Brand tracking is not just about maintaining the profitability of your brand; in this week's post, discover how you can tap into all-new revenue streams with brand tracking.
In a previous post, we explained why brand tracking is essential for keeping your brand fit and healthy. But brand tracking is not just about maintaining the profitability of your brand; it can actually help you tap into all-new revenue streams.
The data that brand tracking provides is worth its weight in gold because it can reveal opportunities just waiting to be exploited – you simply have to know where to look for them and keep tabs on your vital brand health metrics, like brand integrity, brand equity, and brand loyalty.
In this article, we examine five examples of brand tracking findings, and look at how brands have successfully used those findings to produce big revenue rewards.
1. Awareness Gap
You know the market for your product is there; consumers that know about you demonstrate strong purchase intent, however your sales remain stagnant. Why so? Your data reveals the answer – your brand has low awareness.
This means although people want to buy XYZ widgets, they just don’t know about yours. This being the case, a brand awareness campaign should translate into sales growth.
Healthy snack brand Popchips is on track to smash its £20m annual UK sales record by doing exactly that. It discovered that although it was enjoying good growth (54% in 2017), brand awareness in the UK was only 30%, highlighting the potential for a lot more growth.
In addition, Popchips found that health was a key concern for snack consumers, further proving the strength of the market. “As health continues to be at the forefront of people’s minds, we want people looking for those healthy options to give us a try,” Helen Bromley, Brand Manager at Popchips, told The Drum.
In order to educate consumers about Popchips, the brand teamed up with creative agency 18 Feet to deliver its first ever global creative campaign. The campaign focuses on the range of flavours and the healthier cooking process that involves the snacks being popped rather than fried. It went live in January – timed to coincide with a period when lots of people are thinking about trying healthier lifestyles.
According to Bromley, the brand had to explore its audience in more depth to effectively create a series of adverts that communicate “Popchips’ colourful and vibrant approach to snacking”. Popchips will amplify the message by engaging in field marketing, sampling and social media outreach during 2018.
Bromley concluded: “We take the time and the effort to create engaging brand experiences, and build one on one rapport with our snackers which means we have a truly loyal and engaged audience who love Popchips as much as we do.”
2. Uncover New Segments
Your Net Promoter Score tells you how likely customers are to recommend you to friends or colleagues, so it’s a great indicator of overall customer satisfaction. But did you know there’s more you can do with your NPS? By breaking it down by demographic you can make some really interesting discoveries.
For example, let’s say you find you have a really strong NPS among women in their 50s and 60s but you haven’t been targeting them at all in your marketing, well, that represents an opportunity. By tailoring your messaging to speak to that subset of customers you could tap into a whole new growth area, with lots more women aged 50+ buying your product.
After conducting research with customers, convenience store brand 7-Eleven in Hong Kong unearthed a segment it had never directly catered to. It found it had a subset of customers who were passionate about quality coffee but didn’t need the bells and whistles of the coffee shop. They loved 7-Eleven’s affordable, on-the-go beverages.
“We have done a lot of market research and came up with this insight,” Elman Lee, Sales and Marketing Director at 7-Eleven told Marketing Interactive. “Hong Kong is such a fast-paced city and not everyone has time to sit down and enjoy the coffee.”
She also said not every customer looks for a barista to serve them a coffee with latte art, all they need is just a nice, no-frills coffee. That’s why she sees a big opportunity in this new market segment.
To seize upon it, 7-Eleven has created a print and digital ad campaign highlighting their use of 100% Arabica coffee beans, fresh milk, and the low price of its coffee at just HK$14 (£1.26).
In addition, 7-Eleven Hong Kong has decided to make coffee one of its signature products. “When it comes to drinks at 7-Eleven, we are more than Slurpee; I hope people will also appreciate and remember the quality coffee at Daily Café,” concludes Lee.
3. Message Alignment
Understanding what drives consumers to purchase your particular product is vital if you’re to appeal to them. It’s no good harping on about “enhanced oral health” if the real reason people buy mouthwash is to get fresher breath – you have to tell consumers what they want to hear, and in language they can understand.
Frequently, brand tracking will reveal that your target demographic is more likely to purchase a competitor. This is very disheartening but the reason can be simple; it’s not that they have a better product, it’s just that their messaging is better.
