Is it time to turn over a new leaf? Start something afresh in your business, so that both you and your customers don’t get bored? If there is one part of business that most entrepreneurs need to keep on ripping up and starting again, it’s their brand strategy. Let's explore how brand analytics can make strategy building easier.
Giving your company a rebrand is like giving it a polish, leaving it shiny and new. It’s something that customers notice and make them pay attention to you. If you get it right, your company will sing in the market and outshine competitors. Get it wrong, though and…well, let’s not go there…
So, just how exactly do you develop this new brand strategy. There’s one thing you will need in order to get your refreshed brand strategy up and running – plenty of data and analytics. When you have plenty of data to use in your research, you’ll have a much better idea of what works really well and what can go straight in the trash. This data will show you what your target market wants to see in the brands that they use. You can get this data by using brand analytics.
Don’t worry if you haven’t heard of brand analytics yet. It’s a new concept that is starting to take the marketing world by storm, but one you will definitely want to bring yourself up to speed on.
But why is brand analytics so important? And how can they improve your brand strategy? This blog post is the best place to learn more.
The 4 Stages of Building a Brand Strategy
Without consulting analytics and data, you won’t be able to come up with a winning brand strategy that will leave competitors in your dust. These are the four most important stages of brand strategy in which analytics play a part.
There’s so much waiting to be discovered out there. You need to find out as much as you can about the industry so that you become a thought leader: search for competitors so that you can figure out their brand strategies to try and leap-frog them; increase brand awareness so that the right target market discovers you. Without good brand insights, this discovery stage might not go quite to plan.
Here at Latana, we’ve got your back. With the data we can provide, you’ll be prepped and ready to get to work on your new brand strategy. You’ll also be in a better position to consider the following:
- Competitor performance. It may feel slightly sneaky having a snoop on your competition but, believe us, it’s certainly worth it. We’ll show you how your competitors are performing. You can use these insights to beat them at their own game.
- Brand perception. Do your target audience like you? Are they frustrated with you? Don’t really get you? Finding out what they think may be painful to hear, but it’s something you can learn from and use to help shape your brand. On the other hand, every single person might love you and that’s good for the ego, right?
- Brand consideration. Is your target audience happy buying from your brand with how it is right now? Find out how many people would actually consider your product/service.
If you are currently in the process of rebranding, you are in luck. You’ll have heaps of data to jump into, bucket-loads in fact! This is the ideal situation to be in as, especially considering our accurate and reliable data has just a ~4% margin of error. This is the small amount we allow for a miscalculation. The smaller the margin of error, the smaller the chance of inaccuracies in the data. Latana also offers this margin of error for niche audiences, where more traditional brand trackers can only offer ~20%. With Latana, the odds will certainly be forever in your favor!
2. Brand Association
Brand perception is important, as is knowing what your target audience associates with your brand. Do they find you trustworthy? A product with a great design?
You can kick some brand ass by marketing positive associations while deferring audience opinion away from negative opinion. Find out what your target audience associates with your brand and use this as the building blocks of each of your campaigns. Then to see if these tailor-made campaigns are bringing you the results you want, use a brand tracker or brand analytics. By tracking brand association, you won’t ever have to second-guess how your brand is perceived. You’ll have concrete data that will tell you just how well you’ve done.
3. Competitive Awareness
You might think you are ready to start building a killer brand strategy right now but hold your horses just a minute… have you already carried out a competitor audit? This needs doing before you start thinking about any new strategy.
Find out who your competitors are, see how they are using their identity, and try to figure out what they are doing to stay ahead in the market. You might be able to gather a few tips from them! You can also use brand analytics to see how competitor brands are performing. These insights can point out the things that have worked well for them and those parts of their strategies that might have fallen flat. You’ll be able to learn from all of their mistakes, making sure you don’t trip up in similar ways.
4. Emotional Connections
We’re only human. Your customers are only human too. We’re all connected by this one factor, and that’s something that you can use to your benefit when developing a brand strategy.
Humans are powered by emotions, so one of the keys to a superb brand strategy for any kind of company is connecting to your customers’ hearts. If you use plenty of emotion throughout your branding, you’ll make this personal connection to them and build trust.
How do you know which emotions will play well with your target audience? Take another, deeper look at the insights provided via Latana brand analytics. You’ll be able to see who these people really are: what makes them tick; how they spend their time; what they want to spend their money on. If you use these insights well, you’ll be able to really get a good idea of the people you are selling to.
Again, you’ll need perception for this to work too. Take a look again at the data to see if your campaigns and strategies are really resonating with your target audience. If not, you can always change things to try to change their minds or to fit in better with their perception of you.
Brand Analytics – What Are You Waiting For?
Now that you know a few of the ways brand analytics can help your business, we’re sure you won’t waste any time at all in starting to focus on improving your overall strategy. If you’re ready to start using brand analytics right away, contact us here.