Media Impact Value — The Importance of Marketing
If your blockchain project isn’t currently collaborating with influencers to enhance visibility and product profits, you should seriously consider it! You can now attribute monetary worth to your campaigns with Media Impact Value in order to precisely evaluate their return on investment (ROI).
Today, a substantial percentage of people will make purchase decisions, including paying for blockchain services and products, after seeing the promotion by social media influencers.
As a result, influencers have become a key component of blockchain enterprises of all sizes’ marketing strategies. However, due to the diversity of social media, the numerous new features, and the shifting reach of influencers, assessing and analyzing the performance of an influencer campaign is becoming increasingly complicated.
What is Media Impact Value?
MIV (Media Impact Value) is an algorithm developed by Launchmetrics, a provider of marketing solutions for fashion and luxury brands, to determine and calculate the media impact value of influencer marketing behavior on the brand image by analyzing quantitative and qualitative data, so that companies and influencers can now compare their marketing results across different platforms, products, countries, and more. It is a trademark that has been registered in a number of European nations.
MIV enables Launchmetrics to identify the appropriate marketing approach for their campaigns based on specific goals and criteria more quickly and easily.
Its objective is straightforward: to assign a monetary value to a marketing campaign in order to precisely evaluate the ROI of a brand’s marketing strategy across all social media platforms.
This means that the algorithm works on social media platforms like Facebook, Instagram, and TikTok, as well as print media. Sound familiar? Yes, these are the platforms that blockchain marketing interacts with on a daily basis.
For more than five years, Launchmetrics has been creating and fine-tuning the algorithm. It represents a very exact technique to measure the ROI of any marketing effort using over 100 quantitative and qualitative variables.
How does the MIV algorithm work?
To calculate the impact of an ad campaign, MIV considers the following main factors:
The reach and prices charged by the media,
Quality of the media/platform,
Quality of the content.
Calculate a base value using data on media coverage and ratios (the value of placements or endorsements). Then, based on the quality of the material, placement, or mentions, alter the base value.
This approach guarantees that popular media, such as Instagram, will receive higher ratings than less popular media.
When calculating media quality, the relevance and influence of channels are very significant. This means that, in the blockchain industry, for example, channels that focus on blockchain content will have a bigger impact on the success of your campaigns than those that do not.
The quality of the material, as well as the engagement data, are crucial.
The number of likes, the sort of hashtags used in the post, the number of businesses mentioned or referred to, the length of the post, and other factors are used to determine engagement.
MIV considers the content’s quality to avoid spam or illegal sources.
For example, industry analysts found that the greatest performers are those firms proficient at using local and distinctive social media, such as Weibo from China, which has 523 million active users, is similar to a combination of Facebook and Instagram, and has a market penetration comparable to Facebook. Twitter is pretty much the same in the United States.
WeChat, on the other hand, is a Chinese-language equivalent to WhatsApp that includes a digital wallet feature to assist users in making transactions. With the support of influencers, brands have increased their visibility across all channels.
As in Western countries, opinion leaders have become the trump card for brands seeking to improve the value of media influence in China, accounting for 31% of the total.
Big brands in Europe and the United States continue to favour the Instagram platform. In China, the so-called “all-star influencers” (those with over 2 million followers) and “mega influencers” (those with 500,000–2 million followers) are in a dominant position, owing to their lower post counts. The number of texts had the desired effect. In Europe, however, the highest proportion of MIVs is for influencers with 100,000 to 500,000 followers.
One KOL = 10 Press Releases?
There are already over 4000 cryptocurrencies around the globe, with hundreds of exchanges, wallets, and service providers on the list. The total market capitalization of cryptocurrencies has surpassed $2 trillion. According to the World Economic Forum, by 2027, blockchain technology will have stored 10% of global GDP.
The most significant barrier to cryptocurrency adoption for consumers is a lack of necessary technical expertise and trading experience. Users are more ready to find relevant opinion leaders to refer to their investment behaviour than reading news.
Influencer marketing has grown dramatically in recent years, gaining interest from people from all walks of life. Google searches for “influencer marketing” have surged by more than 1,500% in the last three years. Influencer marketing offers numerous options, and brands have included it into their everyday marketing strategy, with a rising amount of their expenditures invested in influencer marketing. The influencer marketing market will rise in size by 2023, according to Google Trends. The sum would be far in excess of $10 billion!
You can increase your MIV by selecting the correct marketing strategy.
To use a well-known example, the popularity of Dogecoin is inextricably linked to Musk’s enthusiastic social media support.
“Dogecoin is definitely my favorite cryptocurrency,” Musk said in a surprise tweet on April 2, 2019, calling Dogecoin “very cool.” The price of Dogecoin began to increase under Musk’s Amway. The maximum market value of Dogecoin ever hit $0.73 due to Musk’s consistent tweeting in support of it, and he played a significant part in it.
How can Rainbow 6ix help
With the professional development of KOL marketing combined with the continuous advancement of modern technology, KOL marketing in the future must be full of more changes and innovations, and what Rainbow 6ix is doing is predicting and adapting to these changes earlier, so that major sectors can benefit more. The chain brand side of the business offers additional high-quality and creative services. Please contact us for additional information on MIV marketing.