Use brand tracking data to understand how your target audience perceives your brand. Learn what makes them tick, and leverage these insights for success
Brand tracking data can help in many ways including:
1. Figuring out who your audience really is
This may seem obvious, but truly understanding who your audience is will help you target your marketing campaigns, and to measure its effects. The data could be telling you that your campaigns aren't resonating with your brands target audience. While this is unfortunate, don't go changing everything from top to bottom! First, check to see if there was any group that observed positive impacts from your efforts.
Take Blabla Kids as an example. After spending some time to really dig down into who their audience was they learned a few things. At first, they presumed that given their brand, those who are women or expectant mothers made up their biggest audiences. However, upon closer inspection they were pleasantly surprised to see that both single woman and male shoppers without any children were also big revenue drivers for their brand.
The moral of the story, is that it is important to play around with your data, because you might just identify new avenues for revenue growth.
2. Helping you target your audience the right way
Leverage your Latana KPIs to determine if you are effectively reaching your desired target audience. As the goal of all companies is to drive growth in revenue, our branding activities are designed with the end goal of helping our customers achieve this. Imagine that your current brand strategy is to increase awareness in Germany, and so most of your budget is focused there. But, after closer inspection, we learn from your brand tracking data that brand usage is actually higher in Switzerland. We think that it would then make more sense for you to spend more budget on bringing Swiss people onto your customer journey, as this country is proven to sell more - but that decision ultimately remains with you.
Another duo to keep an eye on would be brand awareness and brand consideration. Consideration provides some great insight into whether or not your brand marketing efforts have influenced your target audience to impact purchase intent. It's great to leverage this KPI to track changes in purchase intent - as sometimes brand awareness levels will remain static, while consideration will increase/decrease depending on campaign effectiveness. As mentioned above, it might just be a case of reallocating budget to put it to better use.
Brand tracking data can be overwhelming at first, but it is ultimately one of the most important and exciting datasets that you can have. After your next delivery, refer back to the knowledge hub to determine what your numbers are really telling you about brand performance. Utilize this vast amount of information to reinvigorate your marketing strategy and transform your brand.