Brand Magnetism
How Consumers Connect With Your Brand
What is Brand Magnetism?
Brand Magnetism is the proportion of potential customers interested in the brand. The number is a measure of the immediate opportunity and strength of a brand, whilst users provide the current brand reach.
If you can attain Brand Magnetism, consumers are more likely to be responsive to your brand’s messaging and products. Companies can generate magnetism and interest through their advertisement and new product development.
Brand Magnetism is directly related to the Brand Funnel, an integral part of our BrandVision approach. The Brand funnel focuses on five key metrics – Awareness, Consideration, Usage, Satisfaction and Loyalty.
Why is Brand Magnetism Important?
Sustaining a high level of Brand Magnetism means that your company is at the forefront of a customer’s mind. If customers remain continuously interested in your brand and/or prducts, in turn there is a constant audience who are engaged with what your brand stands for and the offering available. The more you can build Magnetism the more likely customers are to purchase your brand or services, and most importantly, they will suggest (or promote) the brand to others, growing those who are interested further.
Our BrandVision approach explores Promotion in our other metrics, such as Net Promoter Score (NPS). NPS is a measurement looking into the customer experience of a brand and their likelihood to recommend the product, brand or service to their peers, which in turn predicts business growth. NPS identifies three types of customers,
- Detractors who are unlikely to return or recommend you.
- Passive may possibly change to a competitor offering.
- Promoters are typically repeat buyers and enthusiastic about the product or brand, recommending you to their peers.
It is Time to Stand Out From The Rest! Brands are constantly fighting for customers’ attention, and if your brand is similar to another, you won’t be as memorable as you could be. What you should do is try and have a unique stance that allows you to be different from the rest of your competitors and more recognisable, drawing people to you! This is supported by our Brand Fame metric.
Essential Brand Metrics
Running brand tracking surveys over time will allow you to spot trends over time and allow you to take action quicker. But you’ll need to measure more than this if you want truly actionable research, so Welcome to BrandVision.
Welcone to BrandVision
Metrics to Turbo Charge Your Strategy
BrandVision is our flexible brand evaluation system that can be fully customised to your requirements. From self-serve to fully managed BrandVision offers tracking for brands of all shapes and sizes.
Brand Awareness
The Battle for the Mind
Many marketers believe Brand Awareness is a single metric – in truth, it’s a lot more complex than that! As experts in brand awareness measurement, we’d like to explain why.
Behavioural Economics has shown the importance of Availability Bias and that winning customers’ choices means being front of mind. Brand Awareness metrics include; Prompted Brand Awareness, Brand Recognition and Brand Recall. Together we call it Mindshare.
Brand Emotion
Creating Strong Relationships
Branding is much more than just a brand name, logo or strap line. Successful branding is far deeper than that.
The best and strongest brands form an emotional relationship with their customers. We call this Emotional Branding and along with Brand Love these forms a pivotal part of our BrandVision approach and our Brand Equity Wheel.
Developed by Robert Plutchik, the Wheel of Emotion helps to explain how emotions work.
Brand Momentum
Discover the power of Brand Momentum.
Momentum refers to the growth potential for your brand and its likely future trajectory. Momentum measures the extent to which your brand is seen to be growing or declining.
Momentum is a complex KPI and is driven by your marketing activity and spend, product availability, brand image and your brand proposition and positioning.
Brand Momentum is a better indicator of growth than virtually any other consumer metric. Its role is far more important than the highly regarded Net Promoter Score (NPS) because it is a better predictor of consumer behaviour than any other brand metric.
Brand Love
The Power of Love
The concept of Love in brand relationships has been receiving immense and escalating attention. It is considered by many experts as the essential ingredient for capitalising in today’s new order.
Brand Love underpins the consumer-brand relationship. It’s not an emotional or fluffy metric but rather the holy trinity of brand metrics, combining three powerful metrics: Relevance, Need and Trust.
Evaluation of brand tracking data has taught us, time and time again, that Relevance is arguably the most important metric of all – and is highly correlated with consumer behaviour.
Brand Health
8 Secrets to a Healthy Brand
The 8 Essential brand image metrics are:
- Brand Identity -Does your Brand identity have Clarity?
- Brand Noise – is your brand Grabbing people’s Attention?
- Newsworthy – Is your brand worth talking about?
- Outstanding – Do you offer exceptional Quality or Value?
- Variety – Is your brand flexible or have multiple uses or benefits?
- Accessible – Is your brand Readily Available and Convenient?
- On Trend – Is your brand Topical & Current?
- Ethical – Are you seen to be doing the right things?
Brand Fame
What is Brand Fame?
Brand Fame (also known as brand leadership) is one of the key metrics that indicate whether or not your brand has a USP and is seen by consumers as a ‘Leader’, ‘Different’ or ‘Characterless’.
There are two very important aspects to Brand Fame: Uniqueness & Leadership. Brands that have neither of these attributes tend to struggle, with little to set them apart from their competitors.
A great example of this is people’s desire to own the Apple brand. The high levels of Fame (Distinctiveness and Leadership) correlate highly with Brand Love and Consumer Loyalty – which ultimately has helped drive Apple’s dominant position in the market.
Net Promoter Score
The Recommended Metric
Net Promoter Score was initially developed in 2003 by Bain & Co to help companies earn customer loyalty and inspire employees,
NPS is an important part of consumer research for many companies as it is a measure used to gauge customer loyalty, satisfaction, and enthusiasm for a company
Further research carried out by Nielsen has supported the metric, confirming that word of mouth is the most influential element of consumers’ purchasing decisions.
LET’S HAVE A CHAT
If you are curious to know more about how we could work together, or how our insights can grow your business, then please give call us on 0203 693 3150 or use the contact button below.