Brand Tracking - Taking The Pulse On Your Brand

Michaela Mora @rinsights Twitter hashtag: #brandtracking www.relevantinsights.com

Agenda 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? www.relevantinsights.com 2

What Is A Brand? “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” American Marketing Association Where do brands exist? www.relevantinsights.com 3

What Is Brand Equity? Customer-Based Brand Equity Differential effect Brand knowledge Customer response Source: Kevin L. Keller “Strategic Brand Management” www.relevantinsights.com 4

Brand Research Methods Qualitative Research Projective techniques, Story-telling, Role playing, Focus groups, Ethnography, Online qualitative techniques, etc. Quantitative Research Brand Tracking, Comparative methods for brands and marketing activities, trade-off analysis (conjoint) Social Media Research (Can be qualitative or quantitative) Sentiment monitoring, Content Analysis, Trends www.relevantinsights.com 5

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 www.relevantinsights.com 6

What To Track? Brand Awareness Brand Experience Brand Image & Usage Recall Brands purchased Brand Attributes Purchase frequency Recognition Brand Benefits and amount Total spending Brand Attitudes Future purchase intent Strength Brand Change likelihood Favorability Customer satisfaction & loyalty Uniqueness www.relevantinsights.com 7

What To Track? Brand Awareness Brand Recall What retailer brands come to mind when you think of Depends on strength and clothing? organization of memories and their accessibility When you think of retailers where you can buy jeans, which brands come to mind? Which of the following retailer brands sell sport wear? Brand Recognition Depends on content of How familiar are you with the following retailer brands memories of sport wear? Scale from “Never heard of” to “I have purchased sport wear at this retailer” www.relevantinsights.com 8

What To Track? Brand Experience & Usage Customer Service Customer Customer Price Promotions satisfaction Behavior  Product Performance  Brands purchased Product  Customer Service  Purchase frequency Advertising  Shopping experience  Purchase amount  Total spending Social Website  Future purchase experience intent media/  Brand Change WOM  Price as a barrier likelihood  Brand loyalty Experience with Store competing experience brands Own and Competing Brands www.relevantinsights.com 9

What To Track? Brand Image Brand Benefits Product attributes  Functional  Product features Customer  Symbolic  Product Promotions Service Performance/Quality  Experiential Price Advertising Brand Attitudes Non-Product Social Product Strength Attributes media/ attributes WOM  Quantity of brand  Price info processing  Brand personality Product  Quality of the brand performance  User Imagery Store info processing experience  Feelings/Experience Cultural Website background experience Favorability Experience with Uniqueness competing brands  Desirability  Point of differentiation  Deliverability  Shared associations www.relevantinsights.com 10

How Often To Track? Continuous Tracking Pulse Tracking Can provide precise “Smooth Out” the short-term before-after effect of unusual marketing measurements of specific activities media events Can be analyzed with other Less expensive continuous data (sales, advertising spending, market share, etc.) Could be biased if a negative or positive marketing event Better for monitoring occurs close in time to a wave competitive landscape without of interviews influence of media schedule Data gaps between More expensive measurement waves www.relevantinsights.com 11

How Often To Track? Criteria To Consider Frequency of product purchase Marketing activity in the product category Marketing activity plan for the brand Level of competition in product category Stability of brand associations www.relevantinsights.com 12

Whom To Track? Non-Customers Vs. Customers www.relevantinsights.com 13

How To Interpret? Brand Awareness Brand Recall Brand Recognition When Is The Purchase Decision Made? www.relevantinsights.com 14

How To Interpret? Brand Awareness Recall = Strength Indicator Among flavored alcoholic beverages Recall Factors Affecting Recall Among flavored  Interference of other product alcoholic beverages information for a party with friends?  Time since last exposure  The number and type of Recall external retrieval cues www.relevantinsights.com 15

How To Interpret? Brand Awareness Brand Recognition = Marketing Recognition strategy success Potential ability to recall www.relevantinsights.com 16

How To Interpret? Satisfied but Devoted & Indifferent Engaged Brand Experience & Usage Rejecter Ambivalent Brand Image www.relevantinsights.com 17

How To Interpret? Are the metrics reflecting the underlying sources of brand equity or are they not sensitive enough? Assess What are the appropriate cutoffs? Which are the sources of brand equity? Correlate Which sources are the value drivers for a brand? Which marketing activities are most effective? www.relevantinsights.com 18

Thanks! P: 817.494.2364 michaela@relevantinsights.com Michaela Mora Follow on Twitter @rinsights http://www.relevantinsights.com www.relevantinsights.com 19

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Brand Tracking - Taking The Pulse On Your Brand

by Michaela Mora on Nov 16, 2010

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Brand Tracking - Taking The Pulse On Your Brand — Presentation Transcript