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On this episode of the B2B Insights Podcast, B2B Worldwide’s Louise Coy and Jennifer Unusual talk about frequent myths and misconceptions about model analysis, share their favourite frameworks for efficient model analysis, and clarify methods to make model analysis actionable.
Key dialogue factors:
- Why model analysis isn’t simply model monitoring
- Incorporating completely different audiences in model analysis
- Quantitative vs qualitative model analysis
- Artistic methods in model analysis
- Frameworks for efficient model analysis
- Making model analysis actionable
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Louise: Howdy and welcome to the most recent episode of the B2B Insights Podcast. My title is Louise Coy, and I’m a Analysis Director at B2B Worldwide. I’m joined at the moment by my colleague, Jennifer Unusual, who’s additionally a Analysis Director.
Right now, we’re going to be speaking in regards to the subject of brand name analysis. Model analysis is likely one of the hottest forms of analysis we conduct throughout all kinds of industries worldwide. Our proprietary superpowers analysis reveals that model is simply changing into extra vital to enterprise selections.
So at the moment, we’re going to speak you thru a few of the commonest misconceptions about operating model analysis.
Delusion 1: Model analysis is all the time going to be model monitoring analysis
Jennifer: Nice. Let’s dive into fable primary, which is that model analysis is all the time going to be model monitoring analysis. Earlier than we dig into this fable, let’s make clear what we imply by model monitoring analysis. Model monitoring analysis refers to analysis that tracks model consciousness, model utilization, and model perceptions over time.
I feel this fable is sort of frequent as a result of loads of analysis does contain measuring and monitoring over time. Nevertheless, model analysis may be a lot greater than only a monitoring challenge. For instance, there are various kinds of model analysis that intention not simply at measuring but additionally at understanding sure areas of a model.
We’ve accomplished various model analysis involving model structure initiatives for shoppers. That is after we have a look at a model’s portfolio and the way the completely different manufacturers work collectively. We’ve additionally carried out attention-grabbing initiatives to grasp whether or not newly acquired manufacturers ought to be renamed or maintain their authentic names, and what influence the naming has on perceptions of the model and clients’ probability to buy.
Even in case you are doing a typical model monitoring challenge, you possibly can nonetheless combine issues up and maintain it contemporary. For instance, you possibly can add visitor questions that aren’t a part of the usual questions in each wave of your model tracker. These questions would possibly give attention to a selected theme or subject that the consumer is considering.
Lately, many consumers have wished to dig into matters just like the setting, sustainability, and perceptions of their thought management with their clients. This strategy can widen the scope of the model tracker and make it extra attention-grabbing and interesting.
Louise: I feel it’s additionally actually attention-grabbing to incorporate completely different audiences in your model analysis. It’s frequent to suppose you need to simply speak to the market to grasp model consciousness, however taking a extra holistic strategy may be useful.
For instance, staff or different stakeholders of the model, understanding how profession seekers really feel about taking up a job at your group, and speaking to business consultants or distributors. All these completely different audiences can make sure you get a well-rounded 360-degree view of how your model is perceived and assist you to perceive any discrepancies. It is likely to be the case that individuals who work to your group see your model in a sure means, which may be very completely different from what you’re placing out into the market.
Additional studying
The best way to Decide the Energy of Your B2B Model
Delusion 2: Model analysis ought to be quantitative
Louise: Now, shifting on to fable quantity two, which is that model analysis ought to be quantitative. What we discover in B2B analysis is that always qualitative model analysis may add loads of worth.
In lots of instances, our audiences may be very area of interest, and we are able to’t all the time go after the pattern sizes required for a sturdy quantitative challenge. A qualitative challenge can provide the benefit of loads of depth of perception into the viewers and perceptions of your model. It will probably work with smaller populations than is likely to be required for quantitative analysis.
Another choice is to take a mixed-method strategy to model analysis, together with each quantitative components, which let you observe and measure figures, and qualitative components, which give depth of perception. This may be useful because it helps you perceive the explanations behind the quantitative responses. For instance, if perceptions of your model on a selected metric have declined because the earlier 12 months, together with some qualitative interviews or questions may also help you perceive the explanations behind that change.
