Word-of-mouth is definitely the most effective marketing strategy. Consumers are increasingly basing their purchasing decisions on recommendations from trusted and authentic sources. These sources generally come from friends and family, or articles in magazines. Yet with the assertion of social media, a new kind of expertise has grown from influencers.
As part of their omnichannel strategies, brands are progressively expanding their voice through partnerships with those influencers and relying on their wide communities to reach out to their audience.
Earned media is sometimes misunderstood as being free, yet there is a cost connected with it. Therefore learning how to quantify earned media value is becoming increasingly important.
In this sense, LaunchMetrics has developed an algorithm that assigns a monetary value to every post interaction and article.
What is MIV™?
The Media Impact Value™ (MIV™) analyzes quantitative and qualitative data to assess and compute the value of an influencer’s marketing actions on a brand’s image’s media impact.
Also, it gives the possibility to compare the results of various marketing tactics, from magazines to influencer maketing and celebrity endorsement.
Launchmetrics’ unique Machine Learning algorithm offers businesses a uniform currency to quantify the value of all marketing initiatives across Voices, Channels, and Markets.
MIV™ is a trademark that has been registered in a number of European nations.
How does it work?
The metric is useful for the fashion, luxury, and cosmetics industry to assess the impact of brand placements and mentions across various communication channels. Launchmetrics has been analyzing specific campaign data to train and adapt the algorithm for over 5 years.
More than 100 quantitative and qualitative variables have been examined to develop a highly precise method for calculating the return on investment of each marketing campaign.
MIV™ considers four primary factors when calculating the impact of advertising campaigns:
- The reach: depending on the engagement rates and quality reach of the subject
- The media rate: the value of the placement
- The media quality: depending on the relevance of the campaign to the audience
- The content quality: depending on the engagement rates and quality reach of the influencer
Who are the most influential influencers?
As previously mentioned, MIV™ refers exclusively to the fashion, luxury and beauty sectors. On their website, Launchmetrics gives an overview of the valuation by brand and by industry. The Insights100 lists the top influencers in the MLC industry and shows for which brands these personalities were able to generate strong MIV™.