Enhancing Market Share by Re-evaluating Brand Strategy
As a provider of payment services, our client needed to discover new opportunities to grow share given static performance. While brand tracking results reflected a solid brand health score and highly competitive performance on most attributes, our client was looking for more insights to help establish a new strategy for the brand.
Our client’s market share had been static over the past 2 years, while a particular contender showed improvement on this metric.
Upon implementing a new brand health tracking platform, including the 4 established metrics, Phoenix applied its BrandPi analytics for the category, as well as the client individually.
By contrasting the category vs. client-specific models, Phoenix uncovered that one of the pathways was only valid for our client, not the category. Further, by overlaying payment preferences, Phoenix was able to establish this unique pathway was particularly relevant for online payments, presenting a unique opportunity given that online payments also garnered high customer value due to card “auto-linkages” to websites.
These insights helped our client to develop a strategic brand plan around the online payments space which spanned acceptance, partnerships, CRM and advertising initiatives. Progress was tracked through the BrandPi tracking platform, with an eventual increase in our client’s overall brand health score and corresponding market share growth.