Or why brand isn’t dead
Building and investing in brand is an important part of any marketing strategy. Unfortunately leveraging brand metrics to prove revenue impact has traditionally been one of the more difficult aspects to land.
The proliferation of click/touch-based models (such as multi-touch attribution MTA or last touch) has helped fuel the bias towards marketing investment decisions that are measurable in the short term. For that reason many marketers continue to struggle with building a financial case around the impact of brand.
Econometrics (market mix modeling) has historically been one way marketers have used marketing science to provide a quantitative view of the contribution of brand advertising campaigns. The challenge with conventional MMM and brand impact is that marketing mix model 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, we collect brand data infrequently because of a perceived lack of utility in decision-making… until now.
Next generation marketing mix modeling
Mutinex GrowthOS is the next generation of MMM because modeling is completed in near-real time. This creates new opportunities for marketers to better understand the impact of brand health and other factors on overall performance based on data-driven statistical analysis.
GrowthOS is helping marketers measure and quantify the short and long-term impact of a 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 equity feature allows marketers to quantify the impact brand health and other brand attributes have on the long-term success of the business.
These features are changing the tone of brand perception and conversations in the boardroom. Brand health is increasingly presented as a representation of 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 kit, talk to one of our experts now by booking a demo.
