Building a brand and sales requires knowing what is happening in the market and with your brand, across all media and markets. We helped our client to not only know what was happening in their market but forecast trends and how they could build their brand as the market.
In the hyper-competitive banking and financial service sector, things can change fast. New competitors emerge each day and big competitors can drown out your message. In this market, having both a clear understanding of what is happening in the market and its impact is critical for forecasting. Businesses need to focus on what drives decisions and relationships, not on vanity metrics.
The client’s existing tracker was bloated with measures that measured the same thing in different ways; how much they like our client’s brand but offered no diagnostic information on why their brand was in decline. Our solution was a consumer-centric approach that focused on measuring buyer behaviour, decision triggers, choice criteria and the decision journey. This approach provided diagnostic information that our client could use for campaign development, evaluation and broader strategy development. To reflect our client’s media strategy, communication tracking was built around campaign and execution level metrics that worked independently of the type of media used, and measured activity at a weekly level through-out the year.
To fully understand what drove changes in the market, our framework included analysis of client and competitor media spending, that was linked back to account opening and switching activity. So that our clients could use the insights for planning and not just evaluation, our analysis moved beyond describing past events, to forecasting trends, the impact of expected industry and company events, and included KPI tracking tools that estimated their likelihood of them hitting their targets. Targets that we were helping them achieve.