Big consumer events, big brands and big media appeal means big dollars invested – which also means someone standing there, at the end of the line, waving an even bigger measuring stick and demanding it be applied.
So rather than having it applied to your behind in a whooping motion, here’s how you might use a measuring stick (of sorts) to evaluate event sponsors via the content analysis of editorial coverage (sounds tricky; it’s really not).
This post is timely because we’re just ramping up here for Taste of Sydney, off the back of our involvement in MasterChef Live late last year. For events like these we use the media coverage generated to help us to gain insights and understand what sponsors or brand names (or messages or event features) got the most cut through in the media.
We use our online measurement tool, Stellar* Analytics, to do this, but you can do it manually by tracking sponsor names in media coverage then popping everything into Excel to generate a chart.
Here’s an example of a Stellar* Analytics chart. This shows the sponor “share of voice” from media clippings of an event. Click to enlarge (brand names have been changed).
Analysis like this demonstrates one aspect of the sponsors value to the event and it helps to demonstrate ROI to both the sponsor and the event organiser.
For example, out of 300 clips generated you’ll be able to show that Sponsor A’s name was present in 70% of clippings (a good result) or only 20% (not so great). In addition, out of all sposors you’ll be able to show share of voice between them.
Then you can start to ask WHY? WHY? WHY?
Why did Sponsor A get named in 70% of coverage and not 90%. Why did the media talk about Sponor A and C but not really about Sponsor B? Why did little Sponsor X get more cut through than big Sponsor B? Were they more appealing or did they have more currency at the time? Did they have something more unique or newsworthy?
Counting clippings and reach is one thing, but the value comes from the messages within the clip and ultimately seeking the answers to the WHYS?
Posted by Renee Creer.