JS eBusiness

by Joomlashack

 
 

Driver Analysis

For brands it is essential to know what drives the brand preferences. Knowledge of the same helps in

  • Brand strategy and architecture
  • Messaging and directing creative strategy
  • Identifying key competition and estimating the strength of competition.

Identifying the key attribute
Conducting a driver analysis helps in identifying the key attribute that is contribution most to the sales.  Key attribute is derived from the brand tracking study. By understanding the importance for the brand and its competition, brand message strategy can be clearly articulated

Setting benchmarks
Driver analysis not only helps in identifying the key drivers, but also helps in understanding which of the past campaigns of the brands had an impact on the key driver.Based on analysis of the past campaign, it is easier to identify key elements of creative execution that has had an impact on the brand health.

In general, Madison business analytics is agnostic about the technique used. That said, in our experience, use of Structural Equation Modeling (SEM) has proved to be most useful to conduct driver analysis and answer questions related to brand strategy and messaging.Structural equation model has many advantages including:

  • Ability to create latent variables – variables which are not measured directly but are estimated in the model from measured variables ( For example, a latent variable can be ‘Overall Satisfaction’, which is a composite of, say, three satisfaction variables, such as ‘Purchase Intent’, ‘Likelihood to Purchase’, and ‘Likelihood to Recommend’)
  • The path diagram derived at the end of the analysis (a snap shot provided below. This is masked significantly) is fairly intuitive and useful for making many fact based decisions

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