Track your consumers & influencers on all platforms, including Instagram stories & TikTok
One portal dedicated to tracking all your influencer content on Instagram stories & posts
Automated reporting showcasing your campaigns combined with credible metrics.
Unveil your competitors' consumer & influencer activity and tactics on all platforms
REPORT
Elevate Your Brand Strategy: A Comprehensive Guide for 2023 Year-End Review and 2024 Future Planning
Discover how to make informed decisions for the upcoming year. We've crafted a guide outlining key metrics to reflect on in 2023 and insights crucial for strategising and boosting sales in 2024.
2023 & 2024
We believe that it’s almost impossible to set an effective marketing strategy for 2024 when you don’t first thoroughly understand what went on within your brand, influencer, consumers, competitors and industry in 2023. Yet marketers and agencies are trying to forecast how they should spend their budget and strategies for their 2024 campaigns without taking the time to properly reflect and understand their performance, growth, loss, and market share in 2023.
We want to change this backward approach where you first have to set a strategy (sometimes based on guesswork and luck) and then learn how you could have been more effective. We want to give you tips and tricks on how to utilise our data so that you can make informed decisions about how to approach your marketing strategy before you’ve invested thousands of dollars.
The past year has been a whirlwind for beauty, lifestyle, and fashion brands, as investments in diverse brand strategies, campaigns, and influencer partnerships took centre stage. As we approach the year-end, now is the time for marketing directors, PR agencies, influencer managers, and financial teams to reflect on the performance, growth, and market presence of their brands in 2023. To help you make informed decisions for the upcoming year, we've crafted a guide outlining key metrics to reflect on in 2023 and insights crucial for strategising and boosting sales in 2024.
To wrap your brand performance effectively, we split this out into three key parts:
-
Review: Review your current performance
-
Compare: Compare your performance year-on-year
-
Set: Set your future KPIs based on your past performance
Your guide to completing your brand wrapped for 2023. Fill in the below to understand exactly how you sit and where you need to focus your attention for next year.
Platform Analysis: Online publications, news sites and blogs
Review
Assess your brand's online presence in 2023 by identifying and measuring the below key metrics:
-
Mentions: Total number of brand mentions generated
-
Unique sites: Number of unique sites mentioning your brand
-
Total reach: Estimated reach generated by online mentions
-
Total unique reach: Estimated unique reach generated by online sites
-
Total PR value: PR value generated by your online presence
Compare
Contrast 2023 data with the previous year (2022) to identify trends:
-
Did you increase in number of mentions?
-
Did you expand the number of sites talking about your brand?
-
Did you increase your total online reach?
-
Did you increase your total unique online reach?
-
Did you increase your total online PR value?
Set
Answering these questions will help you to understand how effective your online strategy was this year. Our advice would be to establish goals for the upcoming year based on the review and comparison:
-
Define your Key Performance Indicators (KPIs) for next year
-
Determine growth targets for online presence
MVO's recommendations
For next year, our focus for all our brands should be to increase the number of unique sites discussing your brands. Across the market, we are seeing brands focus too much on the number of mentions they are generating rather than the number of unique sites generating them. We would recommend increasing your unique reach, not just your reach, to ensure you are reaching a diverse audience.
Platform Analysis: Social media (Instagram reels and posts, Instagram stories and TikTok)
Now with social, we want to approach this a little differently. Social is the ever-evolving media sphere that keeps us on our toes. We are going to particularly focus on Instagram posts and reels, stories and TikTok as the key medias. All these medias we would encourage you to review, compare and set slightly differently.
Review
For Instagram Posts
-
Mentions: Number of mentions generated
-
Mentions per day: Average number of posts mentioning your brand per day
-
Unique creators: Number of unique creators posting on Instagram about you
-
Estimated engagement: Total estimated engagement generated by Instagram posts
-
Total reach: Total estimated reach generated by Instagram posts
For Instagram Stories
-
Mentions: Number of mentions generated
-
Mentions per day: Average number of stories mentioning your brand per day
-
Unique creators: Number of top unique creators posting on Instagram stories about you
-
Total reach: Total estimated reach generated by Instagram stories
For TikTok
-
Mentions: Number of mentions generated
-
Mentions per day: Average number of stories mentioning your brand per day
-
Unique creators: Number of top unique creators posting about you on TikTok
-
Estimated engagement: Total estimated engagement generated by Instagram posts
-
Total views: Total estimated views/impressions generated by TikTok
Compare
Compare this data from the previous year:
-
Did you increase your total number of mentions?
