Marketing communications (marcomms) are a fundamental part of a business's marketing plan. They have various manifestations such as branding, online presence, printed materials, and direct marketing. Any strategy your business uses to send messages to its existing consumers and attract new customers is essentially marketing communications.
Each business activity needs to have a measurable ROI, which is especially true when it comes to any form of online or offline marketing communications. The text and visual content you post as part of online marketing needs to be tested and then measured to assure its success.
The marcomms effectiveness is the influence strength when appealing to the audience, the degree of coverage, the formation of consumer attitudes towards the brand and its services or product, and the creation of the image.
Check out a selection of LOOQME metrics to measure the effectiveness of marcomms.
1. Share of voice
The share of voice metric is user-friendly and easy to interpret as it can be calculated both in digital and in % ratio and measured in total or separately for each communication channel. The share of voice shows how attractive brand activity is for the target audience in the context of the selected segment, competitors, or area over a certain period.
2. Potential Reach online
Potential reach is another metric directly related to the audience. It demonstrates the breadth of reach of communications. The metric can measure both a single message and a particular channel or brand.
The results of potential reach in the context of established marketing channels will be useful at the stage of planning investments in each channel and for evaluating its profitability.
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Sentiment helps to determine the mood of communications, understand the emotional response of the target audience and customers, analyze and correct mistakes in marketing campaigns. Sentiment can be measured both for each separate activity and for a number of activities over a certain period. The sentiment is especially important when launching new marketing campaigns to understand the initial reaction. It can show whether you are moving in the right direction.
The above graph shows the sentiment dynamics of the fashion brand's marketing campaign in the launching period. The level of negativity is quite high, which indicates the shortcomings and weaknesses to address.
4. Media Visibility
Media Visibility Index measures visibility in the media and is always represented by the number of mentions.
For example, when comparing two marketing campaigns with the same percentage of main and positive/negative mentions, but with a different frequency of mentions, the MV will be higher for the activity where the number of mentions is higher. Hence the Media Visibility Index name.
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The Media Visibility Index can be used:
• To establish the correlation between media visibility and the company's business performance. Brands and separate marketing activities with high visibility in the media attract more attention and this affects the long-term result.
• As a metric for lobbying the interests of the project for partners and investors, a metric of its effectiveness. This is especially true for projects with international investments, as well as for the social sector, where the Media Visibility Index can become a powerful argument in favor of your effectiveness.
5. Brand trust metric
Brand trust is the foundation that helps you move forward and set the right pace for development. It affects the reputation, justifies the efforts invested in the health of the brand, and measures the success of marketing activities. This metric is responsible for long-term development and is easy to measure in relation to the industry or competitors.
R-Index works well for assessing the level of trust. This combined metric also includes the results of a sociological study.
Find out more about R-index
Please note that in order to evaluate the effectiveness of marketing communications, it is convenient to divide them into two parts: trade (change in sales before and after the communication impact) and communication (change in the level of recognition of a product, brand, etc.). You can apply a system of mertics with which you plan to work for each of them. We recommend testing several models for the best results.