Recently, Kamala Harris caught our attention by generating a total MIV® of $19M for the three brands that she wore during the Presidential Inauguration festivities. At the inauguration ceremony, she wore a Christopher John Rogers purple coat and dress that garnered $8.2M in Media Impact Value™ within the first 24 hours. That is definitely an impressive number, but what is ‘MIV®’ or Media Impact Value™?
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In this article you’ll learn…
What is ‘MIV®‘? A Deep Dive
Media Impact Value™ is a proprietary algorithm created by Launchmetrics to measure and benchmark the impact of all media placements and mentions across different Voices in the Fashion, Luxury, and Beauty industries.
This means that you can compare the Media Impact Value™ for each post shared across print, online and social channels. Thus, allowing you to measure the ROI of any marketing activity that you create and execute.
In our Top 20 Power Players in Luxury Fashion’s Leading Market report, we highlighted the top social posts by MIV® in China, Europe, and the USA. For Europe, the top social publication by MIV® was Millie Bobby Brown’s Instagram post for Moncler that accumulated $1.4M MIV® during October to December 2020 and in China, the top social post was by 一坨小红花_ for Louis Vuttion at $577K MIV®.
Using MIV® as a benchmark metric, we are able to see that brands can view (in monetary terms) the buzz generated by celebrities and influencers wearing their creations, and compare the success strategies from one market to another.
Therefore, MIV® allows your brand to compare results across various Voices, media types, channels, time periods, products, regions, and more. Moreover, the comparative capabilities mean brands can actually benchmark their performance against their competitors, as well as review omnichannel strategies to understand which channel or media type is overperforming or where there can be improvements.
Why was Media Impact Value™ created?
Media Impact Value™ was formulated to address some of the challenges that the Fashion, Luxury, and Beauty industries were facing when it came to measuring brand performance.
For example, the lines between print, online and social media have become increasingly blurry as well as the lines between paid, owned, and earned media. How can you compare a placement in Vogue’s September issue against a backstage Paris Fashion Week post on TikTok? Measuring these different media are unclear and almost incomparable.
In addition, reach and engagement metrics only highlight part of the story when it comes to measuring results. For example, a Micro Influencer with an extremely low engagement rate isn’t nearly as impactful as your own brand’s Instagram account. Quality definitely matters when it comes to measuring the value of any touchpoint or post.
How is it calculated? Which factors does the formula include?
Media Impact Value™ is based on 4 main criteria, starting with the estimated base value, the audience, the source authority, and the content quality.
A base value is calculated using the standard reach, media rate metrics, and our learning set of more than 5,000 FLB online media publications with more than 10k brands that we have worked with. It is then adjusted based on the overall quality of mentions. This ensures that placements from more sought-after sources are valued at a higher rate than less attractive sources.
‘Audience’ looks at who the content will reach from circulation numbers of print media to the number of followers on Instagram. This gives us the ballpark of where the content stands and amongst who.
‘Source Authority’ reviews the media type, the relevance of content directly related to Fashion, Luxury, and Beauty topics, and the overall media quality score, looking at a set of 4k+ top media sources. For social, the post frequency is taken into consideration as well as the Voice type, whether the post comes from a celebrity, brand, influencer, or consumer.
‘Content Quality’ takes into account engagement metrics (ex: likes and share counts) as well as the type of content. The length, size, positioning, and presence of images or videos can all make an impact on the content quality.
And thus, MIV® is calculated with these main criteria in mind, but overall, it provides brands with a unified currency to measure the value of all marketing activities across Voices, Channels, and Markets by assigning a monetary value for each interaction and initiative. Thus, it makes it easy when benchmarking different activities from influencer marketing to PR endorsements. It is the true media value that helps you fully understand the ROI of your marketing and communication activations.