Improve the Results or Impact of Marketing Campaigns
Do you know how marketing campaigns or events are impacting in the different tenants? Can you measure the impact of Marketing Campaigns in your tenants? Do you know which tenants are the most benefited by your marketing budget? If you answer, “yes”…congratulations! You are in the little group of chosen ones. But if your answer is “not” it is probably because you are still using general footfall and sales as your main KPIs to understand what happens in the mall. And it is not enough.
How could you measure the impact of Marketing Campaigns?
By analyzing in real time visitors behavior and obtaining metrics of tenants performance, Marketing Managers can transform online and offline actions into off-line measurable KPIs. If we compare KPI`s as traffic, entries and capture ratio during the campaign and before and after, we will be able to find the tenants that has been specially impacted by our campaigns. And that is a valuable information both for you and them, as well as for the future bonus negotiations process.
Let’s see an example:
- General footfall to the shopping center in the prior week to an event: 5,665 people.
- General footfall to the shopping center during the marketing campaign week: 6,651 people.
- General footfall has increased in 17.4%.
If we can compare entries in the tenants, we can find out which of them are the most impacted tenants by the marketing campaign.
The above data shows in two different tenants the entries during the marketing campaign period, the entries evolution during the previous week and the variation between the entries evolution and the traffic evolution.
But it is more relevant pointing out that, although all the entries to tenants have increased too, just some of these tenants got higher entries compared with the increase on general footfall. These tenants have been the most impacted by this specific campaign and probably, the visitors had better match with them. So, interesting insights about marketing people target and outcomes arises to improve campaigns.
Analyzing the Book Store Data:
By taking a deep look into Book Store performance. Entries have increased 8.8% comparing with the previous week. Nevertheless, if we compare the evolution of the shopping center footfall (+17.4%) with evolution of the Book Store entries (+8.8%), they do not follow the same changing rule because specific entries has decreased in 8.6 p.p. And that isn´t a good point.The impact of the marketing campaign over Book Store has not reached the best performance for it.
Analyzing the Mobile Phone Shop Data:
It is time to see what happened with the Mobile Phone Shop. Entries have increased 32.2% comparing with the previous week. And comparing this value with the shopping center footfall evolution, Mobile Phone Shop passing-by traffic has increased in 14.8 p.p. improving the shopping center performance in terms of traffic. And, this is really good for it and shows a great fit between the marketing campaign target and this tenant.
Analyzing the impact of events
The impact of events has similar analysis. It is possible to understand how an specific event impacts them. But also, we could offer and other vision for the event organizer.
In the above graphic, it is showed the ratio detections/traffic around the same zone along the period between 3rd June and 14th October. During this period, the shopping center has had two events in July and in September.
So, the studied zone has an average ratio detections/traffic of 12.5. If we compare event vs. no-event ratios, it is clear the event was a success in terms of engagement.
What you don’t measure, you can´t improve.
Shopping centers invest a relevant amount of money in marketing campaigns without having a clear idea about which of them and how they are really impacting in their tenants. Adding new KPIs, Managers will be able to design campaigns side by side with the tenants as you will be able to know they will be impacted in advance.
On the other hand, Shopping Center Managers will gain a strong position in the negotiation with tenants as they can show how they are helping them to improve their business through the campaigns, driving specific traffic for them.