Feature Update: Category Averages

News & Updates

At Cleria, we pride ourselves on providing you with actionable insights from our brand tracker. Today, we're excited to introduce a new feature to your dashboard - the category average. This is simply the weighted average score for each metric in the Funnel Step Comparison. But why did we add this feature, and how can it empower your decision-making?

What is the Funnel Step Comparison?

Before diving into the new feature, let's quickly recap. The Funnel Step Comparison shows how various brands in a category stack up across different brand funnel steps. These steps usually include Awareness, Trial, Purchase, Favorite, and Loyalty, but your specific funnel is of course customized to your brand and category. In any case, each step represents a crucial stage in a customer's journey, from simply knowing about your brand to becoming a die-hard loyal customer.

Introducing the Category Average

While individual brand scores give a clear picture of each brand's standing, a category average aggregates this data. This score provides a benchmark of how brands, on average, are performing across the entire category (which you can cover with up to 15 competitor brands as part of your tracker).

Why is the Category Average Useful?

  1. Benchmarking: Understand where your brand stands in comparison to the industry average. If you're above the category average, you're leading the pack. If you're below, there might be room for improvement.
  2. Trend Analysis: Watching the weighted average over time can offer insights into the category's overall health. If the average for "Purchase" is trending upwards, it indicates that more consumers are buying the different brands within this category.
  3. Resource Allocation: If your brand is significantly below the category average in the "Trial" stage but above in "Awareness", it indicates that while many know about your brand, fewer are trying it. You might consider allocating resources to initiatives that encourage trial.
  4. Holistic View: Rather than just focusing on individual brand performance, the category average offers a more holistic view. It helps contextualize the bigger picture within the category.
  5. Informed Strategy: Use the category average as a data-driven foundation for your strategies. Whether it's marketing campaigns, product launches, or customer retention initiatives, knowing where you stand against the average can guide your next steps.

The addition of the weighted average score to our Funnel Step Comparison is more than just a number. It's a powerful tool that offers perspective, aiding in strategic decision-making. We're always looking for ways to make our brand tracker more valuable to you, and we believe this feature does just that.

Should you have any questions or require deeper insights into your brand's performance, our team is always here to help.


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