Despite the fact that 98 per cent of such brands believe that they must invest in paid media this isn’t a sustainable means of growth. Why? Because oversaturated markets are pushing up Customer Acquisition Costs (CAC) to a level that is difficult for companies to sustain. Luckily, more and more companies are beginning to realise this and are giving more of their focus to branding.
Still, companies proceed toward branding with caution. Our money is on the fact that branding, despite companies spending trillions on it each year, is only vaguely understood. However, we also believe that this ambiguity will soon be a thing of the past thanks to developments in advanced data science that can help improve brands. This article will take a look at the ways in which advanced data science can help improve brands, providing the confidence to companies to travel down the unknown path of branding.
Brand analytics tool stack
One of the most important results to come from the fusion of advanced data science and branding is that brand managers now have a brand analytics tool stack, in the form of brand tracking software. Choosing the right brand tracking software provides essential, accurate data regarding brand performance in the same way that Google Analytics does for, say, PPC campaigns. The best brand tracking software comes equipped with an intuitive dashboard presenting figures on the target audience(s), campaign impact, and competition performance. Let’s look at each of these points in more detail.
Discover how your target audience reacts to your brand
You can have what you consider the best brand in the world but if you have no customers, then what’s the point of it at all? Building a loyal customer base starts right at the beginning by defining your target audience. Many brands make the mistake of firing their marketing at this target audience as soon as they know who they are but unfortunately, things are not as easy as that.
A company needs to know how their target audience is reacting to their brand.
That’s where advanced data science and brand tracking software comes in. If you are a brand with a rather specific target audience, we recommend scaling said target audience using MRP brand analytics. MRP brand analytics is a very special form of advanced data science that works differently, and much better, from the standard quota sampling other software provides.
Say your target audience is young mothers in the UK with an interest in yoga clothes. Standard quota sampling will zoom in on survey respondents with each of these three characteristics, often resulting in a very small sample size, which in turn leads to unreliable results and large confidence bounds. On the other hand, MRP uses information from the entire sample size to make a prediction. It will build a model based on the characteristics of the target audience, borrowing strength from the entire sample and producing much more reliable results. As a result, brand managers now accurately know exactly where their target audience sits in the brand funnel and can design a business plan that will encourage growth based on the data.
Discover the impact your campaigns have
Advanced data science can help you improve your brand by showing the true impact of your brand campaigns. As mentioned before, the use of advanced data science in brand tracking provides accurate results. Therefore, if a brand releases a TV campaign in Q1 and sees a jump of 5 per cent in brand consideration, they can attribute this increase to their TV campaign.
This insight is incredibly important for brand managers who are working on building a distinctive brand, especially via offline marketing channels. Not only do they now have reliable data on how brand campaigns are performing (and in comparison to their competitors, too) they are finally able to prove that their work is making an impact. Brand managers can use this data as a basis for future campaign decisions and concentrate on what actually works for their brand.
Discover how your brand compares against the competition
You will get ahead in the brand game if you are able to connect with your target audience and create campaigns that appeal to them but to truly win, you need to outsmart your competitors.
Two ways you can do this we have already mentioned:
By tracking your target audience(s) for both your brand and theirs, you can get a better idea of your potential market share, as well as the information you need to zone in on audiences performing better for your brand, and/or competitor audiences that might be worthwhile jumping on the bandwagon for your own brand.
Analyse campaigns for both your brand and your competitors to see what is resonating with your target audience.
There is one more thing you can do with advanced data science brand tracking software that is a continuation from number two: you can use the data provided to avoid industry mistakes.
So often we focus simply on what our competitors are doing and try to replicate their actions. However, we sometimes forget that what they are doing may not necessarily be the right thing to do to resonate with an audience. The information derived from the use of advanced data science in branding can help us avoid the tactics that are simply not worth the money or time.
Use advanced data science to grow your brand
If you are one of the smart people driving branding in 2020, it will certainly be worth your while to look at using advanced data science as a means of improving your brand. The value it will bring in better reaching your target audience, producing appealable brand campaigns, and providing the insights you need to overtake the competition is priceless. Don’t be the brand to miss out.
Joy Corkery, Content Marketing Lead, Latana