Brands are worth billions and finding ways to understand how consumers react to marketing campaigns around brands is therefore of key importance. The fast paced development of analytics techniques, as well as people sharing their opinions through social media and searchers, allows companies to gain almost real-time access to changes in consumer sentiment towards their brand. One recently launched proposition that claims to do just that is Millard Brown’s Digital Behaviour Analytics package.
Branding remains a key component of many businesses. Some brands, such as Apple and Google, may be more valuable than the property and machinery owned by the company. According to recent research, brands make up more than 30% of the stock market value of companies in the S&P 500 index. In India, for instance, the top brands are worth as much as $92 billion. Brands provide products and services with distinction, which is particularly important if it is hard to tell the difference between a product and service.
In recent years, the development and improvement of a brand has become the mainstay of many companies – some of which today are the largest in the world.
Given the immense value of a brand, identifying how key marketing messages regarding that brand are filtering through to those converted, and yet to be converted, is of great importance. The rise of analytics and data mining, as well as the vast trove of information it might reveal to companies, has seen considerable investment by both in-house and vendors into analytics offerings. The branding space too has seen recent investment, with a number of marketing and consulting firms developing propositions, including a recent partnership between Millard Brown and comScore.
As part of its proposition in the branding arena, Millard Brown recently launched its Digital Behaviour Analytics (DBA) package. The package provides companies with ‘near real-time’-access to information regarding brand health and marketing campaign performance, allowing for management to make major or minor actions and identify opportunities to improve their brand standing. The DBA uses a range of social media conversions and global search patterns as information, allowing changes in online behaviours to be tracked in near-real time. The offering also allows companies to monitor the long term vitals of their brand, and follow changing trends and interests over time.
“While most companies monitor social and search data today, many do not have the confidence to use it in decision making,” explains Sarah Walker, Global Lead for Digital Behaviour Analytics at Millward Brown, the advantages of the new offering. “Millward Brown is tackling this major issue by applying cutting-edge modelling and econometric approaches to identify the meaningful signals in carefully chosen social and search sources.”