The Importance of Brand Analytics
Posted by Nicholas Kühne in 2022
Are you trying to decide on the next step for your business? Have you been looking for a way to track the success of your business? If so, you’ve come to the right place. You need to learn about brand analytics. Brand analytics can tell you a lot about your brand strength and its future. Using historical data is the best way to make informed decisions about your business. To learn more about how brand analytics can help your brand strategy, keep reading.
How Brand Analytics Work
Brands have been relying on their business analytics to make better decisions regarding future growth. To help with this, businesses are hiring data professionals who can identify trends from your past data and help your business meet objectives based on those trends.
Data-driven decisions aren’t new, however, brand measurement methods have changed with increasing data volumes and types.
Now, it’s essential to use more sophisticated tools to help you measure data and produce insights. With better systems, we can look beyond descriptive statistics to more holistic data that helps produce goal-oriented insight.
Brand Analytics Today
The brand analytics process has undergone a huge shift because of the ubiquity of data science. Before this shift, business analysts could use applications like Excel and dashboards to look at and analyze data.
Advancements in Python and R have led business analysts away from these dated practices. At the same time, they’ve moved professionals towards more effective practices. Newer techniques allow businesses to use techniques like A/B testing, machine learning, inferential statistics, and more.
In order to keep up with today’s business analytics, professionals have to learn programming languages that allow them to go more in-depth. More access to staff with data science education and experience, means analysts can collect the information that businesses need to improve data quality, and decision making.
This is where the power of Python and R programming languages come in. Python and R simplify the analysis process so that you can build and train your own machine learning models for predictive analytics.
Brand dashboards are also increasingly important for today’s brand managers. These dashboards have evolved to allow for deeper data analysis and having a realtime view of your brand based off a single source of truth can make managing brands easier.
What You Need to Know About Brand Analytics for Brand Strategy
If you’re looking to update your brand measurement skills and bring this skills in the brand and marketing function, now is the perfect time. More and more organizations are looking for analytics professionals who can work with today’s platforms.
To bring the advantages of data science into your department, you need to hone your skills and understand these three qualities:
- Critical thinking
- Communicating effectively
In addition to these working skills, you need to know how to work with newer platforms and programming languages. Here are some of the most useful data tools to focus on:
From there, you can expand to working with big data tools that you find useful for your specific business.
As you’re working with these tools and languages, you should explore basic data science methods like natural language processing, clustering, regression, and more.
Lastly, you really need to understand your business model. Every data professional needs to understand how to convert business challenges into data science problems. Once you turn each challenge into a problem, you can work to solve the problem then solve the challenge. This is where our Wunderbrand DataOdyssey and PossibilityEngine come into play.
Outlook for Brand Analytics
Brand analytics strategies are being applied in all industries with many businesses making the leap from basic analytics to complex machine learning.
As brand analytics strategies change, businesses need to keep up. The one thing to keep in mind as things keep changing is to act on these new insights. The insights that you get from your data drive your business to be better. If you have great insights but no action, you are wasting your time.
Your business will need analytics professionals that can collect data, produce insights, and provide brand growth guidelines. As your business expands to introduce newer brand measurement methods, you should support your analytics professionals by giving them the best guidance possible. As your business gets more experience with data analytics, your role in managing the brand analytics process will be invaluable.
Hire Brand Analytics Professionals
Getting started with brand analytics is the hardest part. Once your business gets a hang of the process, you’ll be able to collect and use brand analytics the right way.
But, if you need help starting this process, you can depend on Wunderbrand. We can help you use AI to improve your brand value and assist you as your business grows and brand analytics requirements change.
Our team is here to help your business grow, so contact us to get started with brand analytics for your business.
November 27, 2022
November 27, 2022