Decoding the Success of Fashion Brands at the MET Gala: The Importance of KPIs

Nowadays, social media has become a crucial marketing tool for many industries, including the fashion industry. This is especially apparent during the annual MET Gala, which raises funds for the Metropolitan Museum of Art's Costume Institute and serves as a significant platform for fashion brands to display their designs. Therefore, this article highlights the significance of defining clear Key Performance Indicators (KPIs) to measure the success of a brand campaign, particularly during prominent events such as the MET Gala.

On the first Monday of May, the MET Gala takes place, and social media is taken over by the most exquisite looks of the night. This year, the event that raises funds for The Metropolitan Museum of Art 's Costume Institute honored the late creative director of Chanel, Karl Lagerfeld.

Who emerged as the big winner of the night? The answer depends on the brand's desired goals and Key Performance Indicators (KPIs) that are defined for each company. Unfortunately, KPIs are not often established during the campaign planning process, and even when measurements are in place, they are frequently not linked to business outcomes.

When it comes to evaluating success, brands need to define their KPIs clearly. Should the focus be on overall buzz, being the most talked-about brand of the night, driving conversions, or sparking organic conversation? Furthermore, it's essential to keep in mind which target audience the brand is after. It's pointless to have an incredible reach if 99% of it is on a target that doesn't purchase the product.

Let's start with the most basic KPI: reach and buzz. If we consider only the amount of conversation and the reach, 香奈儿 was the brand with the highest share of voice, well ahead of other brands like Valentino , Balmain , and Fendi . However, this does not necessarily mean that Chanel was the winner of the night.

The success behind the massive reach that Chanel received relies on the amplification it received, which went well beyond the traditional fashion magazines and news outlets. By selecting Jennie Kim, the fashion house was able to unlock a massive audience and advocate that is BLACKPINK's fanbase, Blink. As seen with other collaborations across industries that partnered with K-pop artists, their fanbase jumps in and creates a swirl on social media.

The passionate fans also made Jennie the artist with the highest number of mentions on social media during the MET Gala, which translated to massive global reach, only behind Rihanna, who was unsurprisingly the celebrity with the highest reach but was below Jennie in the number of mentions.

The results seen between Jennie Kim and Rihanna are a great example of the influence that celebrities can have on a brand campaign, as not often the star power halo to the brand. Despite the massive reach that Rihanna achieved, Valentino was often not mentioned in the conversation, which led the brand not to be able to capitalize on the momentum. Meanwhile, Jennie's buzz had a halo effect on Chanel.

Another contrast in performance can be seen when we look at the audience profile. Valentino overperformed in the US, while Chanel achieved strong audiences in Asia and EMEA. Furthermore, the Italian luxury fashion house over-indexed in people's interest in fashion, while the Maison founded by Coco Chanel resonated with sports fans.

However, at an event like the MET Gala, the stunt moments are often the most talked-about. Jared Leto arriving in a costume inspired by Choupette, Karl Lagerfeld's cat, was definitely one of the highlights of the night. Still, the biggest stunt was the arrival of an "uninvited guest": a cockroach. The bug received more mention than most fashion brands and was a top-five "celebrity" in reach, including ahead of Jared Leto. This shows everyone that no matter how much you plan and spend on a campaign or event, there is always the risk of a "low-budget" execution coming from nowhere and stealing all the thunder.

To sum up, prominent global and regional events are prime examples of how social media can impact an industry. However, to measure success, it is crucial to establish clear KPIs and measurements that align with marketing and business outcomes while focusing on the target audience. While using A-list celebrities may seem glamorous and can increase reach and generate buzz, it is essential to consider their resonance with the desired audience and the objectives. Sometimes, selecting a lesser-known artist may generate lower overall noise but create buzz with the specific audience you want to reach leading to stronger business impact. Brands must utilize social media insights combined with tailored creative execution to stay ahead of the game and achieve their ultimate goals.

If you'd like to learn further about this subject or discuss the ideal timing and approach for a specific IP or platform, please don't hesitate to send me a direct message. If you're interested in obtaining more data-driven perspectives on the Entertainment Industry, Digital Ecosystem, and the Creator Economy, make sure you're?following me on LinkedIn. ?Until next time!

Photo credit: Vogue, People, CNN and Vanity Fair.