The key challenge for businesses today is delivering more revenue growth, which is what most CMOs or marketing executives are struggling with on a continuous basis. So how can you ensure you are growing your revenue, in an intelligent and future-focused way?
Increase the likelihood of sales with in-depth insights
The answer is in-depth insights. About your market, your current brand position, the sentiment of your customers, what marketing efforts are working and what your current brand awareness is. With this knowledge you can adopt the right marketing strategy to reach your desired goals, and you’ll be more relevant for your customers.
This means your offerings will be of more appeal to them, and in return, customers will be more likely to purchase your products or services.
Further, in terms of budgeting and revenue, you’ll know what communication efforts work, and which don’t, so you’ll know what activities to invest in next time for maximum impact.
Read more: Master Your Marketing ROI
Powerful up-to-date insights to fuel your strategy
Although the saying is over-used: knowledge really is power.
By knowing your current status quo and the exact measures to take to improve your current marketing or business activities—and having this information available daily—the possibilities really are endless.
Getting down to the nitty gritty of what the next steps of your brand should be (not only where they could be but what would be the most business-sensible decision) will allow you to drive authentic and consistent conversations with your target audience. This means you'll adapt the same tone of voice and messaging across all your customer touchpoints.
If you are looking at developing your brand strategy and reinvigorating your brand, or getting up-to-date brand insights, you need a brand tracker.
Data and insights should always be the driving force behind your marketing efforts. Your data can come from many sources, such as your loyalty programme database, customer satisfaction surveys or social media monitoring. By understanding what channels and touchpoints your customers actively engage with, you'll be able to build an effective strategy.
Hence, it’s important to not only get insights but to get the right insights. With these insights you can adopt the right marketing strategy to reach your KPIs and grow revenue.
Read more: The top 3 ways CMOs measure marketing ROI
What you need to track
When it comes to brand tracking, there is no "one way". In fact, we strongly urge against any sort of standardised tracking framework because the metrics it will use to assess effectiveness and performance may not be relevant to your business.
The best, most powerful brand trackers are ones that are tailored specifically to your business and reflects the key stages of your brand funnel and includes metrics that directly impact your business if they increase or decrease.
With this in mind, here are a few key considerations for what you need to think about tracking:
- Where and how you are positioned in the market currently.
- How your brand is perceived by your customers now and over time.
- What is most important among your consumers.
- How your business is aligned with your customers' values—both as a brand and in the services you offer.
- Which marketing initiatives are converting customers and by how much.
- Your sales and marketing results before and after your campaigns.
- Marketing return on investment.
- How your brand compares to your competitors (e.g. in advertising spend, customer acquisition and customer retention).
- Where your competitors are succeeding—and where they're not.
With these clear and exact brand measures at hand, you can:
- Understand your current brand position, sentiment and awareness.
- Track your campaigns and general perceptions over time.
- Know if your marketing efforts have paid off.
- Optimise future marketing activities.
- Uncover opportunities that have not been capitalised on in the market
- Adopt the right brand strategy to reach your business goals.
At Perceptive, we use an interactive, fully-online reporting dashboard for our brand tracking. The dashboard not only brings the quantitative data to life but also allows us to visualise and report on qualitative data simultaneously. To learn more about how our brand tracking has helped businesses, read our Jaguar Land Rover case study.
Want to learn more about how brand tracking works? Check out our free whitepaper on how to track, measure and improve your brand health.
