WeAre8 Launches Cost per Relationship – a New Media Metric Highlighting the Value of the Brand-Consumer Relationship
Technology platform WeAre8 is revolutionizing the media industry by enabling brands to build direct relationships with consumers in target audiences at scale. By putting people at the economic center of the media ecosystem, WeAre8 enables people to get sponsored and paid by the brands they love for watching, sharing or creating content. WeAre8 guarantees video views and engagements on every campaign, but the ecosystem uniquely delivers something much greater – direct consumer relationships. By putting a value against these relationships, WeAre8 helps brands better understand the importance and value of the real people they aim to reach with advertising every day.
“Digital media has commoditized and diminished the value of people and we are committed to restoring this,” states Sue Fennessy, WeAre8 Founder and CEO. “Digital impressions are a broken metric that support a broken ecosystem. Brands want their consumers to feel valued and yet the current digital media framework continues to bombard them with ads. Success should not be based on how many times we hit someone with an ad (Cost per Impression), but rather what it costs to respectfully gain their attention and more deeply engage with the brand (Cost per Relationship™).”
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The Cost per Relationship™ metric reflects the price a brand has to pay to gain an opt-in relationship with a target consumer. Leveraging WeAre8’s data engine, brands can now gain real connections with their target audiences and continue to show their respect throughout the consumer journey. The data inputs that determine the price a brand needs to pay (Cost per Relationship™) is generated by the audience they want to reach and how compelling the brand is to that audience. The more aspirational the brand, the less they have to pay the audience for a relationship.
“The Cost per Relationship™ metric is an important metric for all marketers at a crucial time,’ states Howard Shimmel President of Janus Strategy & Insights and former Chief Research Officer of Turner. “The industry has rapidly moved its attention from reach and frequency of exposure to a focus on short term sales attribution. Research has shown that this move counters what’s needed for long term brand building. If brands are going to manage both short and long term goals, they need to value the consumer relationship. This Cost per Relationship™ metric is a big step forward in measuring the consensual consumer connection as part of the WeAre8 ecosystem that also delivers reach.”
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“Brands are not looking for a one-and-done transaction with consumers,” comments Jeri Finard, Managing Partner at Lykos Capital Partners and former CMO of Kraft/Mondelez. “Brands want to engage with people around shared values and priorities. That way, at the right time in the purchase journey, it’s the most natural thing in the world for a consumer to buy the brand they’ve come to trust through this mutual relationship.”
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