-
Did you increase your daily average mentions?
-
Did you increase the number of creators talking about your brand?
-
Did you increase your total Instagram engagement?
-
Did you increase your total Instagram reach?
-
Are you reaching a diverse audience? Have a look at your mentions vs unique creators to understand whether you are relying too heavily on the same voices or whether you are reaching diverse new audiences by using a good variety of creators.
Set
Determine your social strategy for next year, will you be focused on increasing your buzz? Reaching a more diverse audience? Engaging with different levels of influencers on a nano, micro, macro, and mega-scale?
MVO's recommendations
As our 6 emerging 2022 Instagram trends report in 2022 accurately forecasted, we’ve seen a decrease in posting on Instagram grid posts quarter to quarter. Therefore, measuring yourself on whether you increased your posts YoY might not be as beneficial. If you have seen a decrease in the number of posts generated for your brand, this is where shifting to look at Instagram story posting growth will be more important.
With engagement, keep in mind that this year Instagram released the option for accounts to privatise their likes. This makes it a lot harder for brands and agencies to accurately report on the engagement generated per post unless the influencer explicitly shares it with them. This is why we recommend that brands focus on generating Instagram reels, which are currently creating the highest engagement rates on Instagram's platform.
Further, MVO recommends focusing on measuring the number of unique creators discussing your brand. This metric ensures you are reaching diverse audiences rather than just the same audiences. Building on this, we are also recommending that our brands focus on whether they are engaging with a diverse number of influencer tiers to ensure you are covering all creator types.
Platform Analysis: Print publications and EDMs
Review
Evaluate print media impact with:
-
Mentions: Number of print mentions generated
-
Unique publications: Number of unique publications
-
Unique products mentioned: Number of total products mentioned across print
-
Total circulation: Total estimated reach generated by print mentions
-
Total impressions: Total estimated impression generated by print publications
-
Total PR value: Total PR value generated by print
Compare
Contrast data with the previous year to spot improvements:
-
Did you increase in number of mentions?
-
Did you increase the number of publications talking about your brand?
-
Did you increase the number of products mentioned in print?
-
Did you increase your total print circulation?
-
Did you increase your total print impressions?
-
Did you increase your total print PR value?
Set
Formulate strategies based on print media insights:
-
Identify strengths and weaknesses
-
Determine areas for improvement and growth - like engaging with a more diverse range of print media.
MVO's recommendations
Print is often the overlooked strategy that doesn’t receive enough attention due to the misconception of print media being a collapsing media. Even though this year we have seen publications reduce their issue frequencies, we have still seen the reopening and growth in number of publications at an expediential rate. We even saw the explosion of EDM’s back in fashion. So make sure you're not overlooking the power of this media. You can message us for a full list of print publications we recommend engaging with to understand where the opportunities are for your industry.
Contextualise your performance with a competitor review
Do you want to understand how all of this compares to your competitors? The only way you’re going to successfully increase sales next year is to speak louder than your competitors. You need to understand whether your strategy will be enough to cut through the noise and increase your sales. Unlock your very own competitor analysis so you can see how to stay ahead of the market, and how to stop falling behind.
Using our end-of-year competitor ranking and brand reports, you will be able to understand both you and your competitor's performance for all of 2023. You’ll be able to see the answers to all the questions we listed above, as well as understand your competitor's strategy:
-
Their strongest media - where they have seen growth or decline?
-
Who’s increased their market share the most and in each category?
-
Who’s overtaken you and the key brands you should be focusing on outperforming next year?
Unlock the power of comprehensive brand and competitor insights with MVO. Make informed decisions, save time, and set an effective strategy to elevate your brand and increase sales in the upcoming year. To unlock your personalised brand review, complete with competitor insights, contact us today.
MVO's key takeaways.
Reviewing, comparing then forecasting potential KPIs allows you to understand where you should be focusing your efforts and which media needs the most work. Allowing you to forecast based on data, not guesswork, which is the secret to seeing your forecasted strategy actually increase your sales.
Conclude your brand performance analysis by answering critical questions:
-
Identify your strongest media platforms
-
Address gaps in your strategy
-
Assess your audience diversity - are you reaching new audiences?
-
Recognise potential growth areas
-
Plan for the next year: Will you focus on increasing your buzz, engaging more creators, and enhancing engagement or views?