Let’s see what our customers are thinking today. Let’s send out a survey and collect the data.
Good enough 20 years ago? Probably. Good enough today? Hardly.
Putting Big Data Into Action
Marketers must not rely solely on social chatter to evaluate brand health and must ensure they connect with vendors and partners that truly help them meet demands for more integrated data solutions, according to a new research report released this week by Forrester.
Social chatter is “better suited to understand recent customer experiences than deep-rooted brand perceptions,” according to the report, titled, “Brand Health Is Ripe for Digital Disruption.” Use social as a complementary guide to help you and your organization understand brand metrics.
Challenging Environment for CMOs
Chief marketing officers are charged today more than ever with ROI goals. And data collection and analysis is just not cutting it alone. Do surveys that take 30 minutes do the trick anymore? Even if it were three minutes, would that help? The tablet and smartphone generation simply won’t produce the information marketers are looking for -- nor do they have the patience.
Further, customer feedback is easy to get today -- just track what people are saying about your organization through social channels and online feedback.
But what to do with all this data?
Marketers are going to have to seek partners that not only aggregate the data, but also help them interpret, sort, track and, most importantly, put the data into actionable items for their organizations.
The good news is the Generation X CMO knows these challenges well. They are no longer just specialists in communications, but rather the business end of operations as well.
Defining Brand Management’s Future
Understanding what drives brand health management is the first step CMOs should take. The Forrester report groups these into three categories:
- Brand equity reveals what people feel about your brand. How do customers perceive your brand? Maybe it’s great. But maybe your quarterly reports are not showing ROI. Just because your brand may score low in perception, does not mean ROI will drop, either. But keeping track of brand equity -- which Forrester calls “the brand promise to customers” -- is crucial to brand health management.
- Brand health quantifies the strength of a brand in the marketplace. Tying brand health to market share is important -- it helps CMOs understand the relationship between brand perception and how that parlays into competition in the marketplace.
- Brand value quantifies a brand as a financial asset. Brand value helps CFOs in financial reporting to define goodwill, the value of an acquisition and the appropriate price for licensing. Some vendors can bring together brand, competitor and financial data into a single value-based framework.
Title image courtesy of winnond (Shutterstock)