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.

Outlines

00:00

📊 Introduction to Brand Tracking

The video begins with an introduction to the topic of brand tracking. Sarah explains that the purpose of the series is to help viewers understand and use market research effectively to grow their business. The video is suitable for both newcomers and those needing a quick refresher. Brand tracking is defined as a method for continuously monitoring the development of a brand, including your own or a competitor’s brand.

🔍 What is Brand Tracking?

Brand tracking involves regularly monitoring key metrics to assess an organization’s reputation, awareness, and positioning in the market. Keeping track of these metrics is important not only for your brand but also for understanding competitors. This helps in making strategic decisions based on real-time insights.

📈 Key Metrics for Brand Tracking

The choice of metrics for brand tracking depends on the aspects of your brand that you want to analyze. Metrics include brand awareness, purchase intent, brand loyalty, and Net Promoter Score (NPS). Each metric provides insight into a specific area, helping to form a complete picture of your brand's performance.

🧠 Brand Awareness: Prompted vs. Unprompted

Brand awareness can be divided into prompted and unprompted awareness. Prompted awareness is when customers recognize your brand name upon seeing it, while unprompted awareness is when customers recall your brand without prompts. Higher awareness levels typically indicate a stronger market position and a greater potential to grow market share.

🛒 Understanding Purchase Intent

Purchase intent reveals how many people are willing to buy your product or service. It is crucial to convert high awareness into purchase intent to ensure revenue growth. This metric helps identify how effectively brand awareness translates into actual purchases, making it a key indicator of potential success.

💖 Tracking Brand Loyalty

Brand loyalty is assessed by combining purchase history with purchase intent to gauge the likelihood of customers sticking with your brand or switching to a competitor. Monitoring this metric helps in understanding long-term customer relationships and their satisfaction with your brand offerings.

🎯 Evaluating Net Promoter Score (NPS)

The Net Promoter Score (NPS) measures how likely customers are to recommend your brand to others. This metric is seen as the ultimate test of brand positivity and customer satisfaction. Industries have varying NPS benchmarks, so it’s important to know what constitutes a good score in your specific market.

💬 Exploring Brand Perception

Brand perception provides insight into how customers view your brand. It involves asking customers to describe your brand or rate specific attributes to see how well your messaging and values resonate. These insights help shape strategies to align with customer expectations and strengthen brand identity.

⚖️ Comparing Against Competitors

To see how your brand stacks up against competitors, many of the same metrics can be applied. Conducting research on competitor brands helps you understand where your brand stands in relation to theirs, providing strategic insights that guide competitive positioning.

🔄 Continuous Tracking and Optimization

Brand tracking should be an ongoing process to keep up with market trends, competitor performance, and shifts in consumer perception. Regular updates to your metrics will ensure your strategies remain relevant, ultimately helping you refine marketing campaigns and improve sales performance over time.

🚀 Resources for Getting Started

To dive deeper into brand tracking, the video encourages viewers to explore the brand tracking survey templates available through the provided link. Trying a free survey is suggested as a great way to start applying these principles and tracking your brand’s performance effectively.

Keywords

💡Brand Tracking

Brand tracking refers to the ongoing process of monitoring a brand's development and performance. In the video, it emphasizes the importance of tracking both your brand and your competitors’ brands to gain insights into reputation, fame, and positioning. This is crucial for business growth and staying competitive in the market.

💡Brand Awareness

Brand awareness is the degree to which consumers recognize or recall a brand. The video highlights two types: prompted and unprompted awareness. Prompted awareness occurs when consumers recognize the brand after seeing its name, while unprompted awareness happens when consumers can recall the brand on their own. Both are important indicators of how well-known and recognizable a brand is.

💡Purchase Intent

Purchase intent measures the likelihood that consumers will buy a brand's product or service. It is highlighted in the video as a key metric to track, showing the brand's ability to convert awareness into actual sales. High awareness doesn’t guarantee revenue unless it translates into purchase intent.

💡Brand Loyalty

Brand loyalty refers to how likely customers are to continue buying from a particular brand rather than switching to competitors. The video explains that by combining purchase history with purchase intent, businesses can assess how loyal their customers are, which is a vital aspect of maintaining long-term success.

💡Net Promoter Score (NPS)

Net Promoter Score (NPS) is a widely used metric that measures how likely customers are to recommend a brand to others. The video describes it as a simple yet powerful way to gauge customer satisfaction and brand advocacy. A high NPS indicates strong customer satisfaction, while a low NPS may point to issues that need addressing.

💡Brand Perception

Brand perception refers to how consumers view and describe a brand based on their experiences and associations. The video mentions that businesses can ask customers about how they perceive their brand to see if messaging is resonating. Tracking this metric helps businesses adjust their branding strategies to align with consumer sentiment.

