Event marketing and sponsorships can impact brands significantly, but marketers are often challenged with how to measure event sponsorship Return On Investment (ROI). Based on your overall marketing goals, there are a number of different ways to evaluate the impact of event sponsorships. Here are three different ways to measure event sponsorship ROI.
If you are looking to drive broad-based awareness for your brand, tracking overall impressions can be used to measure event sponsorship ROI. Impression-based sponsorships generally encompass items such as corporate logo placement on event materials such as programs or signage, or verbal mentions of a company name during the event. In addition to generating brand impressions, these types of sponsorships can also have a halo effect for brands, who can generate brand clout by being associated with a particular event or garner additional goodwill with consumers by supporting a particular organization. However, impression-based sponsorships often lack the opportunity for brands to directly engage with potential customers.
Brands that want more in-depth interaction with consumers can measure the value of event sponsorship by looking at customer engagement that resulted from said sponsorship. Customer engagement can take many forms, from website visits and social media interactions to direct one-to-one interaction with customers. Sponsorships that generate one-to-one interaction with consumers often include items such as booth exhibits, or the opportunity to directly communicate with consumers via email or direct mail. While direct customer engagement opportunities may be more limited in terms of “numbers” when compared to impression-based activities, they can generate high ROI as consumers often develop brand affinity as a result of the direct interaction.
Garnering customer feedback is one of the most valuable, yet often overlooked, ways to measure event sponsorship ROI. As a result of event sponsorships, brands often have an opportunity to engage with customers and get real-time feedback on their product or service offering. Hearing directly from the “voice of the consumer” can provide invaluable feedback—including both areas of strength and those that need improvement—for brands. This feedback may come in person with one-to-one interactions, or may be shared online via social media and other web properties. While measuring ROI in terms of customer feedback may seem intangible, brands can generate tangible benefits from listening and responding to current and potential customers.
Rose Cooper serves as the Lead Planner on Martino Flynn’s Integrated Marketing Strategy Team. To learn more about Martino Flynn’s consumer research and media planning capabilities, contact us at 585.421.0100.