MKTG launches ROX, an event ROI measurement tool
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ROX consists in an analysis that provides a variety of parameters to evaluate the return on investment, apply improvements and have an objective assessment of the actions. MKTG ROX is applicable to both B2C (samplings, activations, experiences, retail) and B2B actions (conventions, presentations, fairs). It combines qualitative and quantitative results, both physically and digitally.
The KPI’s cover such dimensions as the scope of the action, its effect on the brand image, brand attribution, engagement and impact on stakeholders, considering various aspects in each of these areas, according to the characteristics of the event and the objectives.
This methodology also incorporates a key indicator, the MKTG Experience Factor that will provide a standardized assessment of the consumer experience in the different brand actions, allowing the establishment of a classification that helps in decision-making prior to the realization of an event.
Despite being part of a large group, MKTG ROX is an initiative of MKTG Spain. It is conceived as a value added service of the events that the agency carries out.
“It is about closing the circle with our client and having a comprehensive assessment of their action, measuring those objectives that the brand decides in each case,” says Fran Mellén, director of consulting and innovation at MKTG
Thanks to the Dentsu Group measurement tools, combined with other sources on the market, all backed by MKTG’s experience in consulting and sponsorship ROI measurement studies, it is possible to carry out this global analysis of the ROI of a brand on activations and measure consumer perception.
This experiential results-oriented approach adds to the (already more mature) methodology for evaluating data from the esports industry, where MKTG is highly active, thus responding to the demand of brands to quantify results.
Fran Mellén, MKTG’s Director of Consulting and Innovation clarifies some aspects of this tool.
Does ROI have to be financial? According to Fran, “experiential ROI must go beyond the quantitative aspect and also analyze qualitative data, more linked to experience. An integrated view of both criteria provides a more accurate measurement in these cases. The data must be monetized in all possible parameters and completed with a more personal evaluation of the assistant, that is the true ROX (return of experience) for us”.
Experience is difficult to measure (an event creates a quality of connection with the brand that is difficult to measure in a mere survey). Is it possible to measure the intensity of adherence to a brand in an event? According to Fran, “we try to respond to a pressing demand from brands to have an objective and comprehensive assessment of the experience. It is clear that there are certain aspects that are very complex to quantify, the ideal is to try to reach them as accurately as possible. The surveys, accompanied by studies on a control sample, are one of the tools used, but there are also other parameters such as volume and level of interaction that complete this vision of the intensity or penetration that the brand has achieved through an experience. concrete”.
The objective of an event is usually the transformation of the participants. Can it be measured? “Without a doubt the change in attitude is the objective pursued by the brands; the event is one more action of its global strategy, more effective in many aspects. We have defined this methodology to, among other things, identify changes in the perception and behavior of users towards brands. We work in an integrated way with advertisers to obtain comparable results with their brand trackings and to identify the effect of events and actions on their brand equity”.
Examples of indicators that this method can integrate? “We try to combine standard indicators of the advertising market with specific indicators of each brand, using exclusive tools from the Dentsu group together with other sources in the market. We use multiple indicators depending on the magnitude of the event and the client’s objectives (notoriety, consideration, conversion …). For example, when there is a objective of notoriety, we use specific indicators for both the physical part of the events (impacts, recall), and the digital part (impressions) and even, if applicable, we measure the exposure in media (impacts, mean value, etc.). In the same way, we use indicators to measure people’s engagement with the action”.
