Demystifying Brand Tracking: How To Measure Brand Success

By Author: Netscribes INC
Total Articles: 1119
Comment this article

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_health_funnel
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.
We at Netscribes(https://www.netscribes.com/) actively supports firms in the digital economy by providing a comprehensive suite of data and insights solutions.

Feel free to contact us(https://www.netscribes.com/contact/) if you’d like to learn more about how we can provide in-depth consumer research services and analysis that anticipates your brand’s well-being and impact on your overall business.