It has been an exciting week for Launchmetrics, seeing our data analysis of the The Ferragnez wedding in the press all around the world. And, since many of you have asked, we wanted to take this opportunity to explain in more detail exactly how audience-driven Media Impact Value (MIV) works.
In the fashion, luxury, and cosmetics industries, PR and communications professionals work tirelessly to identify the right influencers and celebrities to work with, in order to generate coverage for their brands. At Launchmetrics, we seek to measure campaigns, product launches, and other marketing actions in order to offer our clients clarity on the success of their actions.
Our team of Data Scientists work with monitoring tools and a proprietary algorithm (MIV) to place a monetary value on each type of post, whether from online media, social or print publications. This process takes various factors into account, both quantitative and qualitative, according to the quality of the post, the content, the quality of the mention (positive or negative), and many other details. The objective of this whole process is to calculate the ROI from the product launch strategies across all channels, as precisely as possible.
Thanks to our data tracking and the calculation of MIV, brands like Dior are able to know that dressing Chiara Ferragni on her wedding day was a spot on collaboration that generated over $5.2 million in MIV for the brand. So much of the coverage was focused on the dresses that Chiara wore, that Dior’s MIV represents 15% of the global impact generated by #TheFerragnez wedding.
Yet, then there’s the Royal Wedding. While Givenchy’s MIV represents 7% of the overall media impact generated by Meghan Markle and prince Harry’s nuptials, the total monetary value for Givenchy was over $22.6 million. Although Givenchy’s percentage of total MIV is lower, the monetary value was four times higher due to the overall volume of coverage on the royal wedding.
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We just couldn’t help ourselves! After all the buzz we’ve seen about the #royalwedding we decided to crunch the numbers. In the words of @bof “It’s beginning to seem as if Ms. Markle [now the Duchess of Sussex] could be the most influential of all.” And this couldn’t be more true, after seeing the incredible engagement she sparked across social platforms for @givenchyofficial & @stellamccartney. Here’s the breakdown of how many interactions happened on social media from May 18th-May 22nd, in case you’re interested 💻🤓: . . #GIVENCHY: ➕ 26,473 posts ➕ 7,873,349 interactions #STELLAMCCARTNEY: ➕4,334 posts ➕2,053,824 interactions . . Congratulations to the Duke & Duchess of Sussex. And congrats to #clairewaightkeller & #stellamccartney for the exquisite gowns 🍾 . . #theultimateinfluencer #royalty #meghanmarkle #royalwedding2018🇬🇧 #fashionindustry #launchmetrics #poweringtheindustry
This is why it’s vital to take other factors into account when benchmarking, such as the overall volume of coverage for each event, or the fact that #TheFerragnez’s audience was more fashion-focused (which may be why Dior’s chunk of the global MIV is higher), meanwhile The Royal Wedding’s audience was clearly a wider, general audience who may have not focused so much on mentioning fashion brands when sharing posts about the momentous day.
We hope this post has offered clarity in regards to how audience-drive Media Impact Value works, but in case of any doubts, don’t hesitate to ask us in the comments below!