(Image source- CEO World)
June 15th, 2021, 17:00pm
Building and maintaining a strong, healthy, and reputable brand is essential to your business’s success.
The health of your brand impacts consumer recognition, brand awareness, brand loyalty, plus your bottom line.
Branding conveys your ideas and views to the outside world by helping you connect with your target audience and potential customers.
Turning your target market into loyal followers of your brand will convert your efforts into greater growth and success.
Monitoring the health of your brand is key to ensuring that your business’s brand is growing effectively and efficiently by contributing to your overall bottom line.
What is Brand Tracking?
Brand tracking, or brand monitoring, is the continuous measurement of a business’s marketing efforts to quantify the effects of brand-building campaigns.
Brand awareness, brand loyalty, and brand perception are a few key metrics of brand tracking.
Businesses should track the health of their brand in order to improve their brand strategy and make more informed decisions to ultimately increase sales, deliver greater return on marketing investment, and win market share.
Brand Health Tracking
Here’s why brand monitoring is essential to your business’s success:
Determines Overall Brand Health
There are six brand tracking metrics that give you an overview of your brand’s overall health. Continuously measuring these metrics allows you to develop a better understanding of how your market(s) interacts with your brand and the impact your brand has on your consumers’ purchasing behavior.
Here are the six brand monitoring metrics to consider:
Awareness
Impression
Prior Usage
Preference
Purchase Intent
Net Promoter Score
Paying attention to these metrics will give you a bigger picture of your brand’s overall health.
These metrics answer questions like: Who has heard of us? Who is/isn’t buying our products? What do our consumers think of us?
After answering these questions along with various other ones, you’ll need to determine whether or not you need to re-evaluate your messaging approach, marketing initiatives, or even your business’s branding as a whole.
Notes the Effectiveness of New Product Launches
Launching a new product/service or promoting a large-scale event are great ways to increase your brand engagement and brand awareness.
If done poorly, a new product/service launch and/or promotion event can ruin your brand’s reputation.
Creating and maintaining a strong brand is a two-way street between your brand and consumers, so don’t ignore their input.
Qualitative research is necessary before and after a product launch/big event to avoid any mistakes before, during, and after your promotion.
Understands the Effectiveness of New Campaigns
Whether your goal is generating brand awareness or driving product sales, you’ll need to set a goal before launching a new marketing campaign.
Common brand strategy goals may include building brand awareness, increasing sales, or retaining existing customers.
Once your goals are outlined and after the campaign is over, you’ll need to measure the success of the campaign.
Brand tracking tools can help you measure important marketing metrics to help you understand the effectiveness of your campaign. This way, you can gauge what marketing strategies worked and didn’t work.
Continuous brand tracking also helps extract relevant information that you can use to alter your brand strategy in the future.
Compares Yourself to Competitors
Do you understand how your brand compares to your competition? Do you know if your brand is the brand of choice for your target market? If not, how can you find out?
Identifying your rivals and comparing key points such as cost of services, customer loyalty, and revenue can give companies a clearer idea of their position against the competition.
When comparing yourself to your rivals, brand preference is a vital metric to consider.
Brand preference refers to how likely a consumer is to continue buying your product/service.
When consumers are satisfied enough with a brand, they’re likely to continue buying that brand’s product or service forever.
If consumers are easily convinced to try a rival’s product or service, you may need to re-evaluate your branding as a whole.
Higher Return on Marketing Investments
Marketers are typically overwhelmed by all the data points we have at our fingertips that they don’t even know where to start measuring.
Consistently tracking the overall health of your brand makes proving marketing ROI much easier.
Proving your marketing ROI to your C-Suite is also easier when you have insight into how your brand is performing with its target audience.
Brand tracking tools help companies determine which marketing metrics to pay attention to and which you can ignore.
Identifies & Corrects Mistakes Early On
If you regularly track your brand’s health, it’ll be easier to identify and correct areas of underperformance. If you don’t track your brand’s health, you won’t even know where you went wrong, or how to correct your brand strategy.
Record your findings, track back to your goals, and visualize your results. When recording your findings, you’ll need to convert any qualitative data into quantifiable measurements.
Afterward, compare your numbers to the goals you set for your brand. Finally, visualize the results with a graph, outline, map, etc. that lays out the marketing metrics of your brand such as brand awareness, customer loyalty, and so on.
Brand Health Monitoring
Continuously monitoring your brand’s health is the only effective way to understand the success of your brand in the marketplace.
Setting goals, analyzing key metrics, and identifying areas of opportunity in the early stages will help differentiate your brand from your competition.
Understanding your brand’s current health will help your business adjust its goals and begin planning for the future.
For more information on how Kasi Insight can help your business with market research, visit us on our website or click here to get early access to our basic plan at no cost.
Grow your business with reliable data and actionable insights
We survey thousands of Africans weekly. Access data, visuals, and insights at a click of a button.
Contact our team today to explore how our brand intelligence can empower your decision-making process. Win with confidence with Kasi insights https://www.kasiinsight.com/thehub