How to get started with Brand Analytics
The most important thing to run a successful business is to have a clear and differentiated brand story. A stern ideology and brand story can only be achieved by extensive market research and strong principles. The second most important thing that will ensure that you never run out of business is to make use of Brand Analytics. Your brand represents what you stand for. A “brand” is a sum of all the feelings, thoughts, and recognitions that a target audience will have about the company. The ability to make quantitative measurements of these thoughts and interactions is defined as Brand Analytics. The metrics or BI analytics help the companies make informed decisions, strengthen their insights, drive sales and marketing and increase long-term profitability.
1. Launching a new product in the market:
If you are launching a new product/service in the market, it is essential to monitor several metrics in real-time to quickly monitor which strategies are working and which are not. Some of these factors include coupon/promotion codes, free/trial membership, form submissions on the landing page, navigation paths, etc. these factors can easily be monitored in real-time using the various business intelligence tools. By understanding the performance of these factors you can invest your time and money on the profitable factors and save on the ones that could stomp your product launch.
2. Track traffic from different communities:
Several Brand Analytics tools enable you to keep a track of your audience. You can start measuring where your audience is coming from based on the domain or link. Filter out the links that contain words that bifurcate the different communities or forums using BI systems. This will give you a clear idea of how much your brand is being talked about in those communities and target a precise audience for the next campaigns.
3. Keep a track of new v/s returning customers:
The key goal of brand campaigns is to drive visitors (new or returning) to the site. Measuring the change in the percentage of new and returning visitors can help you measure the impact of the ad interactions or campaigns. If you are running ad campaigns through social media, it will also show you who has interacted with the ad corresponding to the CTAs.
4. Track your digital CTAs:
Your ad campaigns, especially social media campaigns will assuredly ask the customer to interact with the ad in different ways. These interactions can be online or offline actions like purchasing from the store, referring a friend or writing a product review. Business intelligence tools combining the data from the brand campings and action calls can be direct indicators of the brand value.
5. Competitor analysis:
To determine your stand in the market it is equally important to keep an eye on competitor analysis. If you can compare your performance with your competitor’s performance by measuring the volume rank of searches by competitor’s website, total keyword volume, the site traffic. This can be done through any business intelligence tool, including Google Analytics. This data can help you determine why your competitors could be performing better than you. After measuring your search share, you can superimpose it with the traffic owing to product launches or press release campaigns. With this data, you can compare your brand promotion activities to the competitor’s traffic.