- Marjorie van Elven |
Launchmetrics, the data analytics firm for the fashion and beauty industries, has announced the release of a new tool, Insights by Launchmetrics, to help C-level executives decide where to allocate their marketing investments. Using Launchmetrics’ Media Impact Value (MIV) algorithm, which attributes a monetary value to media exposure, marketers can measure the performance of their campaigns and see how the evolution of their brand equity compares to that of their competitors.
Commenting on the reasoning behind the development of the new platform, Michael Jais, CEO of Launchmetrics, said in a statement: “the challenge for brands is not having an accessible, global view of what’s working, which hinders their ability to adjust strategies in real-time”. Alison Bringé, Chief Marketing Officer, added: “the industry has changed quickly and the new digital landscape has made it strenuous for many to navigate and attribute budgets effectively.”
The tool determines the impact of marketing campaigns across different channels, media types, time periods and regions, assigning a monetary value for each activity, by analyzing over 100 quantitative and qualitative factors, including audience engagement, industry relevance, source authority and content quality. A data set comprising millions of print and online media articles, social media posts, influencers and brands’ profiles is used. This way, Launchmetrics claims, it becomes much easier to visualize create the most return on investment.
To see how clients benchmark against competitors, Insights by Launchmetrics allows users to discover the MIV of brands and influencers such as Gucci, Cartier, Fenty Beauty and Chiara Ferragni.
Founded in 2016 and headquartered in New York, Launchmetrics raised 50 million US dollars in venture capital last year to accelerate its international expansion. The company says on its website that over 1,000 brands rely on its analytics data.
Picture: courtesy of Launchmetrics