Demystifying brand tracking: How to measure brand success
Overview
Brand tracking metrics measures consumers’ awareness and associations with a particular brand. It tracks the performance of a company’s branding efforts.
Brand Tracking will help in assessing your brand’s health in a given moment and it helps marketers to make informed strategic decisions as they try to deliver better ROI, change brand positioning, increase sales, and increase market share or value.
Key metrics of brand tracking
A better way to track the performance of a brand is using the Brand Funnel which shows the major steps on the journey from indifference to loyalty for a brand.
- Brand awareness
Brand awareness can be spontaneous or prompted with logos, lists, etc. It shows the strength of the brand’s mental availability
- Brand consideration
This metric highlights all the brands the consumer would consider buying, a competitive set in the buyer’s mind
- Brand preference
It is the most important metric, and it shows which brand consumers would choose over others
- Brand purchase
This adds a more realistic perspective, and it helps in identifying the substitute brands to the preferred ones
- Brand loyalty
It helps in measuring the intention of buying a specific brand again
- Brand rejection
A bad experience or a public incident can damage a brand’s image, so it is important to understand if there is anything unusual driving consumers’ way
- Brand experience and associations
This metric refers to the associations, emotions, and experiences that consumers have with a specific brand
Steps in brand tracking
- First, determine what you want your brand associations and message to be, and among which consumers
- Determine the competitive framework, the brands you want to be tracked against
- Select a method like online questionnaires and surveys or a consumer panel. Once it is finalized, collect the data
- Analyze the results to get insights into brand trends, brand perception, and consumer behavior
- Adjust the strategies and continue tracking progress
Benefits of brand tracking
- Brand tracking will help in assessing your brand’s health
- It will help in tracking the root problem the company can experience
- With brand tracking, one can access the results of brand campaigns. One can identify the problems non-customers have and turn them into customers
- If the company wants to build products and services that stand out in the crowd, increase brand loyalty, and help your customers succeed, then brand tracking is very important
- It will help in offering better products, growing your brand, and becoming an industry leader.
Based on insights by Poulami Paul, Senior Manager, R&I Consumer.
