Follow up from Webinar: Brand Tracking – Taking the Pulse on Your Brand

On Tuesday Nov. 16th, 2010 SurveyAnalytics invited Michaela Mora, President of Relevant Insights, LLC, to present:

“Brand Tracking – Taking the Pulse On Your Brand.”

From the poll conducted during our presentation about 33% had a lot of experience with brand research, 29% had some general experience, and 38% had little or no experience but wanted to learn more about it.

What is a Brand?

According the American Marketing Association a brand is “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.”

A brand is a perception of your company the products/services you provide to existing and potential clients.

For customers it serves as as an identification or symbol of products and services to which customers can bond to or shun. For companies it’s an opportunity to create, recreate, and track your image, increase visibility, and review trends on market share.

In this presentation Michaela Mora focuses in one technique of Brand strategy research: Brand Tracking.

Brand Tracking monitors health of the brand competitive landscape to allow for proper adjustments and provide information to facilitate marketers’ day-to-day decision making. This will offer insights to the effectiveness of various market campaigns.

How often should you track your brand?

There are two options to choose from:

Generally it will depend on your budget, time-line, and goal from tracking your brand. It depends on the frequency of purchases, marketing campaigns, overall goal of specific products/services, competition, and how stable your current brand is.

Brand is the formula for Brand Awareness?

To measure the strength of your brand ask questions regarding relevancy and consistency of your brand measurement.

Example: “When I need to search something up on the internet I use Google. I ‘Google’ everything I want to look up.”

Brand Recall = Strength Indicator

Factors that hinder brand recall include interference of other product information, time since last exposure, and the number and type of external retrieval cues.

Brand Recognition : Brands stored in memory by consumers & respondents.

Example Q:Which fast food restaurant features a golden arch?

A: McDonalds

As see in the general boxes above, you can determine how your brand is doing and make adjustments. In an ideal world we want all of our clients to be in the green devoted and engaged box forever, but as new competition emerges, customer experience changes, and consumer perception change, it’s imperative to devote time to create a brand strategy that keeps ahead of the game. You need to access which metrics are you using to measure brand equity and correlate where these sources came from with the effectiveness of your current marketing activities.

For more information please click on the links to download slides from Relevant Insights, LLC:

Brand Tracking – Taking The Pulse On Your Brandhttps://static.slidesharecdn.com/swf/ssplayer2.swf?doc=brandtracking-takingthepulseonyourbrand-101116122940-phpapp02&stripped_title=brand-tracking-taking-the-pulse-on-your-brand-5800960&userName=rinsightsView more presentations from Michaela Mora.