Efficiency and return on investment are at the forefront of decision making in today’s global economy. Businesses everywhere – large and small – must strive for optimal performance and be accountable for their actions and outcomes. Against this commercial necessity, sales and marketing budgets have changed dramatically, as evidenced by the rise in ‘zero-budget’ marketing and switch to online advertising channels. The latter now representing the largest share of budgets globally, due in no small part to the ease of measurement of digital channels.
Inconnection believes the events industry needs to be more accountable – not least because experiential, hospitality, incentive and rewards-based marketing are amongst the most powerful – but least well measured – elements of the entire marketing mix. To challenge and change the status quo, Inconnection is introducing a measurement index for events-based marketing evaluation.
We call it MEMDEX and it's set to revolutionise the way organisations account for the effectiveness of their events-based marketing.
What is MEMDEX?
MEMDEX measures – in absolute terms on a Likert scale – how memorable a marketing event was to participants. Scores range from zero to ten, to one decimal place, with higher scores representing higher recall. For example, 2 weeks after a sampling event the MEMDEX score may be 6.7, 2 years after a sales conference the MEMDEX score may be 5.9.
When are MEMDEX scores measured?
By their very nature, different types of events remain fixed in the minds of participants for different lengths of time. For example, a two-week lag is an appropriate window for a product sampling event, whereas 6 months is an appropriate time for a hospitality trip. As the originators and inventors of MEMDEX, Inconnection has the insight and know-how needed to set the time lag for each event and client.
Can MEMDEX scores be tracked?
Yes. Inconnection automatically records the MEMDEX score (at the appropriate point in time) of all the events we organise. Clients have the option to opt-out of measurement and to re-measure the MEMDEX in the future. And so, for example, the MEMDEX score for a hospitality event would be automatically measured after three months, with the option to re-measure every three months after for any length of time.
How are MEMDEX scores used?
MEMDEX scores are comparable, allowing organisations to benchmark effectiveness against a host of control measures including previous events, peer group events and alternative event formats.
Why are MEMDEX scores so important?
Events are typically evaluated against different factors – from the number and type of people reached to revenues generated, and a host of factors in-between. However, regardless of the nature of the event – from a local product sampling roadshow to international conference – they tend to be unified by the need to establish mindshare with the target audience. MEMDEX measures the memorability of events after an appropriate period of time and is a important measure of relevance to all.
What happens if MEMDEX scores fall short of expectations?
One of the main reasons for creating MEMDEX is to ensure that events are fully evaluated and benchmarked. Armed with the knowledge and insight gained from MEMDEX, Inconnection is perfectly placed to ensure that planned events include effective memorability triggers – significantly reducing the potential for under-performance at the outset. In the unlikely event of lower than expected MEMDEX scores, trigger actions can be implemented post event and additional features built-in to future events based on insight gained through the measurement process.
Is MEMDEX GDPR compliant?
Yes. The process for measurement follows code of conduct guidance defined by the Market Research Society and all personal data is handled in accordance with the guidelines set by the Information Commissioner’s Office. Once collected, the MEMDEX score is an aggregated, anonymised figure.
How much does MEMDEX cost?
Inconnection is passionate about the evaluation of events and the potential that measurement creates for continual improvement. The first MEMDEX score for each event is measured at no cost to clients. In return, Inconnection is permitted to use aggregated, anonymised data for benchmarking purposes. All clients have the option to opt-out of measurement and to repeat measurement at fixed periods. There is a transparent fee – charged on a time and materials basis at cost – for repeat measurement.
Does MEMDEX replace traditional events evaluation?
No. There is still a place for standard evaluation criteria – such as participant evaluation surveys, sales/lead generation data, audience reach/participation levels etc. However, as these tend to focus on fixed points in time or internal data, they have limited use in terms of benchmarking and tracking.
What can I do with my MEMDEX score?
Inconnection works with experts in the field of psychiatry and psychology to understand how memories are fixed and triggered. We do so to help our clients improve the memorability of their events. Through this work, we know that speed and accuracy of recall is a factor of time, relevance and experience (along with other influencing factors). It is, therefore, likely that MEMDEX scores will reduce overtime but can be enhanced through post-event actions related to relevant triggers.
How do I get involved in MEMDEX?
MEMDEX is currently a beta programme scheduled for full roll-out during 2019. MEMDEX scores are being calculated now for selected clients interested in this new, innovative method of event evaluation. Anyone interested in being part of the beta programme is invited to speak to any member of the Inconnection team.
Can other organisations provide MEMDEX scores?
The reliability and integrity of MEMDEX is a critically important facet of the score. As such, Inconnection takes care to protect and control use in order to maintain standards at all times.
MEMDEX is the intellectual property of Inconnection and subject to a trademark application. Only organisations with express, written-permission from Inconnection are permitted to measure, provide or use MEMDEX scores. All Inconnection clients are automatically granted usage rights.
What happens to MEMDEX over time?
The most obvious use of MEMDEX scores is to evaluate effectiveness and benchmark performance. However, the scores are also a powerful planning tool as Inconnection is able to advise clients on event factors and features that stimulate memorability.
Is MEMDEX comparable to other measures?
Inconnection has over twenty years’ experience in the events industry and has not come across a similar measurement concept or approach. The closest we’ve found conceptually is the NetPromoter score, which is now a trusted, universal measure of customer satisfaction.