MasterClass in Metrics

By Kaitlin Hastie : WordPress User khastie : Student ID 215268319

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Last night Nigella didn’t just warm up the MasterChef kitchen, but she also helped increase the temperature on the shows TV ratings. MasterChef is now in its 8th season, and popularity for the show is still just as strong. However how does this global brand measure its marketing success?

Evaluating the marketing of brands

Evaluating the successful marketing of a brand is not as straightforward as you may think. There is not one correct way to evaluate a marketing strategy as every company or product has different strategies, metric orientations, marketing mix and managerial and environmental characteristics.

This can be seen when considering the MasterChef brand. There are a number of factors that need to be considered when evaluating the success of the marketing strategy. Some of these include:

  • The global nature of the brand
  • The influence that the spin-off shows have on the brand
  • That the MasterChef brand is involved in product placement, such as cookbooks and cooking utensils
  • Celebrity endorsements
  • Sponsorship from other high profile companies and brands.

There is a range of thoughts on how to effectively evaluate the marketing strategies of companies. Krakowiak looks at measuring the success of a brand through its social media presence. However they argue that this form of measurement is still ambiguous and may not always result in brand engagement. Ginevcius et al look at a quantitative analysis of marketing and states that this has to be multidimensional in the metrics that are chosen. They also point out that if values increase in some criteria, while initially indicating that the situation is getting better, other criteria may be decreasing. This again highlights the multidimensional nature of evaluating marketing strategies. Ambler et al argues that you need to also look at a multiple metric approach and focus on; financial measurement, return on investment, discounted cash flow, return on customer and finally ensure that the short and long term goals are explicit. Overall Ambler et al argues that you need an appropriate tool to measure the success of each criteria, such as a dashboard.

How does MasterChef evaluate its success?

Clearly MatserChef has done something right. It is one of the most viewed shows on Australian TV. However it has also had it challenges. In 2010 MasterChef broke TV ratings when 3.9million people turned in to watch the season two finale. By 2013 the TV audience for finale was only 1.06million. This step decline was attributed to the MasterChef brand flooding the market with to many spin-off shows, such as celebrity and kids shows. The brand also tried to complete with the My Kitchen Rules culture of focusing on the group dynamics of the contestants rather then the actual food.MC7_Ep_62_3789

Overall this marketing campaign can be seen to not be effective, an MasterChef went back to what it does best; to find people who are good cooks, develop them and also allow viewers fall in love with the contestants. This shows that TV ratings are a good way to measure the quantitative success of the brand.

However TV ratings are not be the only way that we can evaluate the success of the MasterChef brand. Instead another metric is to look to the large number of sponsors that sign on to the brand each season. This years sponsors include Coles, Harvey Norman, Swisse and Qantas. Swaminathan et al argue that marketers are able to borrow equity from the partner brand as consumer behaviour can be positively influenced with cobranding with the right brand. Again this highlights the ambiguity around the qualitative success of a brand. How do you measure the value that each brand has got out of aligning with each other?

Other ways that we can look at evaluating the MasterChef brand would be through the large number of celebrity endorsements or sales of the MasterChef products.

Food for thought

One thing is clear, for MasterChef to continue its strong success it needs to ensure that it has clear business proposition. The marketing strategies must be able to align with the success of these objectives.

It is important to note that not all marketing strategies will be the same, and the measurement of these strategies will hence differ. However as long as you have a clear company objective, agreed metrics to measure and an appropriate tool to measure the success of the strategy, marketing will continue to have its place within any brand or organisation.

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