Social Listening Platforms have given brands a new way to understand and measure the impact of sponsorships and brand intelligence metrics. Agencies can use this to their advantage and leverage their clients’ brand partnerships for campaign work. For an agency, the ability to prove return on investment is crucial. Which means, both their client’s investment in the agency and in media spend.
Often times, agencies are approached by their clients to create campaigns around sponsorships that the brand has executed. It’s up to the agencies to determine how to leverage the 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 measurements. And 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.
Take Pizza Hut for example. Let’s say they ask their marketing agency to run campaigns to capitalize on their sponsorship of the NFL. To understand media value, the agency can compare it for different campaigns. They can use the media value of the campaigns that did and did not focus on the NFL 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. Which indicates 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 the three brand intelligence metrics. It is used to understand how much buzz a brand generates within their industry. For an agency, it can become one of the best metrics to show a client real results. It can prove the campaigns they created caused a significant boost in buzz. 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, 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. It is based on an algorithm of the overall volume of online mentions and the sentiment of those mentions. SRS then provides a score of 0-100 based on the results of that algorithm. SRS is one way to approach and can be used to compare any brand, product or topic.
It is a crucial metric for agencies to show their clients 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. It depends 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.