In this episode, Chris Clegg discusses the reasons you might want to invest in a benchmarking database.
The decision for an agency or brand to invest in developing a benchmarking database isn’t easy. It requires a resource and talent commitment that can easily run into the hundreds of thousands.
Regardless of how you get there, the value of a benchmarking database is more than with the investment for several reasons. We cover two of those reason in the episode of the Demystifying Data Podcast:
- Designing a Winning Campaign: The best predictor of the future is the past. And when you can plan based on a well-organized set of data that benchmarks this history, you can create a campaign that will get it right more often from the start. You’re moving your marketing down river faster. A benchmarking database is an excellent tool to design a campaign that will meet or exceed stakeholder expectations. In this episode, Chris talks about this with a focus on finding the right consumers and dealing with the “Event Size” vs “Event Frequency” trade-off.
- Selling to Stakeholders: We’re all always selling. It doesn’t matter if you’re a Brand Manager talking to your VP or if you’re an Agency Director talking to your Brand Client. You need to demonstrate that your reasoning is sound, and your plan is positioned to be a success. This episode continues the discussion by addressing how the right benchmarking database can help you differentiate your idea from whoever you’re competing against for resources. And furthermore, how to use benchmarks to demonstrate value before money is spent.
- Granularity in Benchmarks for Event Marketing
- Event Marketing ROI Measurement Model and Benchmarks (1 of 2)
- How to use Event Marketing Benchmarks to Predict Experiential ROI