Let’s face it, with Valentine’s Day behind us, we need to get real about your relationship with brand tracking. While it has been used for decades to measure brand performance and health, in many cases, it’s become little more than a status update.
You deserve so much more.
When brand perceptions are connected to key performance metrics, they provide actionable insights that can drive engagement and move businesses forward.
Brand health data + performance data = actionable insights
We use advanced analytical techniques, such as key driver analysis, to mine the brand health tracker data and uncover the relative impact (or weight) each factor has on driving consumer behavior.
By coupling expected future behavior gathered in the tracker with actual performance data provided by the client, we’re able to build a model that bridges the gap – predicting actual business outcomes (e.g., website visits, clicks, applications, enrollments, etc.). Clients gain insight into how specific improvements on important factors (drivers) result in a subsequent positive impact on business metrics.
How does this approach drive actionable insights?
We believe the value in any brand health tracker is measured by the action it informs. At Magid, we look for opportunities to drive actionability throughout the process. Additionally, the brand health tracker provides the foundation for other efficient analyses that can provide actionable diagnostics and guide immediate steps to enhance brand engagement with prospective consumers.
- Stakeholder interviews: We connect with key constituents to understand diverse perspectives and help ensure buy-in throughout the project.
- Leading with qualitative research: Establishing perspective of the landscape upfront helps to determine that we are measuring the right factors and understand nuances of the current environment. This is distinctly different from off-the-shelf tracker products on the market.
- Interactive workshops with key stakeholders: Our process is geared toward a broad sharing of insights across key stakeholders and respective business teams, and accounts for current brand action plans and strategic initiatives.
- Rotating flex module: We build in flexibility each wave so that the client can explore hot topics of importance, industry trends, or dig deeper on questions uncovered in past waves or other research.
- Driver analysis and predictive modeling: This analysis determines relative importance of factors impacting your brand and category, and how changes in those factors (improvement or decline) will be predictive indicators of business outcomes.
- Behavioral performance data integration: Integrating the output from the driver analysis with actual performance data allows us to recommend concrete actions to improve business metrics.
We often take things a step further with clients by offering prospective consumer panels or co-creation sessions for ideation and testing as well as supplemental online behavior data.
Our deep experience informs our contextual thinking
We are highly experienced in meeting the needs of diverse internal stakeholders to measure relevant brand metrics and translate insights into action to ultimately drive greater engagement. We’re excited to have partnered with hundreds of leading brands across a variety of brand-related assignments.
With newer budget airline competitors securing greater share, our client’s satisfaction tracker was no longer capturing relevant, timely data. The challenge was to establish a consistent process for measuring NPS for this leading airline (identified as one of last year’s best by Wall Street Journal), the relevant aspects of the customer experience and the impact of new initiatives.
We developed a customized, flexible NPS survey and process for capturing and reporting ongoing data (1MM responses per year), built modularly to address custom issues and in-market interventions. We also established content and reporting relevant to specific audiences – executive dashboard, marketing reports and station reports – allowing teams to take quick action based on relevant data.
Our cause analysis identified the source of NPS decline, resulting in clear situational understanding and recommended interventions. We implemented an ongoing process review to uncover opportunities to streamline our process, resulting in increased response rates and greater efficiency without sacrificing content.
Retail department store chain
This regional department store chain’s brand equity tracking measures were not aligned with market performance, eroding organizational trust in the metrics. The challenge was to re-evaluate KPIs and relevant attributes that drive performance and function as a leading indicator of market results.
We overhauled the sampling frame to be more representative of current and potential customers and conducted foundational research to rebuild the relevant set of category attributes. As a result, we identified relevant barriers and triggers to retailer selection which have become actionable levers for in-market interventions.
The revamped brand tracker has proved to be a much more reliable indicator of brand health and expected market results, identifying and enabling strategies to improve equity and business performance and rebuilding organizational trust.
Major fitness franchise
A national fitness franchisor had found that, in an increasingly competitive marketplace, its unique selling proposition was becoming less relevant. The challenge was to identify how the brand could retain its heritage, which brought it so much success, while evolving the brand to stand out from the crowd in a more relevant way.
We leveraged insight groups, a quantitative brand & competitive assessment, and brand health and customer experience tracking mechanisms to identify early signals of softness in the unique selling proposition and methods to avoid market share erosion.
Learnings inspired a brand reposition to focus on shifting market trends, emergent players, and customer needs – all while remaining true to the brand’s heritage.
#Relationshipgoals » It’s time to love your brand tracker
Your brand tracker can and should be offering actionable insight that delivers better performance. If not, it’s time to re-evaluate your brand’s position and needs so you can find a brand tracker worthy of you and your brand. Let’s talk.