Brand Health Metrics for Agencies to Measure Brand Partnerships
Social Listening Platforms have given brands a new way to understand and measure the impact of sponsorships. This ability is taken to the next level when it comes to agencies that leverage their clients’ brand partnerships for campaign work. For an agency, a few things are more important than the ability to measure the work they do for their clients, be able to prove return on investment — both their client’s investment in the agency and their client’s investment in media spend.
Many agencies are approached by their clients to create campaigns around sponsorships that the brand has already executed, and then it’s up to the agencies to determine how to leverage sponsorship and bring positive results to their clients. Due to the increase in digital work that agencies are doing, more agencies are turning to social data to measure campaigns, and there are some crucial metrics to help agencies prove the value of their work.
1. Media Value
Media value is a formula that factors the average Cost Per Click (CPC) of paid social advertising by the total number of likes generated by each topic or subtopic. This helps marketers connect digital measurement with the classic campaign measurement of understanding how much monetary value an advertisement provides for a brand. When looking at brand partnerships through the lens of media value, it’s clear that marketers can use this metric to understand the importance of the sponsorship and their work better.
For example, if Pizza Hut asks their marketing agency to run campaigns to capitalize on their sponsorship of the NFL, that agency can use the media value of the campaigns that did not focus on this sponsorship versus campaigns that did focus on this sponsorship. The goal for the agency would be to show that the media value for each campaign around the sponsorship is significantly higher than previous campaigns, indicating that there is value in the sponsorship and the overall campaign that ran.
2. Share of Voice
Share of Voice (SOV) is the second of three brand health metrics and is used to understand how much buzz a brand generates within their industry. For an agency, it’s one of the best metrics to show a client how the campaigns they are creating are causing a significant boost in buzz for the client, especially since SOV measures the percentage of mentions across topics.
Continuing with the Pizza Hut example, the agency can view how Pizza Hut’s overall mentions compare to competitors, before and after the sponsorship-related campaigns. They can even review back-data to see how Pizza Hut performed during the same period in previous years.
The ultimate goal with SOV is to see what that boost looks like and then work to maintain that boost, so it becomes the new normal. For an agency, it’s a big win to be able to show that their campaigns helped boost SOV for their clients.
3. Social Reputation Score
After all that talk about how great of a metric SOV is, and it is, the one thing that SOV is missing is what the buzz is saying. In other words, while it’s great to know that an agency is creating massive buzz for their clients, the question remains as to whether the buzz is positive or negative.
Social Reputation Score (SRS) is a proprietary Synthesio metric based on an algorithm of the overall volume of online mentions and the sentiment of each of those mentions. SRS then provides a score of 0-100 based on the results of that algorithm. SRS is a straightforward way to approach brand health metrics and can be used to compare any brand, product or topic to see how people genuinely feel in comparison to competitors or other similar products.
It is a crucial metric for agencies to show their clients tangible results on how consumers feel about a brand, product or topic — and whether those feelings changed or stayed the same, based on the sponsorship-focused campaigns. SRS is an essential metric for these type of campaigns because it can help explain why the SOV baseline either did or didn’t change permanently from the campaigns. Finally, SRS can give agencies a more accurate picture of why a campaign succeeded or failed, by summarizing campaign results based on online reactions from consumers.
Brand partnerships can be useful for many organizations. They can also be an agency’s friend or enemy depending on whether the agency truly understands how to capitalize on the partnership. These social metrics and others help agencies measure the results of these types of campaigns, and quickly show the results to their clients.
Learn about the ways Synthesio can be used at a social listening agency and see how our agency customers are using Synthesio to find insights for their clients.