Brand tracking led Penfold to face the truth about a target audience
Penfold realised they might have to revise their expectations for engaging young people in pensions.
After more than tripling the number of pension transfers to its platform in just 12 months, digital pensions provider Penfold knew they needed to gain a better understanding of their place in the market and their customer base. The startup (formed in 2018) didn’t have any existing brand metrics to benchmark against and were keen to get a brand tracking solution in place – but one that was affordable, and could be set up and managed in house.
It’s quite difficult for startups to do brand tracking well. And I think it’s super valuable and super important, because you’ve got to figure out a way of measuring awareness and consideration without spending loads of money on the research.Georgie Burks, Head of Brand Marketing, Penfold
Penfold chose Attest for their first brand tracker because the platform is not only cost effective, but also offers a simple way to plug in audience criteria, allowing the brand to reach their target demographics.
In startups, you have a hypothesis around your audience but it’s fluctuating and changing and evolving. And the platform makes it super easy just to drill into those certain demographics and certain behaviours that you want to really focus on.
Georgie says brand tracking has provided Penfold with a bit of a reality check in terms of their focus on younger consumers.
Attest has been really instrumental in driving home the reality of the consumer need, and surfacing that it is much harder to get a younger demographic to engage with pensions.
But with a year of quarterly brand tracking results under their belt, Penfold are able to devise data-backed marketing strategies that are helping reach the right audiences with the right messages.
We also run our brand alongside a set of competitors, so it’s brilliant to have visibility over who is actually cutting through in the market and ask, ‘how can we position ourselves in a different way?