In several companies - including Uncover! — a question haunts Marketing teams: how to evaluate the success of brand-building campaigns?
- Also read: Introduction to Marketing Mix Modeling
Increasingly charged per conversion, based on the measurement rationale of common advertising platforms, such as Meta and Google, which have the Last-click as a main metric, Marketing is constantly faced with the need to cut the budget of branding campaigns to invest more heavily at the bottom of the funnel.
Some schools have defended the vision of the funnel as a cycle, where there is not necessarily one stage that follows another, but rather a multidimensional journey, where investment in one objective supports the efficiency of the other objectives. It is well known that an advertisement does not make summer and that a strong brand is the foundation for enchanting customers.
But even in the face of challenges and adaptations to more holistic strategies, at the end of the day, if an action does not generate clear results, it will hardly be defended at the executives' table.
But how do you measure the real impact of brand awareness campaigns?
This sparks another discussion: at the end of the day, what metric is the company looking at?
Here at Uncover, we deal with this issue both in the interface with our clients and in our own daily startup. Yes, we need to sell; yes, we need to be recognized in the market; yes, the possibilities are endless; yes, we need to make efforts.
What will guide if our efforts are paying off?
We could list dozens of metrics linked to awareness, but they don't reflect the real impact of branding campaigns on the business.
With this, we came to the conclusion that the best metric for evaluating the success of these campaigns is incremental revenue — that is, how much brand awareness actions contributed to an increase in business revenue.
“Calm down, but isn't the goal just to generate brand memory?” , you can question. And yes, but the memory is only worth remembering if, and only if, it converts into more sales.
That doesn't mean tying conversion metrics to branding. It means understanding the role of brand building in the whole.
Brand investments have an effect measurable and lasting in generating demand; however, strong campaigns, which generate an immediate impact, are a crucial sign of long-term brand success.
In other words: if brand awareness is not generating results in the short term, it will hardly generate results in the long term either.
Do you want to measure short-term and long-term effects and optimize your brand awareness campaigns?
Marketing Mix Modeling is your ally when it comes to separating return from your full-funnel investments. Talk to us to learn more about the model.
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