According to Kantar MillwardBrown, we live in a world of 24/7 data and the potential to make rapid and knowledgeable brand decisions has never been greater but most marketers aren’t using it to their advantage.
The truth is, the quantity and speed of data today is a double-edged sword. It’s hard to know which key measures to focus on. Making decisions based on short-term responses is likely to result in a focus on short-term sales, when the strongest effects often occur over the long term.
Over the past few years, Kantar Millward Brown has been rewriting the rules of tracking studies to provide what marketers need in a world that has gone from fast to even faster. Brands that focus their continuous tracking on the metrics that matter for success – the long-term indicators that move most quickly in the short term – will gain a competitive advantage.
The principles to driving brand growth are:
1. Act quickly to gain a competitive advantage: brands that have fast access to the right data are making real-time decisions to get ahead.
2. Be first to mind when it matters: salience has a strong relationship with volume share but it’s not the only thing that matters.
3. Identify what drives sales now and into the future: Brands that are both salient and meaningfully different grow bigger faster.
4. Be seen to be meaningfully different to drive profits: meaningfully different brands can command a price premium that leads to higher profits.
5. Know where and how to invest: Use solid data and insights to break the rules with confidence.
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KANTAR MILLWARDBROWN www.millwardbrown.com
