Being able to analyze brand performance is a powerful tool that helps you know where your business stands in the minds of consumers. Furthermore, it lets you know whether you are achieving the values you set out to have.
So, how can you quickly measure brand performance and save yourself time and effort of market research? With the help of neuro-semantic analysis and Big Data insights coming from over 60 billion words, read and written by consumers.
This wealth of data and artificial intelligence enables us to predict the associations people have with brands, enabling you to analyze brand performance. To illustrate, we will compare two automotive giants (Toyota and Hummer) across a series of brand values.
Which Brand is More Adventurous in the Mind of Consumers?
First, ask yourself: between Toyota and Hummer, which brand do you think is more adventurous, economical, or fun?
Traditionally, market researchers had to ask people their views on these brands through surveys and focus groups in order to answer this question. But now there’s a faster, unbiased method.
With the help of Big Data, you only have to input the brand values you want to know about. Then, the results are generated based on the most likely associations consumers have with the brands, extracted from billions of words scraped from culture.
So, we will compare the two brands on the following values:
Big Data and Neurosementatic Analysis Can Quantify Brand Performance
You simply input these parameters into the FLASH AI and an assessment is instantly generated:
If you want to quickly analyze your brand performance with the help of Big Data, sign up now for FLASH AI 3-day trial.
Precise Output and Comparisons
In addition to visual representations of the brand values, it is possible to receive an Excel file with the precise numerical outputs of each dimension:
Thus, from this table, we can clearly conclude that although Hummer is not perceived as economical or efficient as Toyota, it is perceived to be more adventurous and fun.
Such insights on consumer perception have deeper implications in how these cars appeal to certain segments of the market.
Why Measure Brand Performance with Big Data?
Quantifying brand values using artificial intelligence is handy for several reasons, including:
- Tracking brand values as perceived by the public. FLASH AI measures brand performance by analyzing text data, read and created by the consumers themselves. Allowing you to quantify the large-scale public perception of a brand.
- Quick quantification of consumer perception. Since these insights are almost instantaneous, it saves you time and money. You can use those resources for something else.
- Cross-cultural evaluation. Analyzing brand performance across different cultures is also possible since FLASH AI sources data across many countries. This is particularly useful if you are running a multinational brand with consumers coming from various cultural backgrounds.
- Inform decision-making. Given these results, car brands can inform their decision-making in order to improve brand value perception with content. For example, if Toyota wants to be perceived as being more “Adventurous” and makes it a part of their strategy. Marketing and content decisions will be made in order to move in that direction and subsequent performance can be monitored.
How does it work?
FLASH AI gets its data from publically available text. It sources through all open text (from articles to news to social media) in order to make its predictions about the consumer associations. For this analysis, the dataset contained over 60 billion words. Find out more about the methodology in this video.
Measuring brand performance can be done in many ways. Traditionally with focus groups or online panels as well as using consumer associations based on big data, as shown here. In the end, Brand Equity is a very deep subject, and it is often not enough to compare two brands on a set of values. In fact, there may be over 300 other brand values that have an impact on a brand’s perception.
FLASH AI is a good starting point for analyzing brand performance on the dimensions you can think of, especially if the results are needed quickly.
For a more holistic analysis, in-depth and considering all relevant brand values and competing brands, you may want to consider our consulting Brand Equity service.