How Advanced Brand Tracking Can Help Brands Grow
For years, brands have been investing big money into paid media. Why? Because such campaigns provide instant results and can accelerate growth, especially for a new company.
However, times are changing and with oversaturated markets pushing up Customer Acquisition Costs (CAC) to a level that is difficult for companies to sustain, more and more companies are beginning to shift their focus to branding.
Yet, companies are treading with wariness toward a channel they only vaguely understand. Measuring ROI on brand is notoriously difficult because of problems in attributing growth in business directly with a particular strategy. This difficulty is another thing that’s changing.
Brand tracking software has been developed to a point that it can now provide reliable information on brand performance, thanks to the inclusion of machine learning. Read this article to find out just how this next generation brand tracking can help companies make better marketing decisions.
Accurate Insights for Brands
One company determined to pave the way for accurate insights for brands is Latana. Latana is an advanced brand tracking tool powered by machine learning. The tech company has merged traditional brand tracking with Multilevel Regression and Poststratification (MRP) to guarantee reliable data for brands, readily available on an intuitive, customizable dashboard where users can easily see data on the target audience(s), campaign impact, and competition performance.
What users can do with this information is as follows:
Learn From Their Target Audience
Defining your target audience is an important step in branding, but don’t forget that monitoring how that target audience is reacting to your brand is equally as important.
In the past, brands have tried to track their target audience but failed due to the high margins of error traditional brand trackers encounter with niche audiences. Latana has made accurate tracking for niche target audiences possible, thanks to Multilevel Regression and Poststratification, or MRP. How it works in comparison to the standard quota sampling used in traditional brand trackers is the following:
Imagine your brand sells maternity underwear and your target audience is women in the US who are pregnant or have a child under one year old. Standard quota sampling works by zooming in on survey respondents that match each of the characteristics associated with your target audience. Unfortunately, this often results in a very small sample size, and this means unreliable data and large confidence bounds. MRP works differently. It 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.
In the end, what the brand gets are quality answers from the right people, data that more closely aligns to real-world changes, and stability in your sample composition for those hard-to-reach niche audiences.
See Campaign Impact
Your brand campaigns need to have a positive impact on your target audience. If they don’t they are a waste of resources.
Latana enables brands to reliably see how their campaigns have impacted their target audience. This is incredibly important information, especially for brands working on offline brand campaigns. The impact brands can see from using Latana can help them determine the success of a campaign and, indeed, the failure. This is vital for future marketing decisions. Plus, brand managers can use the data to prove the value of their campaigns to the boss.
Discover How the Competition is Faring
You can’t build a successful brand with tunnel vision. Knowing what your competitors are doing and if their strategy is working should also be a vital component of your own strategy.
Everything you can monitor for your own brand with brand analytics can also be monitored for the competition. That means you can see how your target audience is reacting to your competitors, and how much of an impact competitor campaigns are having on the said audience. But, like we already said, you shouldn’t only learn from success but from failures, too.
Brand tracking data can be used to avoid industry mistakes. We may sometimes look up to our competitors and everything they have achieved but must remember that they are not perfect either. Keep an eye on their errors so you don’t waste time and money following the same path.
Advanced Brand Tracking Can Help Grow Your Brand
Making the decision to invest more in branding is a good one. Just make sure that the investment is making a positive impact. Bring advanced brand tracking onboard for reliable data on better reaching your target audience, producing appealing brand campaigns, and providing the insights you need to overtake the competition is priceless.