We Don’t Make the Models You Use… We Make the Models You Use Better
In the world of brand data analytics, models are expected to provide consistent predictive, decision-support to grow the business.
Traditional models often fall short of delivering the full potential they promise. They lack the ability to ask the right questions, suffer from incomplete and inaccurate data, and fail to provide insights that drive the full potential of business opportunities. However, there is a solution that bridges this gap and enhances the performance of these models. Welcome to the world of MSW Enhanced Models, where the focus is on improving accuracy, understanding consumer behavior, and addressing the shortcomings of current behavioral modeling with consistently repeatable business results.
Traditional Models: Limitations and Challenges
Traditional models have their limitations, and these limitations can hinder their effectiveness in providing actionable insights. One of the major drawbacks is their failure to ask the right questions. They often focus on narrow or overly broad questions that fail to capture the nuances necessary for driving business growth. Without asking the right questions, these models miss out on valuable opportunities, leading to misguided strategies and missed opportunities.
Another challenge lies in the quality of data used in traditional models. They often rely on incomplete and transactional data without considering the behavioral root cause. This limits their perspective to top and perhaps bottom sales funnel prediction. But even that limited, short-term, perspective may be flawed as a predictive tool. For instance, if a model only looks at purchase data without considering the underlying motivations and preferences of consumers, it may fail to provide accurate and meaningful insights. Inaccurate or incomplete data can lead to flawed inferences and incorrect conclusions, hampering the decision-making process for businesses.
According to a study conducted by Truth{set}, a leading data quality measurement company, “big” data can be wrong up to 60% of the time. This highlights the significant challenge of relying solely on data without proper validation and verification. Such inaccuracies can have profound consequences for businesses relying on these models for decision-making, leading to misguided strategies and missed opportunities.
MSW Enhanced Models: Unlocking the Full Potential
MSW Enhanced Models offer a transformative approach to brand data analytics. These models prioritize asking the questions that truly impact business decisions. For example, instead of focusing on the number of units sold, an MSW Enhanced Model might explore questions like “What hidden factors influenced the purchasing decisions of our target audience?” or “Which specific brand attributes drive consumer preference for my brand?” By delving into the depth of consumer behavior, these models uncover the who, what, when, where, why, and with whom behind each transaction. This level of granularity enables businesses to gain a comprehensive understanding of their customers and make informed decisions.
Consistent accuracy is a fundamental pillar of MSW Enhanced Models. By integrating MSW Preference™, these models can improve the prediction of actual volume with 100% accuracy. For example, a company that implemented MSW Enhanced Models with MSW Preference™ experienced a significant boost in their predictive accuracy, allowing them to allocate resources more effectively and optimize their marketing efforts. This improved accuracy instills confidence in businesses, enabling them to rely on the insights provided by these models to drive their strategies and achieve optimal results.
Furthermore, MSW Enhanced Models address the ever-changing consumer mindset. They recognize that brand perceptions and relationships drive consumer choices. By capturing and analyzing these factors, businesses can adapt their strategies to meet evolving consumer preferences and stay ahead of the competition. For instance, an MSW Enhanced Model can help identify shifts in consumer perceptions of a brand and provide actionable insights to realign marketing campaigns accordingly, thereby increasing brand loyalty and driving revenue growth.
Bridging the Gap with Innovative Products
MSW offers a range of innovative products that complement and enhance traditional brand data analytics models. Let’s explore some of these products:
- Decoder™: This product acts as a guide in identifying and prioritizing the most relevant questions for a model. By measuring the who, what, when, where, why, and with whom of consumer behavior, Decoder™ ensures that businesses focus on the aspects that truly matter. For example, it can help businesses understand not only the purchase behavior but also the underlying motivations, preferences, and influencers that drive consumer decisions. By incorporating these insights, businesses can develop more targeted and effective marketing strategies.
Client Testimonial From Real Life in Use Example:
“after using Decoder to identify the KPI’s we needed to focus on and building those into our existing model, our product has achieved a wholesale rate of what I would consider directly in line with the numbers expected. These are preliminary based on orders, but sales figures appear to be trending toward 102% of forecast.”
- TouchPoint™: Brand activation is a crucial aspect of any marketing strategy. TouchPoint™ ensures that brand activation aligns with strategic objectives by evaluating its impact on attention, branding, brand perceptions, relationships, and preferences. For instance, by analyzing the impact of different touchpoints on brand perceptions, businesses can optimize their marketing investments to create stronger brand associations and positive customer experiences. This helps build brand loyalty and increases the likelihood of repeat purchases.
Client Testimonial From Real Life in Use Example:
“For our three main L’Oréal brands it was found that a 1-point increase in MSW Brand Preference resulted in a 0.6% sales gain at retail. Furthermore, the MSW advertising quality measurement ranked as the 2nd leading potential driver of incremental brand volume.”
- Brand Strength Monitor™: Tracking performance is essential for success. Brand Strength Monitor™ provides foresight and prescriptive analytics that help identify and quantify opportunities for growth. It measures awareness, consideration, cross-consideration, reasons for behavior, and the size of each brand relationship. For example, by tracking awareness levels and reasons for behavior, businesses can identify gaps in their brand messaging and make necessary adjustments to improve customer engagement and conversion rates.
Client Testimonial From Real Life in Use Example:
“Brand Relationship Analysis™ administered within the MSW tracking solution identified leverage points directing resource allocation and ongoing ROI measurement. Insights enabled the Benefiber brand to move from third choice in market to #1. Brand trial and market share doubled.”
These solutions include the same unique, evidence-based, brand-building metrics that provide connective tissue across a consistently predictive, go-to-market process:
Traditional brand data analytics models often fall short of delivering actionable insights. They lack the ability to ask the right questions, rely on incomplete data, and suffer from inaccuracies. However, MSW Enhanced Models bridge this gap by focusing on impactful questions, improving accuracy, and addressing consumer behavior. With innovative products like Decoder™, TouchPoint™, and Brand Strength Monitor™, businesses can unlock the full potential of their data analytics models and make informed decisions that drive growth. The future of brand data analytics lies in enhancing existing models to deliver the results businesses need to thrive in a dynamic market. With MSW Enhanced Models, businesses can truly optimize their strategies and stay ahead in an ever-evolving business landscape.
