Audio advertising is projected to reach $7B in 2022. And what inevitably comes with greater investment? A greater desire, and need, for data.
An increasing number of brands are widening their proof points for successful and effective audio campaigns outside of just conversions. Brand perception metrics are quickly rising to the top of marketers’ data sheets. For example, having a brand name that is recalled over competitors at time of purchase is gaining traction as an equally valuable metric to immediate conversion count in the brand playbook.
Brand Lift opens up a marketer’s view of their audience. Through pixel-based or mirrored exposed studies they are able to answer larger brand equity questions like:
“Has my target audience ever heard of my brand?”
“Do consumers know what my brand does?”
“Do shoppers already have a strong perception (positive or negative) of my brand that is influencing their engagement with my ad, that may not have to do with that specific ad creative at all?”
“How likely are they to choose my brand the next time they are in need?”
These are questions that a simple conversion count won’t reveal on its own. That’s why Veritonic measures performance in a suite: brand lift and attribution coupled together to tell the full story of a campaign’s success.
A recent Brand Lift study performed on the Veritonic platform by Wise (formerly Transferwise) revealed that it wasn’t the brand’s creative at all that was driving low campaign conversions like they thought, it was that 70% of ad spend was targeted towards the wrong target audience. This enabled the brand to reassess their targeting technique, saving them more losses if they simply remade the creative to fix the issue, and increasing their opportunity for future returns.
In looking at the bottom line, conversion rate is certainly an indicator of effective marketing, but the process as a whole and ensuring that every asset and use along the way is effective has become an equally important part of the process for marketers.
3 Key Takeaways:
- Every marketer and brand manager wants to see positive performance metrics but remember, there may be larger contextual elements in play to consider before jumping to conclusions without measuring cause and effect completely.
- When choosing your data partners, be sure to ask these questions, and consider the full picture when analyzing your next campaign.
- Full-Funnel campaign measurement is multifaceted: audience, ad creative, placement, and more. Don’t fall into the trap of only looking at the bottom line of the balance sheet for answers, tips for optimization may lie in other metrics.
If you are interested in learning more about the above takeaways or full-funnel campaign measurement in general, we’d love to chat. We can be reached through our website or email via email@example.com.