Based on a ground-breaking study by Reach3 Insights and The Keller Advisory Group, Reach3 developed and launched the world's first and only, holistic and fully-integrated solution to predict and measure the engagement, cultural relevance, shareability and brand impact of experiential brand activations. The study revealed compelling statistics, emphasizing the emotional connection and uniqueness of brand experiences. To address measurement challenges, Reach3 uncovered three foundational pillars: pre-testing for risk reduction, in-the-moment engagement for real-time insights, and post-event reflection and behavior to connect activations with tangible business impact. The solution produces a predictive performance score based on a proprietary index bolstered by a new set of norms that can be used to benchmark impact and ROI.
CHICAGO, Jan. 18, 2024 /PRNewswire-PRWeb/ -- Reach3 Insights, in collaboration with renowned expert in consumer influence Ed Keller, have released the first and only solution created specifically to predict and measure engagement, cultural relevance, shareability and brand impact of experiential brand activations.
The Brand Experience Predictor (BXP) enables marketers to gain fast and contextual feedback from consumers on potential brand experience activations through predictive analytics on intent to share (word of mouth and social), intent to engage or purchase and overall brand impact. BXP features diagnostics identifying for brands what the most compelling experiential aspects would be for a target, as well as what would not resonate. The solution also includes a normative database for brands to compare analysis of their activations against other experiential brand activations in its category. Early adopters of the solution have been Coca-Cola, US Cellular and a major music streaming service.
Investment in Experiences is booming:
The overall investment in experiential events is steadily increasing. 93% of event marketers express that their companies give priority to hosting events and approximately 63% of marketers have intentions to arrange an increased number of experiential marketing events. The rise of virtual events is also meteoric, with the market estimated to hit $657 billion by 2030.
Consumers and Influentials prefer experiences over traditional advertising:
BXP was developed based on the results of a comprehensive study executed in partnership between Reach3 Insights and The Keller Advisory Group. Notable findings include:
- 51% find experiential experiences more relevant than traditional advertising
- 80% have engaged or are interested in engaging with brand experiences
- 71% say experiences are more "unique" than traditional advertising
- 63% say they are more apt to make them want to try or use the brand
- 56% of consumers saying they feel an emotional connection to a brand through experiences.
Challenges in Measurement:
Despite overwhelming consumer enthusiasm for experiential activation and booming budgets existing approaches to measurement had several major issues:
- Siloed and fragmented data: Experiential brand activations are measured in discrete ways across different channels, making holistic attribution challenging.
- Undefined success: Lack of clear goals and metrics leads to generic measurements like foot traffic, offering limited insights into business impact.
- After-the-fact metrics: The short lifespan of experiential activations and reliance on traditional metrics hinder capturing qualitative aspects in real-time.
- Lack of relevant norms: Traditional broadcast norms were designed to measure linear advertising and don't apply to experiential campaigns.
Measuring impact across three key pillars:
"Most solutions fail to address the key pre-testing phase and move directly to execution" says Matt Kleinschmit, Founder and CEO, Reach3 Insights. "The Brand Experience Predictor (BXP) allows brands to predict engagement, shareability, and brand impact which is crucial for risk reduction and performance" he says. BXP also makes it easier for brands to engage participants in-the-moment on their mobile device, in-situ when they are experiencing a brand activation. In the moment feedback is the second key pillar of measure. Post-event Reflection is the third pillar. BXP removes the friction of re-contacting on-site attendees at future dates which makes linking post-event behavior and overall impact to the activation less challenging.
Greg Pharo, Senior Global Director, Holistic Communications & Marketing Effectiveness at Coca-Cola, emphasized that global brands are making significant investments in experiential campaigns. Yet, despite the shift in spend, brand have struggled to demonstrate ROI effectively. BXP fills this gap. According to Mr. Pharo "BXP is the only integrated and unified solution for measuring the impact and effectiveness of experiential marketing campaigns in the world.'"
About Reach3 Insights
Reach3 Insights is a pioneer in conversational research. The company is an award-winning full-service consulting firm that uses immersive, in-the-moment research designs and dynamic digital storytelling to deliver deep experiential insights. Reach3's conversational research approach delivers higher response rates, deeper engagement, and faster time-to-insights. To learn why brands like Coca-Cola, Kimberly-Clark, and Warner Bros. have made the switch to conversational research, please visit reach3insights.com.
Media Contact
Ben Hudson, Reach3 Insights, 1 778-235-2579, [email protected], reach3insights.com
SOURCE Reach3 Insights
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