total number of interactions or samples.
Impact Metrics
Newly-Educated – Newly-Educated consumer is someone who has no prior experience with the brand and with no other information is best described as a customer at the Need Stage of the purchase cycle
Aware/Non-Customer – An Aware/ Non-Customer will have heard of the brand before but has had no first-hand purchase or use experience and is therefore at the Awareness Stage of the purchase cycle.
Win-Back – The Win-Back category represents a consumer who has purchased or otherwise had firsthand experience with the brand but has not purchased or used the brand within the last purchase cycle. This consumer has left the brand for a competitive offering or removed themselves from the category all together. This awareness state aligns with the Trial Stage of the purchase cycle.
Current Customer – A Current Customer is defined as having used or purchased the brand within the most recent purchase cycle. This group, as the name implies, represents consumers at the Purchase Stage of the purchase cycle.