Your brand is your most important asset. Are you tracking how well it's doing? Do people instantly recognize it like the "S" for Superman and understand what you bring to the table? Do people relate your company to your company values? Are you attracting the right market segments? If you want to answer these questions and more, you need Brand Tracking.
What is Brand Tracking?
Brand tracking is a way to measure constantly and continuously the health of a brand, how it's perceived by an audience and how they use it. You can use brand tracking to keep track of the following:
Brand awareness - This measures both brand recognition and brand recall.
To measure the recognition is to measure how well people identify your brand. Do they recognize it immediately? Can they think of it on their own or do they need help?
Brand recall is how your brand is remembered. How long do they remember your brand for? Do they associate your brand with your most recent advertising?
Brand attributes - This tracks how well customers think your brand can fulfill their needs. Are they satisfied or disappointed? What are the benefits of your brand? What needs do they know you can fulfill?
Brand usage and loyalty - This is usually measured by data provided by existing customers. What's their purchase intent? Are they still buying from you or switching to your competition?
What is brand tracking for?
The better reputation and awareness a brand has the better it will do against its competition. Take Tesla for example. Tesla sells only 1% of what Ford or GM sells. However it's more valuable than either of them. Why? A large part of it is because of Tesla’s brand health.
Think of Ford. What comes to your mind? Maybe their line of sedans? A classic Mustang? A red pick-up truck? Now think about Tesla. If you are like most people, you relate the brand to innovation and even excitement. You maybe even think about the fully electric, self-driving car of the future. People buy Tesla's stock because the brand is carefully crafted so, when thinking about it, investors don't think about what it is, but what it can become.
And not only will investors and clients look to Tesla when looking for innovation. Tesla also attracts the most innovative engineers, marketers and other employees of the world, who, in turn, help to keep the brand's reputation as high as possible.
Since people change their minds everyday, having a constant brand tracking strategy is essential to know where your brand is at, where it's going and how to get your brand where you want it to go.
Start tracking your brand with HSG!
Brand tracking can be stressful, time-consuming and even expensive if doing wrong. The easiest way to track your brand (and avoid headaches doing it) is with a company with a lot of experience to ensure you'll get the results you need without unnecessary spending.
At the Halsted Strategy Group we use brand tracking every day and have the tools you need to keep track of your brand and make sure it’s healthier than ever. Give us a call and we'll see what we can do for you today.