When you first start building your business, it’s easy to feel daunted by the amount of work involved, from logistics, to product development, to hiring. Unfortunately, with everything else to do, sometimes brand management is left neglected.
Try to think of your brand as the vehicle your business uses to transport your product to your customers. The stronger and more efficient your brand is, the easier it is to conduct your business and set yourself above the competition. And just like any vehicle, you shouldn’t expect excellent performance without regular checkups and maintenance. Don’t neglect your brand: take care of it, and it will take you the distance.
So how does a company measure the health and performance of it’s brand, and what does brand tracking have to do with anything?
While there is no cut and dry definition for brand tracking, we see it as the process of measuring changes in brand health over a period of time, which helps to quantify the brand-related return-on-investment and improve decision making that keeps your brand healthy.
Strategic brand tracking helps companies understand which brand marketing initiatives are fruitful and where future activities should be focused to improve the company’s standing in the market.
Brand Tracking in Practice
Brand tracking is usually done by surveying consumers and asking them for their opinions regarding the brand. We collaborate with dozens of companies and, above all, most want to know how aware consumers are of their brand and whether they have bought or plan to buy their product.
Though surveys can be conducted through various channels, we at Dalia have found that mobile surveys are the fastest and most engaging channel. They also tend to deliver the best results.
It is important to measure your brand’s health regularly, as this enables you to track your most important metrics over a certain period of time, as well as measure whether your campaigns are effective. At Dalia we have found that our BrandTracker product is at its most effective when conducted on a monthly basis, but more on that in a later post.
Key Brand Tracking Metrics
Brand tracking consists of several measures, some of the most important ones are:
Brand awareness: This is a measure of consumers’ ability to recognise the brand. In a survey, this can take the form of aided or unaided awareness. Unaided awareness is a measure of brand familiarity without a prompt, while aided awareness usually involves a list of brands for the respondent to choose from. Brand awareness is a critical element of your brand development and a key driver behind great brands’ success.
Brand usage: This is a measure of how frequently consumers buy your brand’s products or services and whether they are buying from your competitors. Measuring brand usage can help you assess your brand’s position and brand health, as well as fight competition.
Purchase intent: We find understanding whether consumers are planning on purchasing your product or service is a vital aspect of brand tracking. This is a metric that works great in parallel with advertising campaigns, as measuring purchase intent before and after is a good performance indicator.
Dalia’s BrandTracker product tracks these 3 metrics and typically 4–5 more, which in combination allow for thorough tracking of a brand’s health.
To summarise, brand tracking is a conglomeration of feedback on your brand’s health usually generated via surveys and quantitative market research. It’s a simple solution that can be a powerful tool for any business or organisation. If you embrace the potential of your brand and take the necessary steps to monitor it’s growth, your business can go farther than you ever imagined.
If you want more tips about brand tracking or are interested to learn about Dalia’s automated brand tracking tool, subscribe to this publication or email us at email@example.com