Leveraging Brand Metrics to prove Brand impact in the short and long term
Building and investing in Brand is an important part of any marketing strategy, and has traditionally been one of the more difficult aspects to measure in terms of the short and long term impact that brand is delivering to the bottom line.
The proliferation of click/touch based models helped fuel the bias towards measurement and marketing investment decisions that are measurable in the short term, and it is for that reason many marketers continue to struggle with building a financial case around the impact of, and their investment in Brand.
Econometrics (market mix modelling) has historically been one way marketers have used marketing science to overcome the shortcomings of the short term view in marketing, to provide a quantitative view on the contribution of Brand advertising campaigns. The challenge with conventional MMM and Brand impact is that MMM reports are traditionally presented on an annual or bi-annual basis on account of both the effort and cost that comes with the reports. Similarly, Brand data can often be collected infrequently, and this in some part can be attributed to the limited usefulness in increasing frequency of that data collection for the purpose of decision making … until now.
Our GrowthOS platform is the next generation of MMM because it allows for MMM to be completed in near-real time, creating new opportunities for marketers to better understand the impact of brand health and other factors on overall performance.
GrowthOS is helping marketers measure and quantify the short and long term impact of brand, and in doing so answer questions such as ‘how is brand driving ROI‘, ‘what do long term brand metrics deliver to the bottom line‘ and ‘how do i quantify the impact of brand in relation to sales‘
GrowthOS’s breakdown explorer allows marketers to model the impact of brand activity in the short term, looking at the ROI contribution of all brand communications broken out by channel.
In the longer term, GrowthOS’s brand performance feature allows marketers to quantify the impact brand health and other brand attributes have on long-term success for the business.
This feature is changing the tone of brand conversations at the board room, with brand health increasingly being presented alongside commercial impact. For many of our customers, it’s shifted the conversation from ‘I think’ to ‘I know’ when it comes to quantifying the impact of a brand on sales.
To find out more about our brand tool, talk to one of our experts now by booking a demo.