Consumer perception and satisfaction with product attributes, customer service experiences, pricing and quality, and loyalty programs all affect brand performance. But, to determine which of these factors are driving your brand’s success, you need to be able to analyse the data. This is often a time-consuming process requiring manual data collection and analysis, which can lead to inaccurate insights.
When a brand performs well, consumers are loyal and willing to repurchase, recommend it to friends, and support it with organic online mentions. This is how brands get a lot of their sales. The underlying factor for all of these behaviours is a company’s brand equity.
Brand equity is a combination of four key factors: familiarity, how much consumers feel they know and understand the brand beyond awareness; regard, the positive emotional attachment and respect that consumers have for the brand; meaning, the relevance that the brand has in their lives; and uniqueness, how different and distinctive the brand is. For help from Marketing Strategy Consultants, consult with a company like reallyhelpfulmarketing.co.uk/specialist-services/marketing-strategy-consultant
To increase brand performance, marketers need to be able to deliver on all of these elements of their marketing strategy and create a strong, memorable, and relevant presence for their target audience. The best way to do this is by leveraging reliable consumer insights, which is where brand monitoring comes in.
The top-of-mind brand awareness metric shows how many times your target audiences recall your brand among similar alternatives with a quick prompt. Unaided brand awareness reveals how often your targets can name your brand without any prompts.
In addition to brand awareness and perception metrics, you can use tools to measure customer usage of your products as a separate metric. Analysing this gap can help you uncover issues like a lack of product education or an ineffective post-sales experience.
Brand awareness is one of the first measurable elements of brand performance. Understanding how customers recognize your brand, what kind of imagery and messaging they associate with it, and whether that association is positive or negative, enables you to improve branding strategies. In addition, brand awareness can be used to discover which marketing channels are driving or reducing brand recognition and, in turn, sales.
In addition to being a critical component of marketing strategy, brand monitoring also provides valuable insight into the company culture and workplace environment. A good, solid corporate image can be a big motivator for consumers to support your brand, while a poor one can have the opposite effect.