Jennifer: If you’re doing qualitative model analysis, it’s vital to consider the forms of questions you’re going to incorporate and what you need to obtain from these questions.
A method that’s actually good to make use of in any qualitative analysis, together with model analysis, is known as laddering. This method helps dig deeper into a subject and the solutions your respondent is giving. You’re not simply taking their first response however asking follow-up questions to grasp why one thing is vital to them or why they’ve a selected notion of your model.
One other artistic query that works nicely in branding initiatives is to ask the interviewee to think about the model as both an animal or an individual. In the event that they think about the model as an animal, they should inform you what animal they suppose the model could be. If it’s an individual, you possibly can ask in regards to the bodily options and traits the model would have. The particular animal or bodily options talked about aren’t a very powerful output; it’s the traits that the animal or particular person represents that present useful insights into how they really feel in regards to the model. For instance, if somebody says your model could be a canine, it may well carry up perceptions of loyalty and dependability.
Together with artistic forms of questioning may give you partaking and memorable outputs. These outputs could also be extra memorable than typical bar charts. As an illustration, the viewers may not bear in mind the precise proportion of the market that associates your model with being loyal, however they’re more likely to bear in mind the animal the model was in comparison with after the analysis has completed.
Additional studying
The best way to Measure Model Efficiency with the Model Well being Wheel
Making model analysis strategic and actionable
Louise: I really like that animal query. Now that we’ve talked about a few myths, let’s take into account methods to elevate model analysis to make sure we’re delivering essentially the most impactful outcomes. Model analysis may be strategic and actionable, and it’s all about extracting as a lot perception as doable from the info. This comes all the way down to the strategy we take to evaluation.
We all the time attempt to keep away from simply displaying a lot of information and slides inside a report. As an alternative, we give attention to the info that’s most significant and shocking to the consumer.
For instance, in our evaluation strategy, we are able to measure what attributes are vital for a model, however we are able to additionally take this to the subsequent stage. We are able to carry out driver’s evaluation, leveraging correlation to grasp the influence of sure attributes on different areas of efficiency, like total satisfaction or probability to make use of a model. We are able to additionally use superior analytics to discover the influence of renaming manufacturers. For those who have been to rename one of many manufacturers in your portfolio, you possibly can measure the doubtless influence on a few of your key metrics.
Jennifer: I feel there are additionally many various frameworks you should utilize inside a branding challenge. We’ve used the model well being wheel rather a lot, which brings collectively metrics on model consciousness, model perceptions, and model efficiency to evaluate the general well being of a model. I’ve discovered this framework to be very efficient in branding initiatives because it’s memorable and consolidates varied information factors right into a single, comparable metric 12 months on 12 months.
One other nice framework is the three circles framework, which focuses on making a successful model positioning technique. This framework seems at what clients want, the strengths of rivals, and the strengths of our consumer’s model. It helps determine white area alternatives to distinguish a model from others available in the market.
When making model analysis actionable, it’s vital to grasp the market context from the start of the challenge. This helps relate any findings again to what’s occurring available in the market in the intervening time. This may be accomplished throughout the kickoff workshop, the place it’s essential to get a stable understanding of the enterprise context and any model challenges our consumer is going through.
It’s additionally vital to grasp what the competitors is doing, as manufacturers don’t function in isolation. Desk analysis can add useful context to a branding challenge, making the insights extra actionable.
Louise: Nice. Thanks, Jen. In order that brings us to the tip of at the moment’s podcast. We hope we’ve demonstrated that model analysis doesn’t simply should be about model monitoring or quantitative strategies. It may be very strategic and actionable, serving to organizations decide the subsequent steps for his or her model technique.
For those who’ve loved at the moment’s episode, please ensure that to subscribe so that you don’t miss future episodes. To discover extra of our content material on how strategic analysis is used to tell profitable enterprise outcomes, or to subscribe to our B2B Insights publication, please go to B2B Worldwide’s Insights Hub.
Additional studying
The best way to Apply the Three Circles Framework in Strategic B2B Analysis
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