As the landscape of marketing continues to change, the responsibilities of teams in fashion, beauty, and luxury brands have become increasingly multifaceted. Now, there is a need to include influencer marketing campaigns, press activations, celebrity placements and more in order to reach target consumers at different touchpoints. However, understanding how effective one strategy is compared to another can be difficult, especially if one is categorized by likes and shares and another by mentions and reach. In this article, we look at how to measure cross channel marketing strategies in a comparative, data-driven way, in order to benchmark your performance when it comes to omnichannel campaigns.
How to Measure a Cross Channel Marketing Strategy
Analyze your Channel Mix
Whether you are promoting marketing activities on a blog, Instagram account or print editorial, seeing exactly which channels bring in the most value can help you understand where to invest both your company’s time and budget. Analyzing your Channel Mix will showcase what percentage of value came from which channel in a given period of time.
For example, in January 2020, by looking at Bottega Veneta’s Channel Mix, we can see that they generate the highest percentage of value via online media, print editorial, and Instagram.
Depending on which channels accumulate the highest value, brands may choose to direct their marketing investments differently. If a company is receiving most of its value via Instagram, for example, they may choose to direct more of their marketing budget towards this channel, or, they may choose to direct investments in previously unconsidered channels such as YouTube or TikTok.
Benchmark Your Performance
Gaining insight into what strategies your competitors are using to see success can also be a great way to measure and reflect on your own marketing performance. Using a dashboard is one of the best ways to do this as it allows you to compare your performance across a range of metrics and levels. On Insights, you can compare the value you are generating via different Voices and compare this with the Voice Split, top posts, top Influencers and more of your selected competitors. Understanding holistically where your brand sits in the market in comparison to others not only allows you to rethink your own marketing plan but also realize new tactics and strategies that other brands are having success with.
For example, you could use a dashboard to analyze your influencer marketing strategy against your leading competitor’s. You may see that they activate more Micro Influencers rather than All-Star Influencers and see that the data reflected implies this strategy pays off for them. You might then consider partnering with more niche influencers that match your brand voice better, in order to build more authentic brand equity, and accumulate more value.
Use a unified metric for measurement
Instead of trying to measure each strategy you employ within different teams in a different way, use one unified metric to determine the value of all marketing activations, in order to cross-compare more easily. Media Impact Value™ (MIV®) is Launchmetrics’ proprietary machine learning algorithm, which provides a dollar amount to measure the impact of placements across different Voices in the fashion, luxury and beauty industries. If you are a beauty brand and plan to release a new product, you can track the success of your campaign launch by quantifying the MIV® of your influencer marketing reach out as well as your press activations to understand which brought the most value.
You can also measure MIV® against the number of placements. If the influencers you activated in your campaign produced only 10 posts and received an MIV® of $1.4M overall, and you received 20 mentions in the press and received the same MIV® of $1.4M from this Voice, you can see that the Influencer Voice was more efficient for your brand. Therefore, with fewer placements (and budget investment) this Voice was able to bring more value to your brand. Being able to compare across different Voices requires this unified metric, which can provide essential information when it comes to future campaign planning for your brand.
In order to effectively measure your cross channel marketing strategies, you need to integrate the right metrics into your strategy, to view your performance in a less granular, and more global way. If you want to learn more about the essential KPIs you should be considered for successful marketing performance measurement, download our recent guide for free.