💡Competitor Analysis

Competitor analysis involves assessing competitors' brand performance using similar metrics, such as brand awareness and NPS, to compare against your own. The video suggests that businesses should continuously evaluate their competitors' brands to understand their position in the market and identify areas for improvement.

💡Market Share

Market share is the portion of a market controlled by a particular brand. The video connects this to the broader goal of brand tracking, which is to increase a brand’s share of the market. By tracking various metrics, businesses can develop strategies to boost their market share and improve their competitive standing.

💡Brand Positioning

Brand positioning refers to how a brand is placed in the market relative to competitors. The video emphasizes the importance of monitoring positioning to ensure the brand is perceived as distinct and favorable compared to others. This involves analyzing metrics like brand awareness, loyalty, and perception.

💡Metrics

Metrics are specific data points used to measure a brand's performance. In the video, various metrics like brand awareness, purchase intent, NPS, and brand loyalty are discussed as essential tools for understanding a brand's health and planning marketing activities. The right metrics provide actionable insights for business growth.

Highlights

Introduction to market research and how it helps grow your business.

Explanation of brand tracking: continuously tracking the development and progress of a brand.

It's beneficial to monitor competitors' performance as part of brand tracking.

Key metrics for brand tracking depend on the brand aspects you want to analyze.

Brand awareness can be tracked through two key types: prompted and unprompted awareness.

Higher awareness levels lead to more recognition and a better chance of increasing market share.

Tracking purchase intent helps understand how many people are willing to buy your product or service.

Awareness should translate into purchase intent to ensure revenue and growth.

Brand loyalty can be measured by combining purchase history with purchase intent.

Net Promoter Score (NPS) helps gauge how likely customers are to recommend your brand.

Understanding good NPS scores in your industry is key to tracking brand performance.

Brand perception questions help determine how well your messaging resonates with customers.

Comparing your brand to competitors by tracking similar metrics provides insight into your position.

Continuous brand tracking helps react to market trends and competitor movements.

Updating metrics regularly allows for better planning of marketing activities and campaigns.

Transcripts

Welcome to Attest Explains.

Hi, I'm Sarah, and in this series

we explore the wonderful world of market research to help you

better understand it, use it and ultimately grow your business

as a result of it.

Whether you're new to brand tracking or just

need a little refresher, this quick summary should give you a

great intro to the topic.

So what do we mean by brand tracking?

Brand tracking is how you continuously track the development

and progress of a brand. It could be your brand or competitor's.

That's right – there's nothing wrong with keeping an eye on your

competitors' performance.

You do this by regularly monitoring

a number of key metrics that will reveal your organization's

reputation, fame and positioning.

So what are the metrics you should use to track your brand?

Deciding which metrics to use

for your brand tracking depends on what aspects of your brand

you want to learn about. Let's talk about a few key ones.

Perhaps you want more people to know about your brand.

This is where your track brand awareness.

There are two key types: prompted and unprompted awareness.

As you might expect, prompted awareness

is when people see your brand name and recognise it.

Unprompted awareness is when people recall your brand name in

relation to your category, even when they haven't been reminded of it.

Simply put, the higher both of those are, the more recognised

you are as a brand and the better chance you have of growing

your market share.

From here you may want to track how many people actively choose your brand.

Purchase intent is another crucial metric to track

if you want to know how many people are willing

to buy your product or service.

Your awareness might be high

but you need that awareness to translate into purchase intent

to ensure revenue and growth.

You may also want to know if customers

will stick with your brand.

This is when you'll track brand loyalty.

When you combine purchase history with purchase intent,

you'll get a good idea about how likely your customers are to

stay with you or to go to a competitor.

Beyond just loyalty,

you may want to know if your customers would promote your brand.

This is the ultimate test of how positive your customers feel

about what you offer.

Say hello to your Net Promoter Score!

Often called NPS, for this, you'll ask your customers a single question:

How likely are they to recommend your brand to someone else?

Good NPS scores vary from industry to industry, so make

sure you know what's good for yours, so you can truly understand

how your brand is doing.

Some additional context to how your brand

is perceived might also be useful.

Brand perception questions will provide the answer.

You can ask your customers to describe

your brand testing how well your messaging resonates.

Or you could get ratings against certain features or personality traits

to track how well you perform against your most valuable attributes.

And finally, you may also want to know how your brand stacks

up against your competitors.

Most of the metrics we've covered

here will work for this. All you need to do is conduct research

into what consumers think about your competitors' brands as well,

and compare that to your own brand's results

And what do you do once you've tracked your brand?

You keep doing it!

To make sure you're aware of and react to trends in your market, your industry and

among competitors, you need to make sure you keep updating your metrics.

And you can use that insight to plan your marketing activities

and campaigns, resulting in a boosted share of market and sales.

To learn more about brand tracking, check out our brand tracking

survey templates at the link in the description below

and try a free survey today.