Brandformance combines the strengths of brand and performance marketing, allowing marketers to drive brand awareness and engagement while also achieving measurable conversions. It focuses on the entire customer journey, from top-of-funnel awareness to lower-funnel conversions. By blending both approaches, marketers can optimize campaigns to achieve better conversion rates and maximize ROI.
Measuring Brand Campaign Results
To measure the results of brand campaigns, marketers can use a variety of tools and KPIs:
- Branded Search Volume: Analyze search engine data to determine how often your brand name is searched. An increase in branded search volume indicates growing brand awareness.
- Google Trends: Monitor changes in search volume for your brand name over time and comparing to competitors, providing insight into brand interest and seasonal fluctuations.
- Incremental Results: Measure the impact of your brand campaign by dividing the total cost of the campaign by the volume of incremental results, such as increased brand awareness or additional conversions. You will have a great metric to compare different campaign results.
- Brand Lift Studies: Platforms like Meta Ads and Google offer brand lift studies, which measure the impact of your campaign on brand metrics like awareness, ad recall, and consideration.
The Long-Term Investment Aspect of Brandformance
Brandformance, being a long-term investment, means that the results of a brand awareness campaign or any other type of marketing campaign may not be immediately visible. The impact of these campaigns often unfolds over time, as consumers become aware of and develop trust in the brand. This is where understanding the time lag between marketing efforts and their effects becomes crucial. By using techniques such as the Weibull distribution, marketers can estimate lagged results and make more informed decisions about their marketing strategies.
Understanding the Weibull Distribution
The Weibull distribution is a statistical model that helps predict the likelihood of a particular event occurring over time. It is commonly used in marketing to estimate the impact of various factors, including time, on specific outcomes. In the context of marketing, the Weibull distribution can be used to model the time lag between marketing efforts and their results, such as the growth of brand awareness, engagement, or conversions.
Applying the Weibull Distribution in Day-to-Day Measurement
Here’s how marketers can apply the Weibull distribution to their day-to-day measurement of brand campaign results:
- Collect data: Gather historical data on your marketing campaigns, including the time between the start of a campaign and the observable impact on brand awareness or other desired outcomes.
- Fit the model: Use the Weibull distribution to model the relationship between the time elapsed since the beginning of a campaign and the resulting impact. This involves determining the parameters of the Weibull distribution that best fit your data.
- Estimate lagged results: Based on the fitted Weibull distribution, estimate the lagged results of your current and future marketing campaigns. This can help you predict when the impact of a campaign will start to materialize and how it will evolve over time.
- Optimize campaigns: Armed with the knowledge of the time lag between marketing efforts and their results, you can make more informed decisions about the timing, frequency, and intensity of your campaigns. This can help you optimize your marketing budget and improve the overall effectiveness of your brandformance strategy.
By understanding and leveraging the Weibull distribution, marketers can better estimate the lagged results of their campaigns and make data-driven decisions about their marketing efforts. This can lead to more effective brandformance strategies that strike the right balance between building long-term brand awareness and driving short-term measurable results.
Case Studies for Brandformance
A study analyzing over 80,000 advertisers in Europe and Israel found that brandformance campaigns focusing on the middle funnel performed 1.14 times better than isolated performance auction campaigns and 1.06 times better than performance auction campaigns with lower-funnel objectives. The study also revealed that engagement rates were crucial in driving conversions, with conversion rates two to three times larger for brandformance campaigns compared to performance campaigns. Source
A study conducted by Nielsen revealed that a combination of brand and performance marketing efforts led to a significant increase in key performance indicators (KPIs). The research focused on over 500 marketing campaigns across various industries and found that campaigns employing a brandformance strategy achieved a 40% higher return on ad spend (ROAS) and a 30% increase in brand lift compared to campaigns focused solely on performance marketing. This demonstrates the power of combining brand and performance marketing in driving both long-term brand awareness and short-term results. Source
In another study conducted by Kantar, it was found that campaigns using a brandformance approach led to an average increase of 50% in purchase intent compared to performance-only campaigns. This research examined over 250 digital advertising campaigns across various industries and markets. The brandformance campaigns not only drove short-term results but also had a lasting impact on long-term brand health. This strategy resulted in a higher likelihood of consumers considering the brand when making future purchases, demonstrating the importance of incorporating both brand and performance marketing efforts. Source
In conclusion, brandformance enables marketers to optimize campaigns for both brand awareness and measurable results. By using the right tools and KPIs, you can track the performance of your brand campaigns and prove their ROI. Embracing a long-term investment mindset and focusing on the entire customer journey can help you achieve better conversion rates and maximize the impact of your marketing efforts.
