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	<title>Agent-X &#187; return on investment</title>
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		<title>Surviving CES and Experiential/Event Marketing</title>
		<link>http://blog.agent-x.com/2010/09/surviving-ces-and-experientialevent-marketing/</link>
		<comments>http://blog.agent-x.com/2010/09/surviving-ces-and-experientialevent-marketing/#comments</comments>
		<pubDate>Fri, 03 Sep 2010 12:03:01 +0000</pubDate>
		<dc:creator>Andrew</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[CES]]></category>
		<category><![CDATA[consumer electronics showcase]]></category>
		<category><![CDATA[event]]></category>
		<category><![CDATA[events]]></category>
		<category><![CDATA[Experiential]]></category>
		<category><![CDATA[grand rapids]]></category>
		<category><![CDATA[greiner]]></category>
		<category><![CDATA[jill wolgemuth]]></category>
		<category><![CDATA[marketing]]></category>
		<category><![CDATA[michigan]]></category>
		<category><![CDATA[return on experience]]></category>
		<category><![CDATA[return on investment]]></category>
		<category><![CDATA[roi]]></category>
		<category><![CDATA[steketee]]></category>
		<category><![CDATA[steketeegreiner]]></category>

		<guid isPermaLink="false">http://blog.agent-x.com/?p=765</guid>
		<description><![CDATA[The office is buzzing even more than usual lately and that can only mean one thing for our team: CES is coming! This will be the fifth year our client (Fulton Innovation) attends the show; we’re excited, as always!
Experiential and event management is exciting yet there are many ‘nail biting/ nerve racking’ moments that can [...]]]></description>
			<content:encoded><![CDATA[<p>The office is buzzing even more than usual lately and that can only mean one thing for our team: CES is coming! This will be the fifth year our client (Fulton Innovation) attends the show; we’re excited, as always!</p>
<p>Experiential and event management <em>is</em> exciting yet there are many ‘nail biting/ nerve racking’ moments that can be averted with a proper strategy. If you’re interested in experiential marketing, in the middle of planning an event, a marketing student, etc. than then post is for you. I’m going to share the top ten tips and tricks I’ve picked up in my five years of experience with CES – hopefully you’ll stop biting those nails now! Click below to read more.</p>
<p><span id="more-765"></span></p>
<p><strong>1. Determine the goals and objectives of the show.</strong></p>
<p>Before you even think about the booth, show displays or message for the show ask you and your team, “Why are we going?” (What are our marketing goals?):</p>
<ul>
<li><strong>To add a few names to our contact list?</strong> (lead acquisition)</li>
<li><strong>To maintain our presence in the industry and make a stance among our competition?</strong> (Positioning your clients brand within the respective industries present; also against other competitors present?)</li>
<li><strong>To launch a new product? </strong></li>
<li><strong>To get away from the office?</strong> (Hey now…!)</li>
</ul>
<p><strong>2. Make sure you set MEASUREABLE goals in which management agrees on.</strong></p>
<p>This is by far the most important lesson I’ve learned. What is a success to one person, usually isn’t to another; in fact, sometimes it can be perceived as a failure (be warned). For example:</p>
<ul>
<li>In a four day stretch you gain 3,000 leads (contact information) out of a conference with 10,000 in attendance (you’re hitting 30% return).</li>
<li>That’s an average of 750 leads gained per day: a good number and rate of return, it means your booth is probably staying busy!</li>
</ul>
<p>So how could 3,000 leads be seen as a failure? Here we go:</p>
<ul>
<li>It’s great that you’ve given them more contacts (heck, it could even have been an increase over last year) – but are they qualified?</li>
</ul>
<p>In general, a measurable goal will let you calculate return on investment and create justification for your presence at a show. Specifically though, an increase in qualified leads will take you much further than a large list of ‘tire-kickers’ who stopped at a booth for a free pen (or to kick a tire or two…). This brings me to my third point:</p>
<p><strong>3. Define “qualified” lead.</strong></p>
<p>Similar to #2, this definition can differ from person to person. Make sure everyone has a clear understanding of what makes them qualified and put it in writing. (Are you seeing a trend here?) This is a critical definition to determine at the beginning of your event planning; it will not only set the bar for a performance indicator but also allow you to tailor your booth’s presence and messaging around your desired audience or “qualified” leads.</p>
<p><strong>4.</strong> <strong>Determine your target audience(s) and make sure you speak their language and message to them.</strong></p>
