Traditionally, many advertisers test their ads against norms. “Norms” is the fancy way of saying “average”: the average of all ads tested for a specific industry, tested using the same methodology. This method lets advertisers know if their videos are above or below average for the industry in general metrics (brand opinion, likelihood to act etc.) While being above average is a good start, some take a step further: testing ads against direct competitors using custom metrics to increase market shares in key demographics.
Recently, at Spot Trender, we see more and more Fortune 500 clients start testing their videos against top direct competitors, using very specific target demographics and custom surveys. There are many advantages to competitive testing vs. testing against norms:
- You have enough participants to say with confidence (statistically significant, at 95% confidence level) how your video compared quantitatively to direct competitors in Key Target Markets.
- Understand what your Key Target Markets liked or disliked about your spots, and how to improve.
- You can create custom metrics that are specific for your company and track them over time.
Let’s look at an example:
You’re a financial advising company and traditionally you’re doing very well with high net-worth individuals age 45 and up. You noticed that there is a huge emerging markets for wealthy millennials and your business goals is to penetrate this market. You also noticed that some of your competitors are “crushing it” with this group. Let’s examine how you can increase market share with Competitive Testing Tactics:
- Create a target profile: income, age range, tendencies etc. For example: Age under 40, personal income $75k+, value “independence” and “detachment from the main stream” etc.
- Create a custom survey to identify what they like/dislike about your brand and your ads.
- Field the survey comparing your new or existing creative(s) against competitors. Only accept participants who fit the profile.
- Analyze the results and track custom metrics to improve. Identify what they liked about yours and competitors’ ads, and use these insights for your campaign.
Spot Trender has a team of top market researchers to help you create and refine your survey to fit your exact needs. You’ll have access to one of the most advanced filtering system in the industry, and our managed service with 45 million participants worldwide can help you reach very specific target demographics. Interested in increasing market shares? Give us a call: 1-800-755-5790 or email us at firstname.lastname@example.org .