What Key Metrics Should You Use For Your Brand Monitoring?
Brand monitoring, also known as brand valuation, is the periodic measurement of a firm or marketing activities to evaluate the impact of brand-building projects on the firm s sales performance. A brand is said to be ‘healthy’ when the firm that has its brands on various media, such as television, in print, and on the web, have steady and regular increases in their sales. On the other hand, a brand is said to be unhealthy when its sales decrease in a short period of time. These are the brand monitoring measures that are used to determine the health of the brand.
In addition, brand monitoring can also help businesses identify
what message, or ‘voice’, they should be transmitted to their target markets to get the right response. This can include creating and monitoring a brand awareness or brand loyalty campaign, developing and monitoring a brand perception or brand-loyalty theme, monitoring sales trends, and benchmarking against key benchmarks. For instance, some firms might decide to track their performance against the Key Performance Indicators (KPI) that have been set by the company since it began trading. By tracking against these KPIs, they will be able to tell if there is indeed a significant change in the way they are perceived by their target markets. They could also decide to use another indicator, such as the percentage of new orders that translate into sales.
Most firms that use brand-tracking programs
have found that it is not only the results that are important but also the methodology and the tools used in the measurements. The success of these monitoring programs is based on the premise that businesses would build their reputations based on the feedback they get from their customers. If this feedbacks are found to be reliable, then the reputation of the firm is certainly safe. So how do you gauge which of the many brands monitoring tools would be the best way for your company to use?
Several factors are considered
when deciding which brand monitoring tool is the best one for your business. One of the foremost considerations revolves around the goal that you wish to achieve through your brand monitoring efforts. If you want to enhance your social media presence or if you want to build backlinks to your site, then you should go for social media monitoring tools that allow you to measure your gains as well as your losses over time. If you are looking to assess the performance of your brand through data gathered from various sources such as customer feedback, surveys, and comments, then you would definitely go for an external source such as brand monitoring reputation tracking.
Another factor that would determine
which of the many brand monitoring metrics available that would work best for you is your own brand strategy. If you already have a clearly defined brand strategy, then it would be easy for you to gauge the effectiveness of your brand monitoring efforts on a day-to-day basis. However, if you are still working on developing a brand strategy, then you may want to focus on trends and data collection that can help you better understand what your target audience wants in the market. It is important to take note that no brand strategy is ever going to be able to work in isolation; you need to continue to tweak your strategies based on actual market behaviors and trends.
Finally, brand monitoring metrics
should also be designed in a way that they provide quick insights that you can quickly use to make informed decisions about the direction of your company. Ideally, the information gathered through such monitoring tools should be as concise and as comprehensive as possible, as only then can you gain clear insights into your overall health and performance. In short, you must be able to conclude from the information gathered, especially when it comes to your overall health and performance. This is why you must work with a monitoring company that can provide you with access to the most up-to-date and accurate key metrics so that you can make the right decisions in terms of improving your brand monitoring strategies.