Time and time again we hear the same old adage: “brand tracking is broken”. And do you know what? These people are right. To an extent at least. TRADITIONAL brand tracking is broken. However, advanced brand tracking is beginning to take center stage, not only in the industry but with some of the fastest-growing brands out there. Not convinced? Not yet, at least. This article discusses how one European startup is helping businesses grow with brand tracking.
Advanced Brand Tracking
The Latana brand tracking software with one main focus: to help B2C companies make better marketing decisions. Fed up with the unactionable data and high margins of error being offered to brand managers, the Latana team set out to offer something of value.
How Latana Brand Tracking Helps Brands Grow
In one case Latana is the same as other brand trackers: it provides a means of continuously and precisely measuring brand health via audience brand metrics. Therefore, it becomes possible for brand managers to measure the impact their brand campaigns are having on important KPIs (brand awareness, brand consideration, and brand associations). This data helps brand managers to justify their budget spend and value of their work in an area that is often quite difficult to do so.
Latana has already had its fair share of success stories. Internationally-known mindfulness app, Headspace, is using Latana to track the effect their brand campaigns are having on brand performance. So far, Headspace has been able to prove that the brand campaigns they run in German are having a positive effect on brand awareness. Then there is AirHelp who were able to gather the precise data they needed in relation to their target audiences to create better brand campaigns using the brand tracking software.
But why are these brands choosing Latana over other brand trackers?
How Latana Works
Quite simply, Latana can provide more than any other brand tracker.
- Access to 1000s of audiences rather than the usual 2-3 segmentations
- An intuitive dashboard over old-fashioned PDFs and PowerPoint presentations
- Continuously updated insights rather than once per quarter or, even worse, year
However, there is one major thing of value that Latana can offer above all the others:
The ability to reliably pick up changes of above 2-3% in niche audiences.
Why is this important? Well, it means that brand managers can actually rely on the data provided. They can make marketing decisions based on the insights Latana provides and know that they are the right decisions and not based on a whim or data that may be off as much as 10%.
This low margin of error is particularly crucial when it comes to niche audiences. With so much competition out there today in any industry, it’s just not enough to market to everybody in the hope that some people here and there will become customers. Brands have to have target audiences so they can market themselves appropriately as well as differentiate themselves from their competitors. And it is actually the case that more and more brands are focusing more specifically on niche target audiences. But if they can’t get the data, the RELIABLE data, that shows their brand campaigns are having an impact, then what good are their efforts at all?
Advanced Data Science in Brand Tracking
Latana is able to fuel this reliable data thanks to Multilevel Regression and Poststratification (MRP), an advanced data science previously used in predicting voting outcomes. It’s a rather complex topic, but one worth reading more into but basically, Latana’s MRP brand tracking makes an estimate if the target audience group by using all the information included in the sample size. This is in comparison to traditional brand trackers who narrow the sample size to a very low number of respondents, hence the high margin of error.
So, yes, traditional brand tracking is broken but brand managers’ options don’t begin and end with Attest or Qualtrics anymore. Latana is now on the scene and its advanced brand tracking software is helping brands grow with exceptional performance.