Members Area

Effective Brand Building and Marketing Leadership

Brand tracking is one of those enigmas that as marketers we’ve heard passing in a sentence, know we should probably look into it and then it’s been put to the bottom of the list.

Thankfully our friends over at Tracksuit came along and said they’d clear up a few things about how it can help build brands and successful business and provide a case study with the help of Callum, Global Head of Marketing for LayBuy, which is a buy now pay later fintech and a user of Tracksuits brand tracking tool.

Here’s a wrap-up of Mikayla Hopkins, the Head of Marketing, at Tracksuit and Callum’s chat.

The Shift Towards Growth Marketing:

Traditionally marketing was designing appealing creatives for brand awareness, now the whole landscape has changed and instead, the modern marketer is now a growth driver. Seen with the rise in demand for roles like “growth marketing manager.” Now that we can track KPIs in a much more detailed way there is such a focus on how we can achieve and expand these goals. Especially when your business is funded with venture capital or private equity. As marketing roles continue to transition from a more ‘traditional’ sense, marketers need to evolve. 

Balancing the Long and Short:

With the focus on KPIs and ROI and the sugar hit that you get when you spend £1 to gain £1.50, there’s a lot that’s been lost between the short and the long-term goals. 

Every marketer is in the cooker pressure and getting daily pressure from stakeholders. But we need to ensure we don’t lose a valuable brand in the process. The best companies can balance that longer-term vision piece while still reacting to the shorter-term KPIs.

We’re seeing as an industry that it’s becoming harder and harder to acquire new customers when we haven’t done that critical job of building future demand and building a strong brand first. 

Nuances Across Beauty and FinTech:

The importance of building that long-term brand trust can be seen across sectors, Callum has worked in various industries including Beauty and FinTech and both have the need to focus on building a strong brand presence.

For example at L’Oreal, marketing runs the show, no one can move without marketing saying something. However, there will be many companies such as tech businesses, where marketing isn’t in as central a function, because it’s tech driving the show.

The fact that marketing doesn’t have such a limelight means you have to fight harder but brand plays a key difference in what the product is. Consumers aren’t spending hours every day studying the nuances of every single product. And that’s where the brand comes in. 

When you’re up against it in terms of delivering on KPI’s it’s important to focus on internal storytelling too and really showcase the value of marketing and a case study for focusing on building a reputable brand. 

International Growth

With Callum’s experience launching products and brands across 25 different markets, which is no easy feat. He shares his 3 key learnings and challenges to launching successfully.

  1. Many brands think you can replicate your success in one region in an almost cookie-cutter fashion and that isn’t the case. My starting point is always to assume that everything is different and celebrate the similarities. For example, Louis Vuitton has a different store experience across their international locales. In mainland China a different product assortment with more novelty-type items, because that’s what the consumer wants compared to what they would offer in London or Paris.
  2. Understand the local competitor set and be prepared to adapt. Understand that launching in different regions is always going to cost you more money and extra resources than you originally thought. Have a framework to create a global marketing strategy and then build relevance through activating regionally.
  3. Managing the brand over several locales is difficult, for example, if you’re launching in the Middle East you might legally be required to incorporate an Arabig brand name. But instead of panicking and changing everything, embrace the nuances and put a framework in place of local brand managers to follow, so you can control how the brand is overall perceived. 

The Evolution of Brand Tracking

So how does utilising brand tracking help with the growth of a brand and more importantly a business, you might be asking?

Well traditionally, marketers heavily relied on secondary research, such as published articles and news stories, to understand a sector. However, in rapidly growing industries, this approach falls short of providing a real-time and accurate gauge of market dynamics.

Callum emphasises that brand tracking, particularly through platforms like Tracksuit, addresses this gap by offering a quarterly measurement of the sector. This continuous monitoring proves crucial in understanding how consumers perceive emerging brands, a perspective that is vital for marketers navigating the challenges of a dynamic and evolving market.

Key Benefits of Brand Tracking 👇

Real-time Sector Awareness: Staying informed about the sector’s developments is paramount. Ensuring marketers are well-informed about emerging brands and consumer perceptions.

Strategic Decision-Making: Brand tracking is not just about immediate sales impact. It plays a pivotal role in building long-term brand health, providing a strong foundation for driving sales in the future. This strategic perspective helps marketers make informed decisions that resonate with the brand’s identity and consumer preferences.

Unforeseen challenges: No one wants to be under regulatory scrutiny, but if you are you might be surprised to understand how brand tracking can help. Callum noted how brand tracking provided crucial support during a regulatory investigation. Having data-backed insights demonstrated the brand’s robust business model, instilling confidence internally and facilitating a professional response to regulatory inquiries.

Overcoming Skepticism and Budget Constraints: Callum acknowledges the skepticism surrounding the tangible benefits of brand tracking, especially when marketing budgets are under pressure. He advises marketers to adopt a long-term view, emphasising that while brand tracking may not drive immediate sales, it plays a pivotal role in establishing a robust brand foundation. It also highlights the impact of marketing activities over time.

Conclusion

There’s a lot we can learn from brand tracking and it’s more about internally storytelling and making informed decisions than you might originally think. It will not only help form your strategy moving forwards, help get internal sign off but also prove your success over time. If you have any questions about Tracksuit or brand tracking in general then feel free to give our friends over at tracksuit a message. Dan Fleming, the UK lead for Tracksuit, is on our Slack channel or drop him a message on LinkedIn. 

   

More Blogs

THE UP WORLD NEWSLETTER
Sign up

Refer a friend