Make better decisions
Marketers are faced with the challenge of driving positive ROI on all of their advertising and branding efforts. The stress of implementing the right strategy can result in many sleepless nights.
It’s Economics 101. You bring in more money than you spend and you are on your way to a scalable business model, and maybe even a high-five from your boss.
M-E-R (Media Efficiency Ratio)
A metric used by marketers to determine if a media campaign was successful.
Simple Math
Calculate your MER by dividing your total sales (resulting from your media buy) by the cost of the media buy itself. EXAMPLE [$5,000 (sales) / $1,000 (media cost) ] = 5
*Successful Campaign results in an MER > 1
Before you even begin the process of buying media though, there are steps you can take to ensure that you’re setting yourself (and your company) up for success. Quantifying subjective metrics like if you’re improving your brand perception, whether you’re effectively engaging with your target customers, or simply if your audience likes what you’re putting out there, can be difficult. However, there are tools available in the market to help ensure the math works out, long before you spend the first dollar of your media budget.
Smart media plans include multiple creative executions running across multiple media channels. Engaging with customers in a variety of different ways means that you’re bound to find at least one effective format to communicate with them (and hopefully convert them into customers). Here’s more simple math: The more times you put your brand out there, the greater the odds are of finding something that works.
Once you’ve constructed the perfect mix of social media, online video, TV, and maybe even print strategies, your next task is figuring out what to publish and run on each of these platforms. While asking your mom if she likes your ad can be a good confidence booster, because well, that’s what moms do, it’s not necessarily the most representative sample of how the market is going to receive your creative.
Implementing emotion analysis experiments into your creative vetting process can provide you almost instantly with results on whether that new commercial is going to deliver that chuckle you think it will or just leave you hearing crickets.
Face facts
For better or worse, our faces say a lot without actually saying anything at all. Having access to your customers honest reactions means you can put your best foot forward, the first time.
Give Emotion Analysis a try for your next ad campaign. Save yourself some uncomfortable meetings about results and maybe even be the hero when you come in under budget. For a quick and easy way to survey your audience try using the Project Look tool from Kairos - Learn more
Here’s to driving a higher MER and maybe even a better night sleep.