<p>You can generate this from your goals and objectives. (Wait you have those, right?!) If your #1 goal is to increase media exposure, then the media is your #1 target audience. Don’t forget they have goals for the show too, so make sure your message will get their attention; give them something new and exciting to talk about – make their life easier, make them <strong>want </strong>to write about your client! Don’t forget your electronic media kit – paper was so last decade.</p>
<p><strong>5. Bring copies of all paperwork, blueprints and confirmations. And phone numbers.</strong></p>
<p>It seems like every year, show services misplaced one of our orders. If I didn’t have my 45 lb. binder with me that safely kept every form, map, plan and confirmation for every order, we would’ve been without electricity, internet, you name it. Without phone numbers, I would’ve spent an hour or so tracking down the right person to get it fixed. And every second off your feet counts.</p>
<p><strong>6. Bring art files for all the graphics, literature and anything else printed for the show.</strong></p>
<p>Why not be prepared in case disaster strikes? Imagine if a graphic didn’t match up right on the spot – it could be printed poorly, it could have stitching problems, it could get rained on…the list is endless. Be prepared.</p>
<p>If you’re not, it’s just a wasted half day on the phone with the ‘home-base’ (aka, the office) tracking down files, sending them, getting things re-printed; imagine if your design team was sleeping – what a nightmare!</p>
<p><strong>7. <span style="text-decoration: underline;">Communicate</span> between your freight carrier and show logistics before and during shipment.</strong></p>
<p>Oh and don’t forget cell phone numbers for both the truck driver(s) and logistic crew members. We had a second shipment arrived on-time once to the specified location however, show logistics decided to close the gates earlier than listed on the form. So when the truck arrived he had to turn around, continue on to California to deliver another load, then turn back around to deliver our freight one day late. You may think that it’s only one day, but that one day caused a wasted day for the installation crew and overtime to make up for it. Lessons learned!</p>
<p><strong>8. Plan for unplanned expenses in your budget.</strong></p>
<p>Even experiential events and tradeshows have rainy days – do you have your client’s rainy day fund set aside? Avoid this conversation:</p>
<p>“Where’s this?”</p>
<p>“We were supposed to get that?”</p>
<p>“Yes.”</p>
<p>“Uh-oh”</p>
<p>Be prepared, consider that rainy day funds an umbrella to cover any last minute crisis expenses; a good budget is crucial to every marketing strategy but planning for contingencies is crucial!</p>
<p><strong> </strong></p>
<p><strong>9. Show Services, are your friend.</strong></p>
<p>Yes, they cost an arm and a leg to do anything from hanging your overhead banners to plugging in an electronic device (some venues are stricter than others) but they can make or break your schedule and your sanity. If you’re ungrateful or rude, you move to the last on their list. But if you’re friendly and appreciative, they will bend over backwards for you. A smile and a wink doesn’t hurt either. Any other bribe is up to you – we assume free food works as well though…</p>
<p><strong>10. Bring a first aid kit for your booth staff.</strong></p>
<p>Not just Band-Aids, though necessary for those evil blisters but water and lozenges for dry throats; shoe inserts for those tired feet; ibuprofen for headaches and swelling feet (and hangovers, should that happen…); and snacks for hungry bellies in case they&#8217;re too busy for a break. Anything to keep your staff smiling for 10 hours a day – in case you haven’t tried that, it’s hard. One moment of not smiling at a booth can be captured forever on YouTube….</p>
<p>To recap a few things:</p>
<ul>
<li>Plan</li>
<li>Communicate</li>
<li>Budget (extra)</li>
<li>Think about the peons (try giving them food to increase loyalty!) that run the shows.</li>
<li>People will forget to drink water; hydrate them, or miss out on precious ‘smile-time’!</li>
</ul>
<p>I hope this helps and best wishes for a successful show from your pal at Steketee Greiner and Co. ~ Jill.</p>
<p>Talk to us on Twitter @steketeegreiner!</p>
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		<item>
		<title>New Strategies for Managing Social Relationships &#8211; SRM</title>
		<link>http://blog.agent-x.com/2010/01/new-strategies-for-managing-social-relationships-srm/</link>
		<comments>http://blog.agent-x.com/2010/01/new-strategies-for-managing-social-relationships-srm/#comments</comments>
		<pubDate>Mon, 04 Jan 2010 17:05:21 +0000</pubDate>
		<dc:creator>Jeff Ambs</dc:creator>
				<category><![CDATA[Communication]]></category>
		<category><![CDATA[Social Networking]]></category>
		<category><![CDATA[advertising]]></category>
		<category><![CDATA[CRM]]></category>
		<category><![CDATA[crowdsourcing]]></category>
		<category><![CDATA[customer]]></category>
