Brand analytics is the cornerstone of any company. It requires constant upkeep, and inactive monitoring leads to an outdated image that steadily impacts profits over time. Fortunately, brand intelligence metrics allow teams to accurately gauge the effectiveness of their marketing efforts, tweak strategies that aren’t working, and further expand on those that work.
To get the inside scoop on brand intelligence metrics and how companies can use it, we spoke with Meg Ryan, an Account Executive in our New York office at Synthesio, an Ipsos company. Meg has been able to bring to our team 20 years of valuable experience in the market research industry. She works with brands every day to show them the power of measuring their brand intelligence online, and specific KPIs to keep track of.
Q: All companies know that brand intelligence is essential, but why should brands pay special attention to social data?
A: So when we say “social data,” a lot of people mistakenly assume that we’re just referring to mainstream social media. It’s true that social data includes social media data, but it also means news articles, reviews, forums, blogs, surveys, and more. Anything that exists on the Internet is considered social data, and it’s a valuable source of brand insights. All brands know that the voice of the consumer can have a massive impact on brand intelligence. In today’s day and age, social data amplifies the voice of the consumer to billions worldwide. Brands can, therefore, use social data to learn about consumer preferences, opinions, sentiment, perceptions, interests, and so on.
Q: Can you give examples of instances or scenarios that might risk a company’s brand intelligence?
A: There are so many examples that it’s hard to choose which one to mention. The voices and opinions of consumers can impact a brand both positively and negatively overnight. A disgruntled consumer who voices their complaints online can create a wave of negative responses. A scenario like this can either hurt a brand or inspire it to change. Take a look at Kraft Mac and Cheese. One food blogger and social media advocate promoted a social campaign to petition for the removal of its artificial dyes. Due to growing support for the petition, Kraft eventually removed the dyes to alleviate pressure on its brand intelligence.
Q: How can social data help brands to build relationships with consumers and strengthen brand loyalty?
A: The Kraft Mac and Cheese example demonstrates how a company listened to consumer interests, updated its product, and leveraged social data to ensure a smooth rollout. Today’s consumers are more concerned about natural ingredients and regularly voice concerns over the artificial dyes used in food products.
I love this example because of what Kraft did next. When it changed and released the new Mac and Cheese, it did so discreetly so that consumers wouldn’t be predisposed to noticing differences in taste. It later used the hashtag #didntnotice to emphasize that millions of consumers didn’t perceive a difference in taste. The clever combination of a real-world and digital strategy won over many consumers.
Q: How can improvements in brand intelligence be quantified and proven? What differentiates Synthesio’s approach from others in the market?
A: Synthesio allows users to take a multi-faceted approach to track brand intelligence. There are many ways to measure improvements in brand intelligence, and Synthesio’s capabilities come with several metrics. Our proprietary Social Reputation Score (SRS) is one of those metrics. SRS calculates a benchmark score based on volume and sentiment to quantify brand intelligence and measure changes over time. On top of that, Synthesio’s customizable reporting makes key KPIs easily accessible. Knowing that brand intelligence can be impacted by sentiment, engagement, volume, among other factors, Synthesio users can customize their evaluation to the key metrics they need to measure.
Active Brand Monitoring Prevents An Impacted Bottom Line
Brand intelligence metrics allow teams to quantify improvements, a common challenge within marketing teams. It also allows brands to quickly pick up declines that might otherwise go undetected until it has affected profits and the bottom line. Furthermore, consumers now expect brands to respond to their needs. That’s why building a trustworthy rapport is a top priority for companies everywhere. To learn more, see how one global financial institution used Synthesio to establish trust with its target audience and provide the services they want.