In today’s era, where data science is redefining marketing strategies, events like the Super Bowl are under the analytical microscope more than ever. The investment in advertising during the Super Bowl, which reached astronomical figures of up to $7 million for an advertising space, reflects the magnitude of these events. However, the lingering question for marketers and brand strategists is not how much to spend, but how to effectively measure the return on that investment (ROI) through event analytics and weather forecasting.
This detailed analysis not only addresses ROI but also reveals how these events impact consumer activity over time, ushering in a new era in data-driven decision making.
Scientific prediction for events like the Super Bowl is no longer based solely on assumptions or intuition. For example, yesterday’s matchup between the San Francisco 49ers and the Kansas City Chiefs in Super Bowl 58 illustrates how data can be used to predict the outcome of the game, considering everything from regular-season wins to the image of the city and the impact of the players’ pairings. However, behind this narrative lies a deeper truth: the importance of data in evaluating events and campaigns.
Modern event analytics goes beyond traditional metrics. It allows strategists to explore a wide range of time-related data, how to compare in-store sales to online conversion data, and examine additional metrics such as in-store returns to determine whether returns are increasing over time. This multidimensional approach to data provides a deeper understanding of the long-term impact of events on consumer behavior.
In this context, the decision by Stellantis (Fiat and Chrysler) not to display its cars at the Chicago Auto Show this year, as it reassesses its marketing strategy, highlights a growing trend among brands towards a more critical evaluation of value of participation in events. This highlights the importance of time series analysis in marketing strategy, allowing brands to discern changes in consumer behavior over time and adjust their strategies accordingly.
The “age of analytics” represents a fundamental shift in the way events are conceptualized and invested in. It’s not just about reaching a broad audience, but about understanding how impressions generated through various mediums—from digital ads to podcast appearances—lead to conversions, subscriptions and sales. This era promotes more informed and accurate decision making, empowering marketers to navigate the complexity of event participation and optimize marketing budgets effectively.
Consumer research on products and services on mobile devices, which offers the option to avoid large crowds while locating the products and services they need, only increases the value of analytical metrics. This underlines the relevance of adapting marketing strategies to changing consumer needs and behaviors, rather than relying solely on presence at high-profile events.
Marketing events like the Super Bowl is redefining how brands perceive and take advantage of these opportunities. Investment in advertising and participation in events is no longer justified by the magnitude of the event itself, but by the detailed analysis of the impact and ROI that these efforts can generate over time.
As we move further into the “age of analytics,” brands that take a data-driven approach to their event strategy will be better positioned to achieve success, maximizing the value of every dollar spent and ensuring a deeper connection. and meaningful with your audience.