Working Paper Article Version 1 This version is not peer-reviewed

Assessing the Effectiveness of an Advertising Campaign on Instagram Based on Advertising Cost and Sentiment Analysis: Case of CSR Campaign

Version 1 : Received: 10 August 2021 / Approved: 11 August 2021 / Online: 11 August 2021 (08:44:07 CEST)

How to cite: Ranjbar Ferdos, A.; Taghavifard, M.T.; Raeesi Vanani, I. Assessing the Effectiveness of an Advertising Campaign on Instagram Based on Advertising Cost and Sentiment Analysis: Case of CSR Campaign. Preprints 2021, 2021080242 Ranjbar Ferdos, A.; Taghavifard, M.T.; Raeesi Vanani, I. Assessing the Effectiveness of an Advertising Campaign on Instagram Based on Advertising Cost and Sentiment Analysis: Case of CSR Campaign. Preprints 2021, 2021080242

Abstract

The growth of social media has changed the face of many aspects of marketing such as online, digital, etc. It also has changed the way modern human communicates and connects with others. Moreover, the behavior on this platform could not and should not be justified with strategies of other marketing channels and media. Due to the nature of social media, they are rich in precise and lean data, but processing these data and extracting knowledge and insights from them are problematic. Evaluating the effectiveness of a marketing endeavor is also a task related to these data. The current research attempts to assess the effectiveness of an advertising campaign on Instagram via advertising cost and sentiment classification of audience opinion regarding the campaign. The methodology used in this research is the standard process of data mining, i.e., CRISP-DM. Furthermore, multiple machine learning models and approaches were studied to train a prediction model based on data. In order to find the most accurate algorithm, grid search was used among the trained models and different algorithms with different combinations of hyper-parameters. The obtained results revealed that although the number of not profitable advertising media was higher than the profitable media, the overall status of the campaign was profitable, both in the cost-effectiveness approach and sentiment analysis approach. The other valued outcome of this research was important general and specific insights which can be used to shape a better-performing and effective advertising campaign on Instagram.

Supplementary and Associated Material

Keywords

Data Science; Advertising Campaign; Effectiveness; Evaluating, Social Media; Digital Marketing; Sentiment Analysis; Instagram; Machine Learning

Subject

MATHEMATICS & COMPUTER SCIENCE, Other

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