It's time to finally answer the million-dollar brand marketing question:hHow can I prove brand performance? We tell you how brand tracking can help.
****Brand performance, or rather proving brand performance, is one of the most elusive parts of business. Every marketing manager knows that it is their job to get the word out there about their brand and to have as many people talking about it as possible. However, knowing how well you are doing this can be difficult to pinpoint. It’s impossible to know if the whole world knows of, let alone talks about, your brand. This can make it difficult when you need to talk to your boss about your budget. If you have no results or hard data to show them regarding brand awareness, then they might not be so incentivized to bump your budget up…
You can change this by using brand tracking software to show you all the data you need. Once you take this accurate and reliable data to your boss, you can show them exactly how your brand is performing. Sound intruguing? Keep reading to discover how you can prove brand performance to your boss.
What is Brand Performance?
It’s always a good time for a quote. We love the cool yellow circle our website likes to put quotes in. Today’s quote is from SGK and outlines what brand performance is:
“Brand performance is the result of desirability and profitability in a brand”
How to Measure Brand Performance
Ok, we should hold our hands up at this point and apologize. This blog post might come across as slightly sales-y because we’re right at the center of it. Hopefully, though, rather than coming across as being full of ourselves, you will see just how proud we are of our platform.
It’s true that there are other methods you can use to measure your brand performance. Some of these come highly recommended, such as an increase in customer demand and profits. But can you really attribute these to marketing activities?
Latana can, though. Here’s how.
We know our insights reliable and trustworthy because we’ve got a trick up our sleeve — MRP. Unfortunately, we can’t lay claim to this technique — Multilevel Regression and Poststratification to give it its full title— as it was devised by Columbia University’s Professor Andrew Gelman, but we do put it to very good use!
Traditionally, market research teams would look at very small and specific target audiences. For instance, if you wanted to target tech-savvy millennials who play soccer, then you would find those exact people and ask for their opinions. However, that will leave you with an incredibly small sample size which in turn would leave room for quite a large margin of error. This is sadly what happens when you try to measure brand performance with a traditional brand tracker.
With MRP, though, we use information from the entire sample to make a prediction. We focus on the characteristics rather than the individuals themselves.
Traditional Brand Tracking Vs. MRP
MRP helps us to build a model rather than simply focus on a small group. We do this by saying that a tech-savvy, soccer playing millennial is a person who is tech-savvy, who plays soccer, and who is a millennial. This model helps us draw up results that are extremely precise and give valuable insights. In fact, it’s so precise that the error margin is as little as ~2%.
Larger Sample Size
Go big or go home, right? That’s what happens at Latana – we survey 1,000+ individuals. That’s at least double the sample size from other sources.
Detecting Real-World Changes
We know that the world is constantly changing, so we’re always trying to spot any changes that could influence a sample. Because of this, we choose 6+ variables rather than the industry standard of just 2 variables.
OK, but how will this prove brand performance to my boss?
Here’s the key to showing your boss why investing in brand performance is worth it.
Once you’ve subscribed to Latana brand tracking, you will get full and complete access to the brand tracking tool. You’ll benefit from quarterly data showing your brand performance and the brand performance of your competitors. This data inserted into your platform for you to view and analyze. It’ll look something like this:
Use the time toggle to change the results across different timeframes. This essentially lets you track any changes over time. You’ll be able to do it for unaided and aided brand awareness as well as brand consideration.
Here’s an example that might explain this better. Say you run a big TV campaign in Q2 — you’d then be able to change the time toggle to that quarter to see if there were any changes in your KPIs. If there is a spike, then yes there was, and it can be accounted to the campaign. You can also be happy knowing that this is information to be trusted, thanks to MRP.
Why not carry this step out on your competitors so that you can see where you stand in comparison to them?
Now you just have to showcase your results to an audience — your boss, perhaps! This is great evidence that your campaign had an impact on your targeted audience. You can also use this to discover a completely new target audience by segmenting the data.