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How are brand partners measuring ROI from their Art Basel HK investment?

How are brand partners measuring ROI from their Art Basel HK investment?

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Brand partners such as BMW, South China Morning Post (SCMP) and Island Shangri-La Hong Kong are seeing positive return on investment (ROI) from partnering with Art Basel Hong Kong, the city’s flagship contemporary art fair, where artworks from premier galleries in Asia and beyond are featured. 

A spokesperson from BMW told MARKETING-INTERACTIVE that the ROI is not only about money revenue such as car sales, but also on brand exposure and awareness, and BMW’s main objective in the partnership with this art fair was to promote itself as an artistic, forward, innovative, and socially responsible automotive brand to customers. 

“It will be imprudent to solely focus on car sales performance. Strengthening our brand values and reputation in art and culture allows us to approach a far-reaching audience base. We aim for sustainable cultural engagement and art development, and thus we are looking into the long-term, future returns in brand image, status, and business revenue as well,” the spokesperson from BMW said.

BMW also believes that brand image and what kind of brand that people remember it as cannot be measured. Therefore, the brand does not merely look at the sales number, but also look at how it can reach a broader audience base and advocate its aspiration in art development, added the spokesperson. 

“Nowadays, customers do not choose a product only for its performance or price tag, but also for the idea and vision that the brand represents.” 

As part of its commitment to the field of arts, BMW hopes to elevate the brand to a new level that speaks to the customers who are in line with its values, "We are constantly investing in art development and the cultural field to promote our image, and want customers to associate us as an artistic, forward, innovative, and socially responsible automotive brand," the spokesperson said. 

Don't miss: Shangri-La and Japanese artist partner up to curate a world of wonders at Art Basel HK

Another Art Basel Hong Kong brand partner Island Shangri-La Hong Kong said its participation in Art Basel Hong Kong 2023 was a top-of-the-funnel investment that aimed to drive greater awareness and engagement with its local customers and travellers, especially those in the leisure segment, in its home market, "We aim to inspire our audiences with more reasons to think of us, talk about us, and experience us, and to keep us top-of-mind as travel comes back to Hong Kong and the world," said its spokesperson.

Considering the brand's presence at the event as a precursor to its global campaign, “Find Your Shangri-La”, which will launch a series of activations this year, the company has set long-term business and brand performance indicators which will be measured at the end of these activations.

Shangri-La believes that art, as a cultural medium for self-expression and an area of personal interest for its desired target audiences, is a key branding touchpoint. "Art Basel Hong Kong is also a collection of Asia’s top galleries and artists, which is a great fit for our brand – a brand that continues to pioneer Asian hospitality. Our presence at Art Basel Hong Kong 2023 aimed to drive the brand awareness and engagement in our home market as travel comes back to Hong Kong and the world," the spokesperson added.

On the other hand, SCMP, Art Basel Hong Kong 2023's media partner, also gained brand awareness through multiple art pieces which incorporate some of its brand elements. For example, an artwork titled "newspaper art" by a Thai artist has incorporated print copies of SCMP. This also signifies SCMP's importance in the art and cultural market on a global perspective.

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“We have received positive feedback from our readers and advertising clients for our partnership with Art Basel, as they look to us for subject matter expertise and advisory through our art reporting and media solutions tailored to an artistically and culturally curious reader base,” said Kevin Huang, COO of SCMP.

In terms of ROI measurement, Huang revealed that SCMP measured it through branding, awareness, traffic, subscription and commercial metrics. Data-informed and tech-forward strategies are also adopted to know its optimal cross-functional and departmental agility in interpreting and applying findings for targeted actions that are efficient and impactful, Huang added. 

This year’s Art Basel is coming back to its full strength with the lifted COVID restrictions. Huang said that the art fair is a symbol of Hong Kong's leading position in the international art market, and the city's commitment to nurturing a strong cultural sector as one of the cornerstones of Hong Kong's long term development. Therefore, Huang said SCMP sees its partnership with Art Basel as a seamless fit and a joint effort to communicate the city's strength and potential in further propelling Hong Kong as a key arts and cultural hub in the world. 

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