For big brands acquiring customers it used to be a simple formula.
Create a great ad + advertise in media with a large audience of potential customers + have a call to action = sales.
Brands that follow the old formula can still advertise to millions of people and have plenty of traditional brand impressions. Some still call this success.
But given the new tools for monitoring engagement, it’s now much easier to determine if those “impressions” are worth the millions spent on them.
Today the success formula is becoming increasingly complex and will forever remain so. Case and point the Superbowl and Academy Awards.
The Social Business experts from the Dachis Group monitored over 30,000 brands before, during, and after the Academy Awards and the Super Bowl by following them on Facebook, Twitter and YouTube. They monitored audience growth, brand sentiment and brand/audience engagement.
For Dachis, the goal was not only to measure brand impressions, but to understand how the ad impacted the audience at each of these events. Erik Huddleston, Chief Technology Officer at Dachis Group explains: “We genuinely believe that just because you can afford to advertise in both the Super Bowl and the Academy Awards doesn’t mean you should do so. When a brand spends anywhere from 1.7 to 3.5 million dollars for 30 seconds of time, that brand needs to be able to know if the ad “worked.” And when we say “worked” we don’t mean “are people talking about our ad?” We mean “did our ad change the way people feel about our brand? Did it inspire people to tell their friends and subscribers about our brand?”
For today’s brands, the metrics are getting better and the ROI clearer. But that also means the Marketing department will be held more accountable for real results. Marketing will need to experiment with new formulas in order to find the right one for their target audience. It’s not going to be easy, and it’s going to require a lot of trial and error, but solutions from companies like Dachis will make it easier.