5 ways to drive brand growth
Never in the history of marketing have marketers had access to so much data quite so quickly. But unless they’re able to make rapid decisions, they won’t be using this to their full advantage. The danger is that they use information derived from the data to drive short-term sales rather than long-term growth. To counter this, research agency Kantar Millward Brown has developed five principles to help marketers drive brand growth in a world that has gone from fast to even faster.
The first principle is to act quickly to gain a competitive advantage. According to this, information that is received quickly allows marketers to make real-time decisions based on that feedback.
The big take-out: Kantar Millward Brown has put forward five brand principles to help marketers drive brand growth.
Second, brands need to be top of mind when it matters. According to Charles Foster, CEO of Kantar Insights for Africa and the Middle East, salience has a strong relationship with volume share. In other words, brands that are uppermost in consumers’ minds at the point of purchase are more likely to be chosen. One way to develop high salience is to use neuroscience techniques to uncover which key brand assets trigger important brand associations in consumers’ minds.
However, while salience is important, it’s not all that matters – identifying what drives sales now and into the future is just as important. According to this third principle, brands that are meaningfully different and salient are more likely to grow their market share faster than brands that are not.
Fourth, brands need to be seen to be meaningfully different to drive profits. Foster says brands that are meaningfully different can command price premiums, which will result in higher profits. Market share is less important than profitability.
The fifth and final principle is about knowing where and how to invest. There are times, says Foster, when research recommendations will challenge brand orthodoxy and push marketers to write their own rules. This requires solid research.
Marketers should focus on the metrics that matter most, and understand that not all metrics need to be measured all the time. “To grow brands in this rapidly shifting world requires focusing on a smaller number of metrics from consumer surveys and supplementing them with digital signals generated from social conversations and search patterns,” says Foster. “It’s all about getting feedback as quickly as possible.”