In the fast-paced world of advertising, measuring the success of your campaign is crucial for making informed decisions and optimizing performance. One powerful tool that can significantly enhance your campaign analysis is benchmarking. By comparing your campaign’s performance against industry standards on key performance indicators (KPIs), you gain valuable insights and context that can drive better outcomes. In this blog post, we’ll explore why benchmarking your advertising campaign is essential and how Lucid Impact Measurement, a product by Cint, can help you achieve this.
Cross-platform measurement for each region
One of the key advantages of benchmarking an advertising campaign, regardless of its platform or region, is the ability to gain comprehensive insights and a holistic understanding of its performance. When you can benchmark your campaign across different platforms and channels, such as connected TV, desktop, or web you gain a broader perspective on its effectiveness and reach. Each has its own unique metrics and user behavior, and by benchmarking across them, you can identify patterns and trends that inform your strategy.
Moreover, measuring your campaign impact in different regions allows you to account for variations in cultural preferences, consumer behaviors, and industry standards. Each region has its own nuances and specific expectations, and benchmarking enables you to evaluate your campaign’s performance against the specific standards of each market. By embracing this approach, you can tailor your advertising strategies to resonate with diverse audiences and maximize your campaign’s impact.
Benchmarks Specific to KPI and Industry
Whether you are advertising a CPG or Travel & Tourism brand, it is important to know how all campaigns typically perform. What’s better is being able to know how you stack up against other campaigns in the same industry. Lucid Impact Measurement provides both in five key markets–based on the nearly 2000 campaigns we’ve measured on behalf of our clients. By evaluating campaign performance against relevant KPIs, you can have a comprehensive understanding of how your campaign compares to overall performance standards.
Every industry has its unique characteristics, consumer behaviors, and performance standards. Lucid Impact Measurement’s industry-specific benchmarks allow you to compare your campaign’s performance to peers in your sector. This tailored approach offers a deeper understanding of how your campaign fares within your specific industry, highlighting areas where you excel or areas that require improvement.
Lucid Impact Measurement creates benchmarks through a meticulous and rigorous process that ensures accuracy and reliability. Sample sizes, outliers, and more are considered to ensure benchmarks are representative and accurate, so they are invaluable in helping you evaluate campaign performance and make informed campaign optimizations.
The benchmarks are derived from completed digital campaigns, including CTV (Connected TV), and are based on the weighted average of KPI lift percentages, taking into account the sample size of each campaign.
Outliers, both highly positive and negative, are trimmed from the benchmark calculation to maintain accuracy. We use a 95% confidence interval for benchmarks, which is a high degree of statistical rigor. This level of confidence allows for a robust estimation of the range within which the benchmarks fall, providing users with reliable insights to make informed decisions.
Improving Your Strategy with Each Campaign
As B.B. King aptly said, “The beautiful thing about learning is that nobody can take it away from you.” Campaign measurement and benchmarking serve as powerful tools for continuous learning and improvement. By leveraging the insights gained from having access to KPI and Industry benchmark in five key regions, you can adapt and refine your advertising strategy with each campaign. Whether you’re a seasoned professional or a newcomer to the industry, these insights highlight consumer changes, needs, and desires, helping you stay ahead of the game.
Benchmarking is not just a box to check off in your advertising journey; it is an essential practice that empowers you to make data-driven decisions and continuously enhance your campaign’s performance. It provides the necessary context, industry insights, and cross-platform analysis needed to make informed decisions, optimize your strategies, and show your boss or your client that you’re doing a great job.
With Lucid Impact Measurement, you gain access to multi-level benchmarks, including KPI and industry-specific comparisons, enabling you to improve your campaign performance with each iteration. Embrace the power of benchmarking, and let it guide you towards creating brilliant advertising campaigns that resonate with your target audience and deliver exceptional results.