Brand Tracking - Taking The Pulse On Your Brand
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Branding has been around since the beginning of times as a means to differentiate products. Did you know that the term “brand” is derived from the old Norse word “brandr” which means “to burn” and used in the context of marking livestock to identify the owners. Branding in the marketing context occurs in the consumer minds and the “marks” not always come out as marketers intended, hence the need to implement brand tracking studies. Questions addressed: 1. What brand metrics should be tracked? 2. How often should a brand be tracked? 3. Who should be included in a brand tracking study? 4. How to interpret brand tracking metrics?
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Brand Tracking - Taking The Pulse On Your Brand
- 1. Michaela Mora @rinsights Twitter hashtag: #brandtracking www. relevantinsights.com
- 2. www.relevantinsights.com 1. What is brand and brand equity? 2. What brand metrics should be tracked? 3. How often should a brand be tracked? 4. Who should be included in a brand tracking study? 5. How to interpret brand tracking metrics? AgendaAgenda 2www.relevantinsights.com
- 3. www.relevantinsights.com “a name, term, sign, symbol or design, or combination of them intended to identify the goods and services of one seller or group of sellers and differentiate them from those of the competition” What Is A Brand?What Is A Brand? American Marketing Association 3 Where do brands exist?
- 4. www.relevantinsights.com What Is Brand Equity?What Is Brand Equity? Source: Kevin L. Keller “Strategic Brand Management” Customer-Based Brand Equity Customer response Differential effect Brand knowledge 4
- 5. www.relevantinsights.com Brand Research MethodsBrand Research Methods Brand Tracking, Comparative methods for brands and marketing activities, trade-off analysis (conjoint) Projective techniques, Story-telling, Role playing, Focus groups, Ethnography, Online qualitative techniques, etc. Quantitative Research 5 Qualitative Research Sentiment monitoring, Content Analysis, Trends Social Media Research (Can be qualitative or quantitative)
- 6. www.relevantinsights.com Why Brand Tracking?Why Brand Tracking? Monitor the health of the brand to allow for proper adjustments. Provide information to facilitate marketers’ day-to-day decision making Provide insights into the effects of many marketing actions on brand equity 6
- 7. www.relevantinsights.com What To Track?What To Track? 7 Recall Brands purchased Favorability Brand Experience & Usage Brand Awareness Brand Image Customer satisfaction & loyalty Brand Change likelihood Future purchase intent Total spending Purchase frequency and amount Recognition Brand Attributes Brand Benefits Uniqueness Strength Brand Attitudes
- 8. www.relevantinsights.com 8 What To Track?What To Track? Brand Recall Depends on strength and organization of memories and their accessibility Brand Recognition Depends on content of memories What retailer brands come to mind when you think of clothing? When you think of retailers where you can buy jeans, which brands come to mind? Which of the following retailer brands sell sport wear? How familiar are you with the following retailer brands of sport wear? Scale from “Never heard of” to “I have purchased sport wear at this retailer” Brand Awareness
- 9. www.relevantinsights.com 9 Customer Service Product Advertising Store experience Website experience PricePromotions Brands purchased Purchase frequency Brand Change likelihood Total spending Customer Behavior Purchase amount Customer satisfaction Future purchase intent Product Performance Customer Service Shopping experience Price as a barrier Brand loyalty Brand Experience & Usage What To Track?What To Track? Experience with competing brands Own and Competing Brands Social media/ WOM
- 10. www.relevantinsights.com 10 Experience with competing brands Customer Service Product attributes Advertising Social media/ WOM Store experience Website experience Price Promotions Product performance Cultural background Favorability Desirability Deliverability Brand Benefits Functional Symbolic Experiential Uniqueness Point of differentiation Shared associations Product Performance/Quality Product attributes Product features Brand personality Non-Product Attributes User Imagery Price Feelings/Experience Strength Quality of the brand info processing Quantity of brand info processing BrandAttitudes Brand Image What To Track?What To Track?
- 11. www.relevantinsights.com 11 How Often To Track?How Often To Track? Continuous Tracking “Smooth Out” the short-term effect of unusual marketing activities Can be analyzed with other continuous data (sales, advertising spending, market share, etc.) More expensive Better for monitoring competitive landscape without influence of media schedule Pulse Tracking Could be biased if a negative or positive marketing event occurs close in time to a wave of interviews Data gaps between measurement waves Can provide precise before-after measurements of specific media events Less expensive
- 12. www.relevantinsights.com 12 How Often To Track?How Often To Track? Criteria To Consider Stability of brand associations Frequency of product purchase Marketing activity in the product category Level of competition in product category Marketing activity plan for the brand
- 13. www.relevantinsights.com 13 Whom To Track?Whom To Track? Customers Non-Customers Vs.
- 14. www.relevantinsights.com 14 How To Interpret?How To Interpret? Brand Recall Brand Awareness When Is The Purchase Decision Made? Brand Recognition
- 15. www.relevantinsights.com 15 Among flavored alcoholic beverages Among flavored alcoholic beverages for a party with friends? Recall Recall Factors Affecting Recall Interference of other product information Time since last exposure The number and type of external retrieval cues Recall = Strength Indicator Brand Awareness How To Interpret?How To Interpret?
- 16. www.relevantinsights.com 16 Recognition Brand Awareness Brand Recognition = Marketing strategy success Potential ability to recall How To Interpret?How To Interpret?
- 17. www.relevantinsights.com 17 How To Interpret?How To Interpret? Brand Experience & Usage Brand Image Rejecter Devoted & Engaged Satisfied but Indifferent Ambivalent
- 18. www.relevantinsights.com 18 Assess How To Interpret?How To Interpret? Are the metrics reflecting the underlying sources of brand equity or are they not sensitive enough? What are the appropriate cutoffs? Correlate Which are the sources of brand equity? Which sources are the value drivers for a brand? Which marketing activities are most effective?
- 19. www.relevantinsights.com 19 Thanks!Thanks! P: 817.494.2364 michaela@relevantinsights.com Follow on Twitter @rinsights http://www.relevantinsights.com Michaela Mora