Quantifying the Power of Your Brand
Many marketers dream of having the capability of tracking their brands vs. competition in an accurate manner that tracks with business performance and in a way that is cost effective. MavenMagnet delivers on both fronts. We have proven that our key performance indicators (KPIs) – in industry after industry – track with the business.
What goes into these KPIs? A typical study will start with a deep analysis of a brand’s positioning relative to competition. Our technology creates a “big” data repository of digital conversations gathered from across the web and way beyond just social media. Using this data, we quantitatively assess key brand drivers using a discovery approach – no questionnaires and no biases – and our analysis incorporates the nuance of focus groups. We include a visual presentation of brand attributes by impact. Further analysis determines the drivers that can be owned or shared by the brand, including recommendations that drive customers to purchase. And we identify the gaps, too.
We build on this work to create the KPI that we call our brand magnet score. We use industry benchmark data going back two years to build a standard scale. We incorporate differentiation, engagement and sentiment by creating various indices based on competitive brands’ relative performance on key purchase drivers, the relative volume of digital engagement around competitive brands, and overall sentiment trends (positive, neutral, mixed or negative).
The result is a brand magnet score, a single metric, you can use to track your brand every month or quarter or time period you choose. Accurate. Cost effective. Speedy. We deliver this score in about four weeks and then when tracking for instance monthly, within a week of a month’s close.
It is a powerful tool you can use today to track the power of your brand. And we’re not dreaming.