SAP SuccessFactors offers a comprehensive suite of tools that help businesses objectively locate themselves and improve. Branding constitutes a huge factor with regards to the perception of your business’ services or products and is a major predictor of a customer’s initial willingness and attitude towards spending money. Most companies seem to acknowledge the importance of branding and its influence, but not all companies are able to take advantage of this powerful marketing tool to bolster their sales.
A well-known and somewhat infamous example of how branding can be wielded to a company’s massive benefit are Beats headphones by Dr. Dre. For their price point, Beats are widely regarded by audiophiles to be overhyped and inferior to the headphones produced by other prominent companies such as Bose or Sennheiser. Significantly, Beats still sell regardless of these criticisms, showing just how much the priming and psychological predispositions created by branding efforts matter with regard to creating value.
Branding makes a world of difference. Arguably, the difference between a Hermès handbag and one from Michael Kors or Coach is branding. The same follows for most egregiously priced luxury products whether it comes to cars or watches.
So, given how fundamental and influential branding can be towards marketing, how can businesses reliably improve their brand? This Harvard review provides a basic rundown of useful contextual traits about branding such as pricing, specificity, and lasting power. However, the real cornerstone of successful branding depends on how well your business understands and plays to market perceptions. SAP SuccessFactors allows you to make robust estimates about those market perceptions through a structured, evidence-based approach that permits a standard of flexibility and adaptability required for undertaking branding efforts.
The Importance of Evidence-Based Models and Predictive Analysis
In the modern era, your company’s efforts or initiatives must be rooted in solid, evidence-based approaches in order to generate the best results. One way to utilize collected data and records is through predictive analysis, a systematic method of using existing data to speculate on future buying behaviors and similar marketing trends. The premise behind a modeling method like predictive analysis is intuitive enough: pay attention to existing data and possible data collection opportunities during sales in order to formulate a specific set of parameters, conditions, and equations pertinent to your business.
This is an example of something easier said than done. How do we actually go about collecting data that’s representative, accurate, and informative enough to base models on?
The Reporting and Analytics software of SuccessFactors shines here. Through this statistical software, SuccessFactors supports the integrated and efficient collection of data from multiple channels while simultaneously organizing that data into easy-to-understand presentations. This ensures that your business has a comprehensive and meaningful method of recording data as part of later branding measures or marketing conjectures.
Although SuccessFactors deals primarily with statistics relevant to employee performance rather than customer purchases, data collected from selected campaigns such as loyalty programs or from the registered login information of users participating on the web can also be gathered, interpreted, and incorporated towards the effort to create predictions.
Combine Contextual Information With Statistical Models
The actual process of branding requires input from marketers and people directly involved in the sales of the product or service to achieve its full impact. When your business sets out to brand a product, they have to work off the context of the product and attempt to measure things that aren’t strictly quantifiable. Such a task sounds impossible, but it makes sense when we consider that the mathematical methods we employ with software like SuccessFactors are approximations.
Let’s consider a general example that illustrates this aspect of branding: employing a pricing strategy that is based on a customer’s perception of a product’s value. Immediately, a number of questions appear, with the most obvious being something along the lines of “how do you even begin to measure a customer’s subjective experience with statistical information?”
Again, the featured organizational and record-keeping abilities of SuccessFactors allows you to contextualize statistical information effectively. Let’s assume your business has never employed statistical models and needs to start determining a product’s value. While you can already use information gleaned from surveys to determine a likely price point for your product through the Reporting and Analytics feature, SuccessFactors also allows you to directly track sales interactions and set goals using the Performance and Goals feature. Since this feature lets you track performance in real time, you’ll be able to better gauge variables like customer satisfaction and employee performance across different price points for a product and establish the optimal price for a brand.
The reliance of branding on objective, statistical models makes the capabilities of SuccessFactors especially appealing due to how seamlessly these functionalities can be integrated into a working business and the light they shed on the future of a product. Powerful contextualization features offered by SuccessFactors also add another dimension that helps businesses position their brand based on a gauging customer reactions and adapting the price points to produce more desirable purchasing outcomes.