Measuring Brand ROI is difficult
Try to think of your brand as the vehicle your business uses to transport your product to your customers. The stronger and more efficient your brand is, the easier it is to conduct your business and set yourself above the competition. And just like any vehicle, you shouldn’t expect excellent performance without regular checkups and maintenance. Don’t neglect your brand: take care of it, and it will take you the distance.
So how does a company measure the health and performance of it’s brand, and what does brand tracking have to do with anything?
While there is no cut and dry definition for brand tracking, we see it as the process of measuring changes in brand health over a period of time, which helps to quantify the brand-related return-on-investment and improve decision making that keeps your brand healthy.
Strategic brand tracking helps companies understand which brand marketing initiatives are fruitful and where future activities should be focused to improve the company’s standing in the market.
Brand tracking is usually done by surveying consumers and asking them for their opinions regarding the brand. We collaborate with dozens of companies and, above all, most want to know how aware consumers are of their brand and whether they have bought or plan to buy their product. Though surveys can be conducted through various channels, we at Dalia have found that mobile surveys are the fastest and most engaging channel. They also tend to deliver the best results.
It is important to measure your brand’s health regularly, as this enables you to track your most important metrics over a certain period of time, as well as measure whether your campaigns are effective. Brand tracking consists of several measures, some of the most important ones are: Brand Awareness, Brand Usage, Purchase Intent and Ad Awareness.
Curious to find out more about Brand Tracking? Click on the link below to read our blog post explaining Brand Tracking as a concept.