In order for a brand to resonate with consumers, it must have a compelling story. At the most basic level, this means the brand needs to provide a unique value proposition that appeals to its target consumers. But to truly stand out from competitors, the brand needs to offer something more — a humanizing element. By using messaging that resonates with its consumers on a human level, the brand can create a connection with its consumers that many companies fail to achieve. To help establish that strong connection, the brand must leverage one thing in particular: analytics.
Through analytics, brands can gain insight into what their consumers like, where else they shop, how they react to different types of messaging and a multitude of other behavioral preferences. Marketers can then modify their brand story as needed to reflect those preferences and appeal to their consumers on a deeper level. While it may seem counterintuitive, analytics in this way is fundamental to forging a better connection with consumers.
By providing insights into consumer preferences, analytics don’t just improve a brand’s story — they can also inform marketing strategies and drive ROI. When marketers are deciding how to allocate their marketing budgets, they must consider the ROI of new marketing initiatives. After all, it can be hard to justify investing in a new marketing tool or strategy if they have no idea how it will affect the bottom line. According to eMarketer, 50% of marketers worldwide identify analytics or predictive modeling as some of the best tools for increasing ROI. As such, brands put themselves at a disservice if they are not using analytics to inform their marketing strategies and activations.
One key way analytics can drive ROI is by improving the consumer experience. With analytics, marketers can identify consumer reactions and then adjust their strategies accordingly. With location analytics, in particular, brands can understand and measure the offline impact of their media investments. For example, if a more traditional casual dining brand sees that an edgy ad campaign is not resulting in visit uplift and not bringing in more consumers to dine, they might want to rethink that campaign. Perhaps the messaging in this case was not on brand, so it resulted in a dissonant experience for the consumer. This kind of insight could inform the brand’s future campaigns, help them better appeal to their consumers, and drive better ROI.
In this way, analytics provide marketers with a window into the consumer journey, which is critical to inform their brand story and also drive ROI. The time is now for brands and marketers to embrace analytics and incorporate them into their business strategies.