Keeping an audience’s attention is a significant challenge to marketing managers. In the digital world where everyone has instant access to information at their fingertips, consumers are constantly bombarded with information and messaging. Find out how you can change that.
On one hand, consumers are more engaged with their media devices (particularly mobile devices) than ever, but on the other hand, consumers are also more distracted and bombarded by information. Removing these distractions is the key to good conversions.
Have you heard about the attention economy? The attention economy theory is based on the consumer having a limited attention capacity which comes at a price as more and more brands enter the market. The basic economic theory behind this relies on consumer attention as a commodity, and just like other commodity items such as fresh food, consumer attention has a perishable time limit - and it pays to keep your brand marketing both fresh and flexible.
This new market calls for new marketing strategies. Therefore as brand managers, how can you optimize your marketing strategy by using brand data analytics to cut through the digital noise and both capture and convert your audience’s attention.
Defining Brand Analytics
For marketing professionals, establishing a brand is a whole lot of creative fun. But one of the more challenging aspects is brand tracking and you need to get your head around this so you can understand and measure just how your brand is really performing in the market. Have you heard of brand tracking? Well, brand analytics takes traditional brand tracking one step even further. It means using big data to even more accurately analyze your brand’s health. By having access to a wider range of audiences, big data can give you insights on a variety of key demographics such as age, gender, income, education and geography.
Therefore, brand analytics is best defined as a means of continuously and precisely measuring brand health via audience brand metrics by using advanced data science and large data sets.
Now you understand why this big data is critical, how exactly do you get it? When you first log in to the Latana platform, you’ll land on the Brand Insights page. This features a dashboard to see how your brand is performing and allows you to get insights into the four most important KPIs as well as a time toggle feature which allows you to see how these KPIs are performing over a select time range. These include:
- Expressed knowledge of your brand without being prompted (aided brand awareness)
- Expressed knowledge of your brand by selecting your brand name from a list of competitors (unaided brand awareness)
- Out of the people who know your brand, how many would consider buying from you (brand consideration)
- Which attributes your target audience associate with your brand
Our brand analytics platform guide goes into more details here.
How Brand Analytics Data Can be Used to Improve Marketing Campaigns
Data provides deep insights into brand audiences. It can see which audiences have a high awareness of brands and which audiences have low awareness of brands. The Latana platform uses both aided and unaided brand awareness as metrics. Unaided awareness is captured by asking open-ended questions. Aided brand awareness further expands on this by asking consumers which brands they know based on on a list of brands provided.
Using this information means you can tailor marketing more effectively towards each audience. For example, with a high awareness audience brand managers can focus on lower-funnel campaigns (e.g. Google adwords, Facebook ads). In this scenario, the consumer is already brand aware, they only need to be converted. For low awareness audiences (providing they have been defined as your target or even niche audience) it would make the most sense to focus on brand awareness campaigns (e.g. TV, radio, out of home advertising).
The key is bringing in big data at the planning stage. New marketing demands more than just having a creative on board. Creative intelligence must also work with data intelligence to create a data-driven culture across the business. Being specific with your strategy, understanding your audience and then gathering, leveraging and analyzing your data insights are key even at the planning stage.
Marketing Insights Are Only as Valuable as the Data We Pull From Them
Bringing together all of these marketing strategies and by tracking the metrics accordingly, brand managers should be able to see and report on these spikes in brand awareness across audiences and see just exactly where these various campaigns are working. They should notice growth and (hopefully not) decline over time periods, which using this guide, can be toggled accordingly which means data can be used precisely for reporting purposes. And what if there are no significant changes? Go back to the planning stage and considering reworking or tweaking your existing strategy and campaigns. After all, marketing insights are only as valuable as the data we pull from them - it makes both good creative and economic sense to use the data wisely!
Information regarding brand associations can also be used. Look at the positive terms your target audience identify with your brand. Work these associations in to attract this audience further. Similarly, look at negative associations - but these are not something you want to include in your marketing. Instead, work on ways these negative associations can be turned around.
Learn to tune in and to respect your audience - they have so much extra value to add to your brand! It’s more than just wanting to sell them your products or services, but by using their data to assist with your brand analytics that will ultimately help to shape and drive your campaigns. Working positively together and deeply listening to what your consumer (or ideal consumer) wants or doesn’t want, you can gather this data and get extremely valuable insights about your brand. More than just feedback, it’s crucial and actionable information that can be used to positively impact current and future marketing campaign efforts for the better.
Interested in learning more about how brand analytics can help your brand? Send us an email today.