4 Different Ways to Track Your Brand
When considering various metrics to measure brand health, the most important one is its perceived quality. This can be measured through several metrics, including performance, reliability, appearance, and finish. Traditional brand tracking studies can be overwhelming, but there are other, more practical ways to measure brand health. Some conventional metrics include category awareness, brand performance, and overall health. Alternatively, you can track brand health using other metrics, such as the sentiment associated with a brand name.
Monitoring the variations of your brand name
One of the most important ways to tracking your brand and track the popularity of your brand online is to monitor the variations of your brand name. Brand mentions can come from various channels, and watching these variations can provide valuable insight into online conversations. For example, if your brand is frequently misspelled or shortened, you may want to consider rebranding and clarifying your online presence. However, you may not need to monitor brand name variations if the brand is rarely mentioned online. One example is Coca-Cola, which must observe the different variations of its product lines and ensure consistency across the brand name.
As a brand manager, you can use brand monitoring to determine negative or positive remarks about your brand. It’s important to note that the Internet is a prominent place for public discussion, and people can tag your brand when talking about it. Therefore, negative comments on your brand can seriously damage your brand reputation. Fortunately, monitoring your brand name can help you discover and address negative comments and improve your company’s online presence.
Monitoring the sentiment surrounding your brand
Monitoring the sentiment surrounding your brand is essential to gaining a competitive advantage. Brand equity is directly proportional to brand sentiment. Research has shown that brands that generate a strong emotional connection with consumers have higher brand equity. Brand sentiment is also a reliable indicator of customer loyalty. Direct feedback is the best way to monitor the sentiment surrounding your brand. You can gain this through focus groups, surveys, and online reviews. Immediate feedback is beneficial because it allows you to ask your customers in-depth questions.
In addition to identifying negative sentiment, brand monitoring enables you to understand the idea surrounding your brand. By doing so, you can understand how customers feel about your brand and make marketing decisions accordingly. Moreover, it helps you respond quickly to any customer issue. With these insights, you can also identify any untapped potential in your brand. So, how can you utilize brand sentiment monitoring to your advantage? Let us look at seven ways brand monitoring helps your business.
Monitoring your brand’s perceived quality
Using a brand monitoring service is a great way to keep track of your customers’ opinions and experiences. You can quickly respond to positive and negative feedback by monitoring your brand’s perceived quality. This will also help you determine how well your current marketing campaigns perform. One example of brand monitoring is social media. While you can’t control everything on social media, you can track where your brand is mentioned and what people say about it.
One of the most common methods of monitoring a brand’s perceived quality is measuring its Net Promoter Score. This metric relates to the overall customer experience and can be used to predict business growth and loyalty. For example, customers who rate a brand as nine or ten are considered “promoters,” while those who score it from zero to six are considered detractors. The percentage of detractors is then subtracted from the allocation of promoters to calculate the Net Promoter Score.
Monitoring your brand’s overall health
A healthy brand is crucial to your company’s success in the modern consumer marketplace. But there are many things to consider when it comes to brand health. The first is whether you can command a financial premium. If not, you’re in trouble. Perhaps you’ve recently undergone a dramatic change in the external market. Whatever the case, brand health metrics are a powerful tool that can help you make intelligent decisions to improve and grow your brand.
The second key benefit of brand monitoring is identifying customer sentiments. By listening to what customers say about your brand, you can gain valuable insights into your target audience and their needs. It’s also helpful to know how much people like or dislike your brand based on the context in which they are mentioned. When done effectively, brand monitoring can help you adjust your marketing efforts to address these perceptions. It also can reveal untapped potential.