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On Wednesday 10th October the IPM’s Experiential Council presented the culmination of two and a half years' work and extensive research: the first draft of their experiential marketing effectiveness benchmarking tool. The review of the new model was delivered at PrettyGreen as part of IPA EffWeek 2018.
Presenting the model on behalf of the IPM's Experiential Council were:
Paul Cope explained the origins of the initiative and described how the desire of IPA EffWeek "to seek out the truth about marketing that works and why, and to embed an effectiveness culture" matched that of the IPM and its Experiential Community.
Ultimately, the aim of the model is to change the perception you can't measure the effectiveness of experiential marketing. Jess Hargreaves opened by stating that it's essential for us all to be speaking the same language when we're talking about the measurement of experiential. Bob Suppiah added to this by explaining that different agencies often have their own evaluation models - leading to frustration because there is no one uniform industry 'ruler' to go by. Suppiah argued that by adding a generic 'ruler' to these already established measurement tools, we can make the case for further investment in brand experience and a place at the strategic 'top table.'
"Too often," Hargreaves said, "experiential is seen as the cherry on the cake: nice to have but not essential. We need to start to prove the worth of our work." Introducing a universal model for experiential measurement can help achieve this by predicting the value, and therefore justifying, investment in brand experience.
Hargreaves also noted that there are many different types of experiential including the likes of pop-up retail, branded events, branded installations, creative sampling, 'retailtainment', gamification, live stunts and live performances. This approach is to attempt to account for all these different types.
Tom Lovegrove explored the details of the measurement model, explaining that the core principle is that we are measuring changes in behaviour or attitudes. Although in its early stages, in time, Lovegrove said that we will end up with an incredibly valuable tool that will be extremely effective in the planning of experiential campaigns and planning experiential marketing as part of integrated brand activation.
Steve Messenger went on to explain some of the findings from the research which includes 56 studies from 40 brands, covering 10 event types across 12 sectors. Messenger explained that the database is growing every day and will only get more precise as more data is collected. The database measures include quantifying the Reach, Brand Impact and ROI of brand experiences and Messenger explored in detail how the research reveals the many strengths of experiential, including the fact that the ROI from experiential compares "extremely favourably" with those from other media.
Ultimately, the launch of the IPM's Experiential Effectiveness Measurement Model demonstrates that experiential marketing can and should be measured.