Brand tracking – Explained!

Summary

In this video, Sarah explains the basics of brand tracking and its importance for business growth. Brand tracking involves continuously monitoring key metrics like brand awareness, purchase intent, loyalty, Net Promoter Score (NPS), and brand perception. These metrics help you understand how your brand and competitors are perceived, how likely customers are to stay with your brand, and how willing they are to recommend it. Regular tracking enables businesses to adapt marketing strategies, boosting market share and sales. The video also provides links to brand tracking survey templates.

Takeaways

• 📊 Brand tracking helps you continuously monitor the development and progress of a brand, whether it's your own or a competitor's.
• 👀 Keeping an eye on competitor performance is a smart strategy in brand tracking.
• 📈 Key metrics to track include brand awareness, purchase intent, brand loyalty, and Net Promoter Score (NPS).
• 🔍 Brand awareness can be tracked as either prompted (recognition of the brand when shown) or unprompted (recall of the brand without prompting).
• 🛒 Purchase intent measures how many people are willing to buy your product, translating awareness into actual sales and growth.
• ❤️ Brand loyalty is crucial for understanding how likely customers are to stay with your brand rather than switch to a competitor.
• 🎯 Net Promoter Score (NPS) gauges how likely customers are to recommend your brand to others, providing insights into customer satisfaction.
• 🧠 Brand perception helps track how customers view your brand in terms of personality, features, and messaging resonance.
• 📊 Tracking your competitors' performance using the same metrics allows for direct comparison and positioning analysis.
• 🔄 Regularly updating and tracking these metrics ensures that you're staying aware of trends, enabling better marketing and campaign planning for future growth.

Q & A

What is brand tracking?

Brand tracking is the continuous monitoring of a brand's development and progress. It involves keeping an eye on key metrics to track the reputation, fame, and positioning of a brand, whether it’s your own or a competitor's.

Why is it important to track competitors' brands?

Tracking competitors' brands helps you understand how your competitors are performing in the market. It provides insights into their reputation and positioning, which can help you identify areas of opportunity and make strategic decisions.

What are the key metrics used to track a brand?

The key metrics include brand awareness (both prompted and unprompted), purchase intent, brand loyalty, Net Promoter Score (NPS), brand perception, and how a brand compares to competitors.

What is the difference between prompted and unprompted awareness?

Prompted awareness occurs when people recognize your brand after seeing its name, while unprompted awareness is when people recall your brand name in relation to your category without any reminders.

Why is purchase intent an important metric?

Purchase intent shows how many people are willing to buy your product or service. High awareness alone is not enough; you need that awareness to translate into purchase intent to drive revenue and business growth.

How can you track brand loyalty?

Brand loyalty can be tracked by combining purchase history with purchase intent. This gives a clear indication of how likely customers are to continue choosing your brand over competitors.

What is Net Promoter Score (NPS) and why is it useful?

NPS measures customer satisfaction by asking how likely customers are to recommend your brand to others. A high NPS indicates that your customers feel positively about your brand and are likely to promote it.

How can brand perception help in tracking brand success?

Brand perception metrics allow you to assess how well your brand messaging resonates with customers. You can ask customers to describe your brand or rate certain features to evaluate your brand's strengths and weaknesses.

What can you do once you have tracked your brand?

After tracking your brand, you should continually update your metrics to stay aware of market trends, changes in the industry, and competitors' performance. This will allow you to plan marketing strategies effectively and grow your market share.

How does tracking competitors' brands benefit your business?

By comparing your brand’s metrics with competitors', you can identify where you outperform them and where you may need improvement. This competitive analysis helps refine your strategies to strengthen your brand’s position.