I would say roughly half of PortMA’s clients are attracted to our company because we have developed a tried and true Return-On-Investment model that puts the estimated value generated for a brand from an experiential program into a language we all speak, and speak loudly: dollars and cents. Our model is incredibly impactful and straightforward, but inputs are NECESSARY to run the model. This post covers what you need (no more, no less) to run our ROI model.
- The number of consumers engaged by your program. This metric is collected directly by field staff and is a count of the number of consumers the program comes in contact with during each event. It is the base of our model and we recommend collecting one of the following, depending on your program’s strategy: interactions, registrations, leads collected, and consumers sampled. The goal is to have an accurate measure of individuals who have had an experience with your program.
- A measure of past experience with the brand. This metric should be collected via an exit survey, PortMA lingo for a questionnaire administered to consumers after they have had an experience with your experiential program. Our model only takes credit for potential new customers the experiential program has created for a brand. We need to measure whether an individual is or isn’t a current customer of the brand during their event experience.
- A measure of intent to purchase in the future. This metric will also be collected through an exit survey. It is a measure of an individual’s intent to become a customer of a brand.
- Value per customer. This metric often comes from the brand and is the value each customer represents to a brand in dollars and cents.
- The cost of the program. This will come from you and is the money the brand paid you to execute the program.
There you have it. With the five items listed above, you can provide a dollar value of a return your experiential program earned for a brand. There are multiple variations and each program’s model has tweaks here and there, but some variation of these five items will ALWAYS be needed. Don’t believe it’s as easy as I say, need help putting the wheels in motion, or hey, just want our team to help manage the process for you? Give use a ring, we will be happy to help!