How External Data Can Enhance Brand Measurement
Primary market research offers the best single approach to analyzing a brand’s position in the marketplace, BUT when combined with external data, one can considerably add to the power of that learning.
Bringing customer data, social media, and other secondary sources into the mix offers the opportunity to create a more comprehensive and holistic view of your brand. In this regard, being data agnostic when assessing your brand’s status and performance can lead to powerful results. The key is to evaluate data sources with the business objectives of the brand measurement program in mind.
Customer data can involve many different metrics such as financial data, product/service ownership, behavioral information, and, potentially, data from other surveys. When customer data metrics such as these are integrated with survey-based brand measures they afford brands the opportunity to do several meaningful things:
In many cases, these efforts can extend to non-customers by integrating other external data sources.
Social media can also significantly enrich a company’s understanding of its brand:
a) It can serve as an early warning of branding issues, allowing you to follow up with survey-based research to delve more deeply into the topic and better assess the full impact of the situation.
b) It can also provide external validation for primary brand measurement — acting as a proxy in between brand tracking waves or producing topics for new questions to include in a primary brand measurement program.
Leveraging User Generated Content (UGC) has also proven to be a powerful source of input for guiding brand positioning decisions.
Case In Point
The following case study illustrates how external data can be used with survey data to enhance brand measurement:
A large media client was seeking to understand their unique brand value/brand proposition. We started the process by reviewing thousands of UGC that were posted online and using textual analysis to code these comments across a variety of different dimensions. We then conducted survey research in which we tested mathematically-generated comments in a conjoint analysis to understand which UGC was most valuable in building the brand. By fusing both survey data and UGC data, we were able to help this client enhance their business and marketing understanding, thus helping them to strengthen their brand and build loyalty.
Our Data Commitment
It’s important to note that effectively leveraging external data requires an ongoing commitment to evaluating how successful different sources are when it comes to addressing brand measurement challenges. As the data landscape evolves, Radius will continue to evolve our approaches to further enhance the value of brand measurement programs.
Have questions on your brand measurement initiatives and the use of external data? Please contact us to discuss this further.