As a brand, it’s essential to understand your consumers’ preferences. By gaining insight into where else your consumers shop and what their interests are, you can improve your brand story, enhance marketing activations, and target your consumers more effectively. To this end, understanding brand affinity should be a key piece of your brand and marketing strategy.
So, what exactly is brand affinity? It’s the degree to which consumers like a brand. While it’s obviously important to be able to gauge your consumers’ affinity for your own brand, you can benefit from analyzing your consumers’ affinities for other brands, too. Here, we’re not talking about your competitors (although you don’t want to forget about them!) We’re talking about complementary brands. For example, by understanding which other brands your consumers like, you can identify new opportunities for co-branding initiatives and plan strategic partnerships to amplify reach and drive ROI.
Co-branding initiatives can help you better target your consumers, and inform your your messaging and media investments. For example, if you’re a marketer at a bank and learn that your consumers share an affinity for Starbucks, you could develop an ad with messaging that plays on that shared interest. To go one step further, you could place that ad on signs outside Starbucks locations near your bank, to try to drive foot traffic. By leveraging your consumers’ affinities for other brands to your advantage, you can refine your marketing strategies and even increase your consumers’ affinity for your own brand.
Analyzing your consumers’ brand affinities can give you a more comprehensive view of their geo-behaviors and interests, helping you close the loop on the offline consumer journey. The more connections you can identify between your consumers and other brands, the better chance you will have at creating a cohesive marketing strategy that will resonate with your high-value consumers.
To learn more about Brand Affinity and how to use it, click here to schedule a demo with Cuebiq.