Wavo Blog: This series shares information that’s most relevant to music marketers around the globe.

Context

Wavo helps clients make their music marketing investment more predictable by creating benchmarks for every campaign portion. Benchmarks allow us to align with our clients business objectives, as well as provide context regarding a campaign’s success. Targets are created utilizing data from past campaigns and with consideration for current market trends. This ensures our goals are set to be as accurate and reliable as possible.

Execution

For ad campaigns running on Facebook, Instagram, YouTube and Spotify, we use Augmented Goal Setting to create benchmarks. This machine learning tool looks at past campaign data and forecasts a projected CPM and Result Rate based on the artist, market, flight date, and historical performance. Our team of media analyst experts then review and adjust these forecasts based on considerations around market trends, creative quality, additional label or genre data, or artist virality. These adjustments are taken in by the machine learning tools in order to improve the forecasts moving forward, creating a feedback loop between our analysts and the tools they reference.

For TikTok, Snapchat, Twitter, and other platforms, our Analysts manually review and analyze data from past campaigns, taking into consideration many of the same factors featured in the Augmented Goal Setting method. Our data exists in a data lake and we have designed filters to help us pull the information that’s most relevant for a given campaign. Therefore, the more data we have related to an artist, geo, objective, or platform - the more information we can consider when we create our benchmarks.

Setting accurate benchmarks is a big part of Wavo’s mission to make investing in artists scalable, predictable and profitable. Everytime a client runs a campaign with Wavo, we’re equipped with more data about their artists. This means that as clients run more campaigns with Wavo, we’re able to predict the outcomes of the most relevant music marketing metrics with increasing accuracy. Whether we’re creating benchmarks manually or with the AGS tool, we see the most accurate goal setting when there’s more data available to be analyzed.

For subscription clients that connect their own campaigns to our music intelligence platform, our Digital Marketing Benchmark Dashboard tool allows you to calculate goals based on averages from your ingested data. With this instrument, filter your campaigns by objective, artist, platform, and genre to generate metric averages. Benchmark Dashboards can inform the application of Goals onto Progress Graphs, helping provide context on campaign performance. For more information, you can view how to create a Benchmark Dashboard here. 

Key Takeaways

By combining machine learning with our Media Analyst’s expertise, Wavo is able to feature benchmark accuracy on the cutting edge of the music industry. Because past campaign data allows us to measure an artist’s campaign against their past releases, the more we work with a client, the more accurate our goal setting becomes.

Written by Katie Bull, Media Analyst Coordinator at Wavo

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