We’re excited to announce that BrandBacker Campaigns have new and improved metrics to help you understand your content and campaigns better than before. Along with our existing Content Reach Metrics, we’ve added four new Media Value metrics that help with understanding the market rate and dollar value of the content created in your campaigns.
What is Media Value?
Before we dig further into the specifics of each new metric, it’s best to understand how we define Media Value. We think of Media Value as the value of a piece of content in terms of advertising and marketing dollars. That includes the cost of sponsoring a particular piece of content and the advertising value of the impressions and engagement the content generates. Understanding the Media Value of your content gives you a way to measure and benchmark the effectiveness of your brand awareness efforts. Now onto the new metrics.
Post Media Value
While looking at Media Value metrics from different platforms, we always found that they focus on impressions but leave out the actual value of the content being created. An influencer has to spend time creating original content whether that’s a blog post, YouTube video, Instagram Photo or Tweet. For blog posts and YouTube videos, the content has considerable SEO value which will keep benefiting the brand for months and years into the future. At the same time, content created by a topic expert is more influential than the same content from an average influencer. In order to take these factors into consideration, we came up with our Post Media Value metric to measure the intrinsic value of content.
To arrive at our Post Media Value metric, we looked at thousands of asking rates from influencers of all sizes across different forms of content (Blog Posts, Videos, Social Posts). Asking rates are what influencers will typically charge for a sponsored post. These asking rates change depending on the type of content being created (Videos cost more than Tweets) and the size of the influencer (influencers with more followers charge more). Our BrandBacker Media Value algorithms are able to accurately model the asking rate of any piece of content based on the number of followers an influencer has. Your overall Post Media Value is the sum of the asking rates for each type of content created by influencers in your campaign.
What’s the market rate for the content generated in your campaign.
Earned Media Value
Earned Media is a term that has been thrown around a lot in the last couple of years. Most recently it’s been shown to be an effective form of marketing in the Presidential campaign run by Donald Trump. Social media posts from Trump, mainly on Twitter, generated an incredible numbers of re-tweets, shares, likes, comments and subsequent media coverage. While some consider Earned Media any piece of content that was generated about your brand without you initiating it, within BrandBacker campaigns, your Earned Media is the additional brand engagement generated by the campaign content.
Since engagement with posts can vary from influencer to influencer and topic to topic, we use a dual approach that values the engagements (likes, shares, re-tweets, comments, etc.) and the ensuing impressions (virality) driven by those engagements. The Earned Media Value combines an industry average CPA (Cost Per Action) for each engagement with an industry average CPM (Cost per Thousand Impressions) for each additional impression caused by the engagement.
How much additional value did your content generate from engagement and virality.
Total Media Value
The Total Media Value in your BrandBacker campaign is the sum of the Post Media Value and the Earned Media Value. With any type of brand awareness effort, it’s difficult to measure the success of a campaign because consumers who are exposed to your content may not immediately buy your products (even with coupon codes). Oftentimes, it’s the repetitive nature of seeing a brand’s content that translates to comfort, which in turn translates to sales down the line. Because brand awareness is a long term value add, we think the Total Media Value is a great representation of immediate value since it encompasses both the value of the content generated and the brand awareness from impressions and engagement.
How many media dollars is your campaign worth overall.
Per Influencer Value
This is the Media Value generated by an average influencer creating content in your campaign. Since the number of influencers in your campaigns can very from a few highly targeted influencers in private campaigns to 100’s of influencers in mass exposure campaigns, the Per Influencer Value is a great way to benchmark how well your campaign is performing against others. The Per Influencer Value also gives you a clear ROI on the value generated by an influencer vs the compensation given to them.
How much media value did each influencer in your campaign generate.
These metrics are the first of many we hope to release in the next year that will give you new ways to measure your content value and brand awareness. Feel free to reach out to us (firstname.lastname@example.org) with any questions you have about how we calculate these metrics or if you’d like more information about the BrandBacker Analytics and Insights Platform.