After an experiential marketing activation or pop-up, customers want to evaluate success using a number of KPIs (Key Performance Indicators) dependent on the objective of the activation. For some, overall sales during a pop-up shop activation may be the key metric, but for others, focusing on brand activation and awareness, other KPIs like attendance, booth visitors, and retention time give a clearer view of effectiveness. Today’s blog will be going over the KPIs and potential ROIs involved in experiential marketing and activations with your Steel Space Concepts Experiential Shipping container unit.
The KPIs we’ll be focusing on primarily involve the activation itself, where the following can be used to measure success: impressions, engagements, dwell time and retention, conversions and sales. Note that there are a variety of tools which can be used to determine values from these as well as multiple benchmarks that can be set be set on an individual basis.
Impressions
There are multiple ways to measure impressions at an event. These can be measured by determining how many individuals have entered a pre-defined area around your activation. This can be measured manually, however there are new tools available which can automate the process.
Engagements
Usually set by the event organizer an engagement can be measured in several ways. Signing up for a newsletter in exchange for a perk or providing information in order to engage in the activation activity are common goals for marketeers. Indirectly, dwell time near the activation can also be measured as an engagement, where after a certain time threshold is met, an engagement can be recorded.
Dwell Time & Retention
Used to determine the effectiveness of the activation in capturing individuals’ attention. This metric can be used to determine engagement via the amount of time an individual spends in a pre-defined area around your activation. This can be measured manually through a statistical sample or directly through third-party tools.
Conversions & Sales
This metric is associated with the overall goal of the activation. It involves using other KPIs in order to gauge overall effectiveness after an event. For some engagements generated during the event are used as the conversion metric, for others, overall sales at the pop-up shop or activation can be used.
An example of an event where KPIs were measured were at the Vanity Fair Activation at NYC. Have a look below:
For more information regarding Steel Space Concepts Experiential Solutions and how we can help you measure your KPIs CONTACT US.