Customer journeys are nonlinear.
In today’s multifaceted shopping landscape, shoppers are connecting with brands at numerous touchpoints. There’s no straightforward path from product discovery to purchase. People use multiple devices and flex between in-store and digital experiences.
Research from Think With Google calls these interactions “micro-moments”— “Consumer behavior has changed forever. Today's battle for hearts, minds, and dollars is won (or lost) in micro-moments—intent-driven moments of decision-making and preference-shaping that occur throughout the entire consumer journey.”
Mindset metrics about your brand can predict future sales, but which metrics to track is a nontrivial question with many potential answers.
Gradient builds brand metrics that matter.
There are two very important concepts in statistics: correlation and causation. Correlation means that trends have a relationship to one another. For instance, income and education tend to have a high correlation with respect to demographic trends. Causation means that one or multiple trends influences an outcome.
That’s how your brand works too: there are combinations of events, contexts, and scenarios that impact long-term revenue outcomes in your business. That’s why, when you’re choosing key performance indicators (KPIs) to monitor, it’s important that they have a direct link between your multidimensional customer mindsets and business milestone outcomes.
“The brand strategy, or positioning as it’s sometimes called, is the emotional concept that you want to stand for, beyond any single functional benefit. To use everyone’s favorites as an example, consider how Nike doesn’t stand for shoes, it stands for performance. Or Apple isn’t about electronics, it’s about creativity. Those are examples of brand strategy, which then informs the creation of the brand identity.”
- Emily Heyward, co-founder and chief branding officer at Red Antler, in a piece for TechCrunch
Our unique statistical approach.
We use a statistical practice called structural equation modeling to build deep, meaningful, KPIs for your brand. This analysis technique looks for relationships between variables. We break apart a big-picture into multiple models to understand how dots in your business connect. We can tell you, exactly what variables, have a bottom line impact on purchase behavior and other revenue-generating outcomes.
A structural equation model can test a large number of hypotheses regarding the drivers of brand choice. What this analysis surfaces is a clear picture into actionable metrics to measure and optimize over time.
What we can help you do.
- Understand the ‘behind-the-scenes’ factors that drive brand and product choice
- Take action to improve brand competencies and personalities
- Create actionable KPIs to measure in your brand tracker
- Benchmark your brand against competitors
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