By finding out what it is that your customers really care about and switching up your campaigns to better convey that you can win back market share from your competitor. This is what Bupa Australia hopes to do with the launch of its new messaging direction, ‘Life is a gift. Take care of it’.
Bupa realises that customers want to buy ‘care’ not health insurance. Bupa Australia Chief Marketing and Customer Officer, Jane Power, told CMO: “We are very aware we are heading into an enormously challenging period from a health insurance perspective, and people are struggling with choices over how to spend their money.
“Over the last two-and-a-half years, we’ve repositioned ourselves away from being known as a health insurer, to becoming known as a health and care provider. Bupa is really honing down on what makes us unique, and what both our people and our customers want from us.”
The message ‘Life is a gift. Take care of it’ will be used to tell stories across all parts of Bupa’s business. The storyline will gradually unfold over the course of the year as Bupa engages with different audiences for various health services and health programs.
“Care is something we aim to deliver every single day in our clinics, in our stores, and in our homes,” adds Power. “Customers remember the people and the experience they had engaging with those people.”
4. Leaky Bucket
Although no brand relishes having a low NPS, it’s not all bad news – it represents a great opportunity to improve and prosper. This is especially true if you’re scoring low because of one or two consistent reasons.
Perhaps people are peeved with your customer service or maybe your product doesn’t quite live up to expectations? Find out what it is that’s letting people down and fix it. Promote these positive changes and you’ll be on your way to winning back wavering customers.
Philippines-based telecoms company Globe Telecom found it was gaining a bad reputation because of the way it handled collections. Loyal customers with legitimate reasons for late payment were being treated in the same way as delinquent payors and they weren’t happy about it.
Globe had been relying on outbound phone calls as a contact method but customers complained they felt they were being harassed or had to deal with rude agents. The company needed a way to increase customer satisfaction without sacrificing collections performance.
Globe decided to remove the human element and try two-way automated messaging, encompassing voice, text, email and mobile app notifications .
“The CCS solution has shown that most customers at early-stage collections prefer communication via SMS and the ability to address the matter without an awkward conversation with an actual agent,” says Stanley Tan, Editor of TelecomAsia.
Not only did it result in the lowest levels of customer complaints and customer churn to date, the solution actually reduced account delinquencies by 40% year-on-year. Furthermore, the company also managed to reduce the cost to collect by 15%, and the time it takes to collect by three days. Globe says its NPS continues to improve month-on-month.
5. Unmet Needs
If you discover that customers are disappointed with your offering, it’s also worth finding out how they feel about your competitors. It could be that they too are failing to deliver exactly what consumers are looking for.
For example, if consumers are really driven by the desire to find fun but educational toys for their children, and toy brands are not sufficiently meeting this need, an opportunity clearly exists. By mining your brand tracking data you could uncover a whole consumer category with unmet needs. How could your brand plug the gap with a new product, feature or extension?
When PepsiCo discovered growing concern among parents over their children’s consumption of sugary beverages, it saw a gap in the market for a healthier soft drink. This was backed up by figures which showed sales of bottled water had overtook that of fizzy drinks in America for the first time.
As a result PepsiCo launched Izze Fusions, a beverage with only 60 calories per can. The drink is made with cane sugar and stevia rather than artificial sweeteners and comes in a range of flavours – and it purposely remains ambiguous in terms of category (defined neither as water, juice or fizzy drink).
Izze Fusions Marketing Director Rosemarie Iannucci told Campaign: “Izze Fusions taps into the unmet needs of teens for fun, cool hydration options that don’t sacrifice taste, while ensuring that parents can feel good about providing it to their families.”
The new product will help PepsiCo meet its goal that at least two-thirds of its global beverage portfolio volume will have 100 calories or less from added sugars per serving by 2025. Adds Iannucci: “changing consumer and societal needs are something PepsiCo is committed to.”
Savvy brand managers should always be on the lookout for opportunities. As these examples show, they often exist where you least expect it. And if you don’t track your brand’s performance, staying close to your customers and your competitors, you’ll never notice them.
With the help of reliable and regularly updated data however, you can learn how to spot those opportunities, understand what to do, and realise their potential to grow your brand. For even more expert tips and tricks, check out our Complete Guide to Brand Tracking and start monitoring your brand’s health today.