Data driven insights and research company MarketCast today launched MarketCast Brand Tracking+™, an innovative new research solution that aims to transform how traditional brand research is conducted by the world’s top brands. Through the fusion of consumer data, ad performance data, and an industry-first Brand Fandom framework, MarketCast Brand Tracking+ will help marketers better understand how their brand performance is shifting and its direct impact on the businesses’ bottom line.
Today, practically every major brand conducts brand health research, representing billions of dollars in annual marketing spending. Despite this, brand tracking methodologies have hardly changed in decades, often looking back instead of forward and relying too much on consumer surveys while ignoring available big datasets. Now, MarketCast Brand Tracker+ changes the game. By combining behavioral data, such as Search, Smart TV, Social, and Purchases, with advertising performance data and survey research, Brand Tracking+ helps marketers pinpoint why shifts in brand performance are happening, and what actions they can take with their marketing campaigns to pivot.
“The bringing together of big datasets with survey-based research will transform traditional brand tracking research from playing a passive role in the marketing organization to being a powerful signal for understanding marketing effectiveness,” said John Batter, CEO of MarketCast. “With MarketCast Brand Tracking+, we are finally connecting the dots between what people think and say about brands in traditional research surveys to how they engage with them in the real-world and in real-time through product purchases and other conversions. Combined, this provides CMOs a powerful view into how brand performance directly impacts the marketing and sales funnel.”
At its core, MarketCast Brand Tracking+ features an innovative Brand Fandom research model and scoring methodology that identifies the key drivers of Brand Fandom. According to MarketCast’s research, fans of brands are six times more likely to pay more for that brand’s products and services and fifteen times more likely to advocate for them. In addition, when brands have public missteps or ship products that miss the mark, which they occasionally do, brand fans are eight times more likely to remain loyal and even defend them.
“Fandom is every brand’s superpower, and every brand wants fans, whether they are a multi-billion-dollar beverage maker or a software supplier,” said Edward Trujillo, senior vice president of Brand Solutions at MarketCast. “MarketCast Brand Tracking+ helps brands create a roadmap for building Brand Fandom by identifying the factors influencing it, from people’s passions and emotional connections for their favorite brands to how they engage with and advocate for them daily.”
MarketCast Brand Tracking+ focuses on three core drivers of brand fandom, including:
1) Brand Presence in the market.
2) Brand Distinction in its category and among competitors.
3) Brand Relevance to the lives of the audiences it serves.
These Fandom drivers are supported by more than 40 additional inputs, gathered through consumer surveys, and then connected to millions of behavioral datapoints to understand how fans are engaging with the brands in real-time. Together, this forms the basis for a single MarketCast Fandom Score that marketers can compare over time with their competitors, and across other brand categories, while also playing a role in predicting future brand performance.
For more such updates, follow us on Google News Martech News