Monitoring competitor campaigns: Don’t just strive to do better, aim to be the best
Published: 15th August 2022
Why is it important to measure the effectiveness of your competitors’ TV campaigns?
In previous articles and blog posts we discussed the importance of using single-source data to measure the effectiveness of your own brand’s TV campaign and compare it against previous campaigns. But this is just part of the picture – brands also need to compare themselves against the performance of their competitors to ensure they get the most out of their TV campaign. Without this context, the brand’s own performance can be deceptively comforting and potentially damaging.
Understanding the performance of competitors’ campaigns requires brands to get granular data on the viewership and exposure of competitors’ ads AND on the impact those ads had on audience behaviour in terms of visits to websites, sales or footfall. The problem is that this highly valuable competitive data isn’t available from any provider.
Using single-source data, which measures an individual’s TV, online and other media exposure, alongside purchase behaviour and location data over time, it is now possible to get an accurate and granular understanding of the performance of competitors’ campaigns.
Example: The online gift card market
Understanding the performance of competitors’ campaigns is important for two reasons:
- Direct Comparison – In the table below we can see the performance of the TV campaigns for Moonpig, Funky Pigeon, Thortful, and Bloom&Wild. Bloom&Wild had a solid uplift of 1.23% per 10M impacts. This may be better than their last campaign but in order for Bloom&Wild to know if they are effective, they need a direct comparison to their key competitors. Looking at the performance of the leading companies in this sector shows that Bloom&Wild can still improve their campaign and get much more for their money.
Brand Month of campaign Uplift per 10M Impacts Moonpig June 2022 2.04% Funky Pigeon June 2022 8.44% Thortful February 2022 3.69% Bloom&Wild May 2022 1.23%
- Campaign optimisation – From the comparison above we see that Bloom&Wild can get much more out of their TV campaign. Our single-source data can now reveal whether Funky Pigeon had a better, more relevant creative or if Thortful had a choice of TV channels or dayparts that delivered a higher response or even where Moonpig found a lower cost of response. By combining this data with the analysis of what worked best in their own previous media buy, Bloom&Wild can build a truly optimised media plan and increase their ROI.
This competitive information is also vital for the planning stage where brands can go beyond their first-party data and see where they can find their competitors’ customers both online and on TV but we will elaborate on this in a separate post.