If you’re managing a business with a long purchase cycle, perhaps something that requires a fair bit of contemplation (say, a new home, an automobile, or even life insurance), you’re probably interested in moving the meter on CONSIDERATION. In other words, well before someone is actually going to make a purchase, you want to make sure that your target customer has your brand in the consideration set.
It’s even more important if you’re trying to develop a strong brand in a category with a lot of simple names or no strong brand presence.
So, say that you’re marketing an apartment company and you would like to know if your marketing investments are improving your target customer’s consideration of your brand. Given what can be a long sales cycle (people start thinking about moving long before they actually move), it’s important that people consider your brand well before the purchase.
While there are many different options for measuring consideration (that I’ll likely cover in the future), here’s an interesting one that utilizes pay-per-click search ads for data gathering purposes.
- Create two sets of search ads for your apartment complex.One will feature a generic title, something like Luxury Apartment, and the other will include your brand name, Brand Luxury Apartment. The body of the ad will be exactly the same.
- Monitor these two ad versions as an ongoing experiment to measure the power of your brandThese two ads are a microcosm of the marketplace. You want to answer the question, am I increasing consideration of my brand (when people are actually looking for an apartment)? With this small (and ongoing) experiment, you will be able to monitor what percentage of people who have searched on terms that you’ve defined click on your branded search ad as compared to the generic ad.
It’s no different than selling store brand chocolate sandwich cookies next to OREOs . . . and monitoring sales results.
What we do with this data for our Managed Analytics clients is add it to your analytics software (Omniture, Google, CoreMetrics, etc.) so you can then use this data in your ongoing analyses.
If you’re trying to move the meter on consideration of your brand, consider going to school at about 15 cents per click.