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Brand tracking is way of continuously measuring the health of a brand, both in terms of consumers’ usage of it (see Brand Funnel) and what they think about it… Brandwarmth describes the emotional attachment customers have to a brand.
To measure the efficacy of brand campaigns, many turn to brand tracking studies. Brand tracking studies aim to measure the success of brand building initiatives based on the impact they have on the consumer and the impact they have on the business. Monitoring your brand health allows you to not only understand the commercial value in your brand but also to track changes and optimise your strategy to get more from your brand.
You need to measure it regularly too – this allows you to track your metrics over time and see what’s driving any improvements. You should be running a study at least quarterly, although if you’re running new advertising campaigns more regularly than this it’s a good idea to increase the frequency so you can see how they’re contributing to your brand.
Brand tracking studies that focus on business impact largely focus on financial metrics to determine the ROI of brand building initiatives. These metrics include:
Brand tracking studies that focus on consumer impact typically examine how brand campaigns have affected consumer intentions. These examine metrics such as brand loyalty, brand perception and brand associations. To get this data, marketing teams typically use a combination of the following methods:
The most successful brand tracking studies will combine both business-focused KPIs and consumer-focused KPIs for a holistic view.
When measuring the success of brand building initiatives, there are several key metrics to measure.
This is one of the most important metrics to consider when measuring brand success. This metric refers to the number of consumers in a market that would elect to buy the branded product over the same product from a different brand.
Loyalty measures how likely a consumer is to purchase from your brand again, or purchase other products from your brand.
Brand awareness refers to how easily a consumer can recognize your brand. There are two types of brand awareness. Aided awarenessrefers to consumers recognizing the brand when prompted – for example, seeing a logo. Unaided awareness refers to the ability to recall the brand without being exposed to an aid.
This refers to how well a consumer can recall your brand from memory.
These refer to the emotions, experiences, and associations that consumers have with a brand.
This measures how often consumers are using your product.
These track what consumers last purchased.
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