Factor Analysis: Understanding Key Drivers
Factor Analysis is used to understand the relationships between key variables that are correlated with each other. It is particularly useful in determining which brand health metrics show similar patterns over time. In understanding this, we are able to narrow down a smaller subset of key metrics to concentrate the marketing messaging on.
Key Questions that we can answer with our Factor Analysis tool are:
- Which of my brand metrics should I focus on?
- Which brand metrics will drive awareness/consideration/intent to purchase?
- What are the key brand attributes that consumers respond to?
Key Outputs that we deliver to our clients are:
- Define the subsets of key metrics to focus on
- An understanding of the relationships between each of the factors