Too many marketers are not taking the time to dig in on the analytics. There is no value in having access to data if you are not using it. The best brand leaders can tell strategic stories through analytics.
Conduct a deep-dive business review at least once a year on your brand. Otherwise, you are negligent of the brand, where you are investing all your resources. Dig in on the five specific sections—marketplace, consumers, channels, competitors and the brand—to draw out conclusions to help set up your brand’s key issues, which you answer in the brand plan.
Take a 360-degree look at your brand
- Marketplace: Start by looking at the overall category performance to gain a macro view of all significant issues. Dig in on the factors impacting category growth, including economic indicators, consumer behavior, technology changes, shopper trends, and political regulations. Also look at what is happening in related categories, which could impact your category or replicate what you may see next.
- Consumers: Analyze your consumer target to better understand the consumer’s underlying beliefs, buying habits, growth trends, and critical insights. Use the brand funnel analysis and leaky bucket analysis to uncover how they shop and how they make purchase decisions. Try to understand what they think when they buy or reject your brand at every stage of the consumer’s purchase journey. Uncover consumer perceptions through tracking data, the voice of the consumer, and market research.
- Channels: Assess the performance of all potential distribution channels and the performance of every major retail customer. Understand their strategies, and how well your brand is using their available tools and programs. Your brand must align with your retail customer strategies.
- Competitors: Dissect your closest competitors by looking at their performance indicators, brand positioning, innovation pipeline, pricing strategies, distribution, and the consumer’s perceptions of these brands. To go even deeper, you can map out a strategic brand plan for significant competitors to predict what they might do next. Use that knowledge within your brand plan.
- Brand: Analyze your brand through the lens of consumers, customers, competitors, and employees. Use brand funnel data, market research, marketing program tracking results, pricing analysis, distribution gaps, and financial analysis. Focus on managing your brand’s health and wealth.
Summarize your analysis to set up your brand plan
- What’s driving growth? The top factors of strength, positional power, or market inertia, which have a proven link to driving your brand’s growth. Your plan should continue to fuel these growth drivers.
- What’s inhibiting growth? The most significant factors of weakness, unaddressed gaps, or market friction you can prove to be holding back your brand’s growth. Your plan should focus on reducing or reversing these inhibitors to growth.
- Opportunities for growth: Look at specific untapped areas in the market, which could fuel your brand’s future growth, based on unfulfilled consumer needs, new technologies on the horizon, potential regulation changes, new distribution channels, or the removal of trade barriers. Your plan should take advantage of these opportunities in the future.
- Threats to future growth: Changing circumstances, including consumer needs, new technologies, competitive activity, distribution changes, or potential barriers, which create potential risks to your brand’s growth. Build your plan to minimize the impact of these risks.
Example using Gray's Cookies
Putting together your business review
This process assumes you will put together a presentation of 15-20 slides for your management team.
Each of the five sections you go deep on should have 3-5 ideal slides. The conclusion statement at the top of each slide gets carried forward to a summary page for each of the five sections. You then draw out an overall conclusion statement for that section. You will have five conclusion statements, which you bring to the front of your presentation to form an overall summary page. From there, you draw out one major brand challenge you are seeing in the deep dive.
How to build each of the five analytical sections of the business review
A: For each of the five sections of your deep dive business review, use all the data you have dug into to draw out the three hypothetical conclusions. Then build one ideal slide for each conclusion, adding the 2-3 critical support points, and layer in the supporting visual charts. This type of analysis is an iterative process where you have to keep modifying the conclusion headline and the support points to ensure they work together.
B: Once you have nailed the conclusion headline for each page, you should build a summary chart for each of the five sections, which takes those three conclusion statements and builds a section conclusion statement. The example above shows how to do it for the category, which you can replicate for the consumer, channels, competitors, and the brand.
Summarizing the review
C: For each of the five sections, take each section conclusion statement, move them to an overall business review summary slide, and draw one big summary statement for each of the five sections.
D: Use those section conclusion statements to draw out an overall business review major issue, which summarizes everything in the analysis.C
How to build the ideal analytical slide
When telling your analytical story through a presentation, start every slide with an analytical conclusion statement as your headline, then have 2-3 key analytical support points for your conclusion. Provide a supporting visual or graph to show the thinking underneath the analysis. Finally, you must include an impact recommendation on every slide. Never tell your management a data point without attaching your conclusion of what to do with that data.
Our marketing training covers analytical skills
This type of thinking is in my book, Beloved Brands
This type of thinking is in my book, Beloved Brands
Learn how to think, define, plan, execute and analyze
- You will find strategic thinking models and examples for each of the four strategic thinking methods, looking at core strength, competitive, consumer, and situational strategies.
- To define the brand, I will provide a tool for writing a brand positioning statement as well as a consumer profile and a consumer benefits ladder. I have created lists of potential functional and emotional benefits to kickstart your thinking on brand positioning. We explore the step-by-step process to come up with your brand idea and bring it all together with a tool for writing the ideal brand concept.
- For brand plans, I provide formats for a long-range brand strategy roadmap and the annual brand plan with definitions for each planning element. From there, I show how to build a brand execution plan that includes the creative brief, innovation process, and sales plan. I provide tools for how to create a brand calendar, and specific project plans.
- To grow your brand, I show how to make smart decisions on marketing execution around creative advertising and media choices. When it comes time for the analytics,
- I provide all the analytical tools you need to write a deep-dive business review, looking at the marketplace, consumer, channels, competitors and the brand. Write everything so that it is easy to follow and implement for your brand.