How do you quantify ‘greatness’?
Success metrics for events often focus on attendance or revenue – they’re familiar measurements that can easily be applied to any business, and they’re an appropriate baseline. However brand experience (BX) can have a far greater impact when more indicators are added into the mix. In a recent study from Mid Sweden University, researchers investigated how to measure the social impact of an event. The indicators included community quality of life; community pride; social capital; sense of community; community capacity enhancement; and facilities impact.
The paper was produced through the lens of how policymakers for communities and destinations can evaluate the social impact of events, but it is an interesting framework that could be applied to any business depending on the indicators that are appropriate to your industry. It’s worth noting that social and cultural metrics should be included in the mix – there has been a global shift in consumer expectations to demand more social responsibility from brands, and this can have a direct impact on the bottom line.
When brand leaders challenge their organisations to look beyond traditional solutions to BX and consider what other metrics may define success, the number of potential solutions for experiential activations increases dramatically. When those metrics include a benefit to society, it is possible to create BX that resonates deeply with your target audience.
It is through this strategic lens that brands can achieve greatness.
One such example of a truly ‘great’ campaign was achieved when Investment firm, State Street Global Advisors, called on companies to have greater gender diversity on their boards. They may have aimed to generate awareness through industry publications, mainstream media, and social media —and they certainly did— but in a very unexpected way. You may be familiar with viral sensation ‘Fearless Girl’, the solution to demanding greater gender diversity was a statue of a girl staring down the ‘Charging Bull’ in the financial district of Manhattan. Watch this case study to see the impact that State Street Global Advisors achieved when they looked beyond common marketing strategies.
Our a-z Brand Experience is a collection of articles that dive into global research, the practices of Top 500 brands, remarkable case studies, and what we believe are the priorities when creating effective, relevant, and meaningful brand experiences.
Reach out via the form below to talk to us about the latest experiential insights and inspiration, or simply call on 03 9044 4353.