Businesses today have an overwhelming amount of data available to them, but data analysis often occurs in the rear-view mirror. Cumbersome data collection and analysis is not fast enough to respond to changes that brands need to make closer to real time.
In order to grow, companies need to move to a more predictive model of brand analysis. Amid constant change, they need to measure the data attributes indicative of what will truly drive business impact. It’s the only way to move at the speed required to be ahead of the competition.
A strategic model combines brand, transactional, perceptual, and behavioral data in order to identify the right brand activations and drive the best business outcomes. This combined data approach outlines the key metrics of a business’s performance, and provides a focused view into the micro indicators driving the macro changes.
Evolving Brand Measurement
This is a statistical model, based on the 10 Brand Strength dimensions (those used in the Interbrand Best Global Brands methodology to measure the performance of a brand) which identifies the exact perceptual, behavioral, and transactional data sources underpinning each dimension.
These leading indicators help identify the processes, strategies, and behaviors that can be acted on quickly and directly to anticipate and affect real change, while driving demonstrable impact on business performance.
Data for the real world: Designed around the customer
We know that delivering superior customer experiences drives business growth. However, these experiences are becoming increasingly challenging to create as the customer’s journey becomes more complex.
Reams of data surround the measurement of the customer experience, which often creates a fragmented and reactive view. A connected source of data, one that provides a holistic view of people, is needed to keep pace with the speed of market change and customer demands. This ensures that data is dynamic and nimble so that activation can be highly targeted. By prioritizing actions that truly impact growth, the right experiences will be created and delivered to the right person, at the right time and place.
Data for the real world: Designed for brand and business performance
It is critical for organizations to stay focused on their long term goals while reacting to the shifting, test-and-learn culture of the digital user experience. Directing focused, daily brand and business decisions is possible through a detailed roadmap that identifies both immediate and long-term impact on business performance. Such a roadmap should also clearly model the relationship between brand metrics and business-level financial data.
Internally, this helps align different groups across the organization that may be responding to customers in vastly different ways, depending on the data that’s pushing them for immediate action. If these units are not led by a central vision, internal chaos can occur, which can erode the brand’s performance and break down the overall customer experience.
What a strategic model ultimately provides
- A business case to validate the focus and changes necessary to drive growth and improve brand and business performance
- A strategic roadmap that enables the right allocation of money and resources to the right areas, aligning all business and brand activities.
- A rigorous approach to overhaul internal processes, institutionalize change in order to deliver relevant experiences, and ensure internal teams have the right capabilities
To be truly ready for change, companies need to optimize the way they look at data, and not respond haphazardly.
For focused business success, responses need to be consistent, dimensionalized, and underpinning a larger vision. Only with focus can a business truly accelerate growth.