Brand analytics. It’s new and it’s exciting and we can’t get enough of it. It’s set to disrupt the market for traditional brand trackers and is ready and willing to help your brand thrive. This article is going to tell you how.
We get it. Brand analytics is the new kid on the block and right now you are not 100% sold on the benefits. You searched on Google for a reliable brand tracker but have found yourself on the Latana website where they are sprouting gobbledygook about brand analytics. It sounds interesting but you are not sure if it will actually be more beneficial than the brand tracking platforms you usually use, yet are unhappy with.
See, we knew you would eventually get here, and we know that your main grief with brand tracking is that it doesn't offer precise data. In advance, we put together this article to explain further about the accurate and actionable data brand analytics can provide and how it can help you grow your brand. If you are ready to have your mind changed, and fairly, not by hypnosis or any other trick, then read on! Your brand strategy is about to get a whole load better!
PS. if you would like a bit more background on what brand analytics is and how it compares to brand tracking, read our previous article on the topic.
How Brand Analytics Can Help Grow Your Brand
*Said in the voice of Chimamanda Ngozi Adichie* (Beyonce video coming soon)
Brand analytics is a means of continuously and precisely measuring brand health via audience brand metrics by using advanced data science and large data sets.
Emm, lovely, yeah, but what can you do with it? And how can it help you grow your brand?
1. Brand analytics can help you see the true impact of your brand campaigns.
Two words for you here: high accuracy. Read between the lines and those two words equal data you can actually trust. See, we have a special ingredient and we like to tell everybody about. It’s called MRP. Now, MRP is not very easy to explain in just a line or two so we’ve written a whole page on the topic here.
For those who don’t care about the scientific background of Latana, just know this: MRP means a margin of error of ~3%, and no more than ~4%. We can hear your jaws dropping to the ground from here. Before you pick them up again, let us tell you that this minuscule margin of error also stands for niche audiences, where traditional brand trackers go way above 20% and render the data useless.
With brand analytics, you can track both the aided and unaided awareness of your brand and know that the changes you see are due to real-world changes and not some random occurrence. Meaning, if you see a jump in brand awareness from 3% to 8%, this jump is significant. Unfortunately, this is not the case with many other platforms. Plus, you can see that growth is actual growth and decline is, well, a sad loss but one you can pick up on again. There is so much you can do with brand analytics that will help you grow. Here is a list of our favorite activities:
- Accurately measure the growth of your brand awareness.
- Base future decisions on the insights provided knowing that the data is accurate.
- Discover which of your brand activities work and which don’t.
- Concentrate on what actually works for your brand.
- See where your brand has the most impact.
Now this is brand tracking!
2. Brand analytics can check how your target audience reacts to your brand
Let’s go into a bit more detail about how you can track your audience with brand analytics and what it means for your brand growth.
Brand analytics allows you to track what your target audience thinks about your brand via brand associations. Each quarter (or month, depending on what you prefer), you can see if there was any change in terms of key associations (e.g. “delicious”, “trustworthy” and “inspiring”).
Again, this brings those real-world changes into play. But most importantly, it helps you get inside the minds of consumers. Are they really picking up on that trustworthiness element you feel is apparent on your website? Did your latest marketing campaign lead them to believe your brand is inspiring? Use these insights to check if what your target audience associates you with is in line with your communication. It's easy to grow when you know what your audience thinks!
3. Brand analytics can help you find new audiences
With brand analytics, you have access to literally 1000s of different audiences. Audiences include the basic level of age and gender like traditional brand trackers do. But that’s not all. Income, education and geography also come into play. Still pretty standard, we hear you say. What if we were to mention that you can also include a custom variable of your own. For instance, parents, students, video game players, Londoners, gin drinkers… the list goes on. Now that makes things more exciting!
You can grow the number of available audiences and create your own by combining variables. Say, for instance:
- Low-income students in Berlin
- Women aged 18-25
- Guitar playing males
- High-income male car owners
And things can go even further! You can then draw a comparison between audiences and analyse them in depth. Pretty neat, huh? Now that you have new areas to tap into, you have new ways to grow.
Before we move onto the fourth growth sprout, we want to introduce the Latana Banana cocktail.
- Take a pinch of the impact from previous campaigns.
- Add a spoonful of audience reactions.
- Mix a dash of new audiences.
You already have these ingredients from the last points. Once you give things a good shake, sit back and take a sip. By the time you get to the bottom of the glass, you will have everything you need to build bigger and better campaigns that will bring further growth. Extensions for old, successful campaigns. Enlarged campaigns that match audience associations. New campaigns that target new audiences you found by slicing and dicing your brand analytics data.
Happy hour over. Let’s move to the last point.
4. Avoid industry mistakes
There is a good way to do this and a better way. The good way, anybody can do and it’s called Googling. Have a browse through the web and take advice from websites speculating about what competitors are doing or hope your competitors are transparent enough to put full disclosure of their campaigns live. Unlikely.
The better way, of course, is with brand analytics. This is how. The same way that you can track brand awareness, associations and brand consideration for your own brand, you can also do it for your competitors! Like with your own brand, you will get accurate data, be able to see real-world changes and see where there are spikes related to competitor campaigns. Excellent.
Use this information to avoid the mistakes your competitors have made. Likewise, use the information to build upon what they have done right. But above all, use this information to leave your competitors eating your dust. What does all that gain you in the end? You guessed it - growth!
This is the easiest article that we ever had to summarise because it comes down to one sentence: brand analytics provides the insights your brand needs to thrive. It gives you trustworthy and actionable information about the impact of your campaigns, of competitor campaigns, of how your audience views you, if your target audience would consider buying from you, and access to new and existing audiences. All in all, it assists in brand growth. It’s hard to find a better deal than that anywhere, certainly in the case of the brand tracking industry. If you’ve found a better platform, let us know. We’ll use our technology to track them and then beat them.