		<category><![CDATA[digital marketing]]></category>
		<category><![CDATA[engagement]]></category>
		<category><![CDATA[Frequency]]></category>
		<category><![CDATA[insights]]></category>
		<category><![CDATA[market research]]></category>
		<category><![CDATA[marketing]]></category>
		<category><![CDATA[Measurement]]></category>
		<category><![CDATA[Monetary]]></category>
		<category><![CDATA[monetization]]></category>
		<category><![CDATA[ratio]]></category>
		<category><![CDATA[Recency]]></category>
		<category><![CDATA[relationship]]></category>
		<category><![CDATA[return on experience]]></category>
		<category><![CDATA[return on investment]]></category>
		<category><![CDATA[RFM]]></category>
		<category><![CDATA[ROE]]></category>
		<category><![CDATA[roi]]></category>
		<category><![CDATA[social media]]></category>
		<category><![CDATA[social networks]]></category>

		<guid isPermaLink="false">http://blog.agent-x.com/?p=373</guid>
		<description><![CDATA[Back in 2002, when we were trying to get our new catalog company off the ground, we quickly learned the value of a customer.  The old saying “it is easier to keep a customer than get a new one” came to life when we were buying names of prospects and less than 1.2% of them [...]]]></description>
			<content:encoded><![CDATA[<p>Back in 2002, when we were trying to get our new catalog company off the ground, we quickly learned the value of a customer.  The old saying “it is easier to keep a customer than get a new one” came to life when we were buying names of prospects and less than 1.2% of them became customers.  The house list was our bread and butter and we learned how to squeeze every last drop of value out of it.  We quickly became experts in segmenting our list using the RFM model: Recency, Frequency and Monetary value.  It worked well.  A new customer was a live customer and we did everything we could to let them know they were valued and keep them engaged.  We incentivized heavily to increase purchase frequency and treated our best customers like royalty.  Now, segmentation goes much deeper and CRM models have become much more sophisticated, but the same fundamental principles still apply.  Today, with brands engaging customers through social channels, how are these relationships managed?  What are the rules in a world driven by return on engagement not return on investment?  Social Media is changing the brand-to-consumer relationship driving the need for new strategies to take advantage.  We call this new strategic approach Social Relationship Management (SRM).<span id="more-373"></span></p>
<p>SRM focuses on three areas: Engagement, Crowdsourcing and Monetization.  Social Networks offer so many fantastic features it naturally creates an engaging experience. Brand-to-fan dialogue, photos, videos, polls, custom content, etc. It is a rich tool kit for brand managers.  And, as fanbases grow, they can be mined for valuable insights.  Which name do you prefer for our new granola bar?  What feature would you like to see on our next video game?  Your fans have opinions and they want to be heard.  For most brands, the numbers are not there to be statistically significant, but it is a fast and free way to get a quick read and supplement your market research.  The real question is how do we leverage our fans to increase sales? Certainly there are tried and true options: special offers, promotions, discounts, sweepstakes, gwps, etc.  However, the risk lies in breaking the brand-to-consumer unwritten social code.  “Do not heavy sell me on my social network” or at least too much.  Social networks are not advertising channels, and fans are very leery of brands that sell rather than engage.  An exclusive offer every now and then is welcome and keeps the site valuable to the fans, but excessive promotion, especially those found in other channels, is just advertising.</p>
<p>So what is an ideal SRM ratio?  Certainly there are no clear rules on this, but the 80/20 rule is a great place to start.  80% of communication should be engaging content revealing more brand insights and drawing the fans in closer. The remaining 20% should align with the brand value.  I’ve seen a large discount retailer provide numerous promotions and offers on their site and judging by the extensive comments, it is very well received.  It aligns with the low-cost value offering and it is what their fans expect.  Obviously premium brands would take a different approach.  To start, I recommend an 80/10/10 content platform then let the testing begin.</p>
<p>Social media is evolving so quickly, the industry is still determining the best practices to take advantage.  We take what we know and evolve, test and mold into actionable strategies for today’s social business environment.  If you don’t have a clear SRM strategy for your brand’s social presence the 80/10/10 Engagement, Crowdsourcing, Monetization ratio is a good place to start.</p>
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