As your business grows, the strength of your brand grows too. This makes it a stronger asset to your company as the years go by. It’s important that you’re utilising this brand to the best of its ability. It can often be hard to get an accurate measure of how your brand is performing. One way to get over this, is with a brand tracker. This is a way in which you can continuously measure the health of your brand over months and years. In this article, we’ll look at the specifics of how it works, and some of the different metrics which can be used to successfully track a brand.
Firstly, it’s important to understand the aims of brand tracking. In short, it can show how your brand is performing on a macro level. In other words, how well your brand is performing compared to other brands on a nationwide, or even international level.
There are different metrics in which you can measure and compare the success of your brand toward other brands:
Brand momentum: To work out a brand’s momentum, consumers are asked to make a snap decision whether a certain brand is going up or down. If the majority of those asked believe the brand is on its way up, then your brand is likely to have healthy brand momentum. Unless, past brand tracking has shown that this still overall majority of positive connotations might be less than it was in the past. This shows that this type of information becomes valuable as you gain more information through brand tracking. This is common for a lot of these metrics. As brand trackers are very much like snapshots of how your company is doing at a specific moment. Therefore, the more snapshots you have archived, the better you can understand the progression of your brand. It also means, you get to see, in real-time; the reaction to key business decisions, changes in the market, etc.
Brand warmth: This is a way in which you can gauge the emotional attachment consumers have toward your brand. Compared to other types of metrics, this one can often be less rational. As often the answers can refer to an abstract emotion, rather than a numerical ranking.
To successfully carry out this type of research can often be very costly and time-consuming. Therefore, it’s often worthwhile going to market research specialists who have systems in place to accurately find this information for you. This might seem costly, but it is often an overall fraction of the cost, especially when the number of resources needed to perform these tasks to the same standard are considered.