Understand your Brand Awareness and grow your Brand
Grow Your Brand Awareness
Brand awareness surveys are one of the most important tools for brands looking to grow their business FAST. Our brand awareness metric Mindshare is one of 8 powerful brand metrics to help monitor and build your brand.
Why is Mindshare so important?
Quite simply, it’s the best measure of how immediately your brand springs to mind. It’s also one of the best indicators of familiarity and interest in your brand. We calculate Mindshare using a combination of various different awareness measures – including spontaneous and prompted awareness KPIs.
Mindshare taps into the Availability heuristic.
This is a mental shortcut where people evaluate a given topic, concept or brand – based on how immediately it comes to mind. Those that come to mind more readily are generally the ones that are preferred or used.
Why Track Brand Awareness?
- Provides the strategic insights that will help you fast forward your brand
- Evaluates your brand awareness campaign and to help you understand how to drive forward consideration and usage
- Identifies customer segments requiring greater attention and where to focus your marketing budget
- Successfully evaluate and optimise your marketing strategy and campaign messaging
- Build your growth strategy with BrandVision’s innovative metrics and stay ahead of your competitors
There's more to Brand Awareness than meets the Eye!
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. In part, Brand Awareness alone is not sufficient to grow a brand - research shows that most effective advertising campaigns drive both Awareness and Interest.
“I’d really recommend this agency. From enquiring about our market research project they sought out to really understand our questions and needs. Results were delivered really quickly without compromising quality of research and delivery of result.”
(The Perfume Shop)
Brand Awareness KPI Metrics
We use ‘Mindshare’ as the KPI to summarise the strength of brand awareness – it’s effective and insightful and is a key part of our brand health measurement system, ‘BrandVision’.
Without a doubt, Brand Awareness is the most prized asset any new or upcoming brand can hope for. As one of the five key stages of the Brand Funnel, awareness is the ultimate goal – maximising the number of potential customers a brand can have.
Spontaneous recall is largely regarded as the most powerful and important level of awareness for most brands because it often correlates with sales – though it can be much more difficult and costly to influence. Prompted recall is often more relevant to recently launched brands trying to get their name out in the market. As brands become more established, they tend to change their focus from raising awareness towards enhancing the relationship and Brand Emotion.
It’s important to understand what is actually driving your brand awareness – and who. That’s why we always recommend segmenting your target market so that you can tailor and prioritise who your communications are aimed at. Brand perception and awareness can vary widely among different groups of people (from age, gender and ethnicity to region, social class and those that share similar shopping behaviours). Looking at your brand awareness in isolation isn’t particularly meaningful. But understand how it compares to your key competitors and you’ll be armed with the game-changing insight that drives your marketing strategy and reignites your brand growth.
How frequently should you track your brand awareness?
Brand awareness research studies tend to be annual or continuous, with many businesses monitoring awareness on a weekly or monthly basis. Continuous monitoring has a distinct advantage over an annual (dip-stick) approach because it highlights how your awareness responds directly to any marketing activity – in real-time. Continuous brand awareness surveys allow you to assess the instant impact of your marketing campaigns. They also closely monitor your competitors, giving you the insight you need to evolve, be proactive and stay one step ahead.
Killer Brand Metrics to build Brand Awareness
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 brand metrics if you want truly actionable research, so Welcome to BrandVision.
Welcome 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.
Magnetism attracts Customers
Part of the Brand Funnel, Magnetism refers to the attraction your brand has with the target market.
There are two aspects to brand Magnetism. Firstly the strength of appeal and interest in the brand. Secondly, it is about the segments and groups interested in the brand. Understanding who and who isn’t interested in your brand are the first step in creating a strong marketing and brand strategy.
Brand Magnetism is the holy grail for many brands as it is often associated with some of the best and most iconic brands in history.
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 digital world.
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.
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.
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.
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.
8 Secrets to Brand Growth
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 and 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?
Creating Strong Emotional Bonds
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.
Book Your Appointment Today
Would you like to have a quick chat about brand metrics and improving your brand health with one of our onboarding team? If so, please feel free to book an appointment with us.
Alternatively please give call us on 0203 693 3150 or use the contact button below.