If your brand tracker is doing its job, it’ll deliver volumes of data over time. So what do you do with all of that data? Marcello Magno, senior vice president and general manager of LRW’s Marketing and Data Science team, discusses how both simple and advanced analytic techniques can unlock actionable insights into your brand.
A successful brand tracker goes beyond just capturing quality data. It’s a mechanism to drive insight and take action. That’s where the magic of analytics comes into play.
There are many ways how we could analyze tracking data in various degrees of complexity. That said, tracking data in and of itself is just a small piece of the puzzle. It gives us competitive perceptions, and an understanding of what’s going on attitudinally that we may not know from just surface level information. But this needs to be married with several other sources of information to make a difference.
For example, by appending sales data, it allows us to prioritize what we’re even tracking, such as high-level KPIs, consideration, intent, attachment and so forth.
Alternatively, we could be leveraging online conversation data by going into the corners of the internet where real substantive conversation is happening, such as forums, reddit, blogs, and so forth.
This allows us to make sure that we’re attributing the influence of the brand perceptions and our marketing strategies uniquely and in a more accurate way.
Total market simulation (TMS) is an approach which tries to capture the ecosystem of all of these interdependent streams of data.
Try and think of it as a traffic simulation. What happens if there’s a freeway off-ramp closure? How are those cars going to react separately and cascade out with each other? Same sort of idea here with the total market simulation we’re building in rules of how would a consumer likely react if they heard positive word-of-mouth about our brand. How would a consumer react if all of a sudden there’s a lot more advertisements for our brand around them? How will that cascading effect propagate to consumer choice for me?
These sorts of scenarios that come out of these simulations is what we’re trying to focus on.
All of these analytical approaches may seem complex. That’s because they are. And that’s why it’s important to work with a proven reputable tracking partner to help you translate that complexity into actionable insights.
Want to learn more? Contact us to see how we blend sophisticated analytics with deep human understanding.
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