Successful companies and marketers understand the value of digital marketing and that it is an indispensable requirement for success. Here we give a quick overview of what is required to maximize a brand’s potential online and how to illustrate the competitive landscape of an industry. This is imperative when making strategic decisions about digital marketing. The starting point is our unique methods for an external (Brand Value Index) and internal evaluation (Attribution Benchmarking) of a brand’s competitiveness. From these concepts, we derive the values that can be realized through a streamlining and optimization of digital marketing. The following concepts are central to our method:
The total monetary value of a digital brand is our way to summarize the "digital balance sheet" of a brand.
A measure that evaluates the relative competitiveness of a digital brand. The concept is described in detail in later parts of the document, but here we can state that it is based on public data that does not require access to any internal company-specific data.
A report that identifies under- and over-performing initiatives in paid digital marketing. This report requires detailed company-specific data on completed activities. These are compared with CloudRepublic's global database to obtain a benchmark on which parts of the marketing generate or misuse resources. To be able to evaluate attribution you must be able to compare paid and free (owned/earned) media in monetary terms.
The central concept in the external analysis is the Brand Value Index. The graph below illustrates how the Brand Value Index can be used to illustrate the competitive situation in an industry.
The graph summarizes in a compact and efficient way a brand's competitiveness in relation to industry colleagues. The graph shows the competitive situation a aprticula industry. It is interesting to note for example that the largest (indicated by the size of the bubble) brands are not necessarily the most competitive ones.
The interest that their brand creates organically is also greater than that of other competitors. This is indicated by the Y-axis which indicates the economic value of the interest the brand creates digitally. However, almost all competitors are more innovative and competitive, which is indicated by the fact that they have a higher Brand Value Index (x-axis). All initiatives that CloudRepublic works with aim to move a brand up to the right. This will make the circle and the company to grow.
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