CEDAR FALLS, Iowa, Oct. 16, 2018 /PRNewswire-PRWeb/ -- To reduce the time, expense and complexity of measuring the impact of marketing on brand health, national research science firm Discida has launched the Discida Brand Health Score. A machine learning methodology, the Discida Brand Health Score pulls data from multiple sources to give marketers a clear, unbiased calculation of how well their campaigns are moving the needle for a particular brand.
The product was designed for client- and agency-side marketers and can be white-labeled for creative agencies that want to brand the service.
"Because brand health is multifaceted, marketers are often challenged to patch together multiple tools for an adequate measure of marketing performance," said Alyssa Nolte, chief development officer for Discida. "It's a time-consuming, expensive and overly complex process. That's why marketers are so often encouraged by clients, bosses and budgets to skip it. We want to change that."
Discida data scientists analyze four components of brand health to arrive at the one number, the Brand Health Score:
● Performance, which analyzes the strengths and weaknesses of key brand attributes.
● Knowledge, which scores how familiar a target audience is with the brand.
● Recognition, which measures how top-of-mind the brand is with stakeholders who matter most.
● Loyalty, which looks at how much brand love a particular brand inspires.
Multiple Uses for a Single Score
Marketers who beta tested the Brand Health Score report it is useful at multiple stages of brand development. Bank Iowa, for instance, relied on the score for benchmarking. Prior to deploying a multi-year brand campaign, the statewide community financial institution wanted to understand the current state of its brand health.
"As the new marketing director for the bank, I needed to assess the financial institution's brand awareness inside the communities we serve," said Josh Fleming, vice president and marketing director for Bank Iowa. "The Discida Brand Health Score provided us with a baseline for multiple target audiences while also providing insights on how best to spend marketing dollars over the next 12 months."
Other Discida clients rely on the Brand Health Score to assess the ongoing brand health of multiple products across the enterprise.
"Marketers have strong instincts when it comes to brand health," said Nolte. "But, being able to prove your hypothesis is what separates good intention from a scientific approach. The Brand Health Score not only tells marketers when their instincts are correct, it dissects them, identifying precisely where brands are strong and weak. With that data, marketers have precise knowledge that gives them confidence to invest in a certain campaign or initiative."
Strong Value for Creative Agencies
Nolte says the Discida Brand Health Score is of particular value for marketing, advertising, PR and other creative agencies looking to differentiate themselves. "As consultants and freelancers increasingly move in on agencies' turf, these firms are pressured to continually prove the ROI of partnership," she said. "The Discida Health Score will contribute valuable differentiation and inspire confidence among clients and prospect without costing agencies an arm and a leg."
Regular Feedings for the Machine Learning Algorithm
To continually feed the Brand Health Score algorithm, Discida's data scientists conduct regular studies of name brands in multiple industries. They feed the algorithm with learnings from retail brand studies, like Target and Walmart, for instance. The results allow the algorithm to factor in how consumers think and feel, how their impressions change and what a certain market is prioritizing at any given time.
Future iterations of the Brand Health Score will allow marketers to monitor their own brand health alongside that of the competition. "As the machine feeds on more data, it learns exponentially," she said. "It's been amazing to see how quickly that learning allows the algorithm to evolve, drawing parallels and spotting distinctions between brands."
ABOUT DISCIDA
Discida (de-see-da) is national research science firm in Cedar Falls, Iowa. Founded in 2012 as iTracking Research, the firm serves a wide range of clients across industry verticals. Discida data scientists are experts in multiple disciplines, from classic market research to machine learning algorithms. Each of the team's research projects carries a strong emphasis on the user experience, whether that's studying the way a consumer navigates a complex website or the way a voter chooses his or her favorite political candidate. To learn more, visit discida.com.
SOURCE Discida
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