Managing brand equity requires consistent metrics. Without a sense of where a brand has been, it's difficult to make good decisions about where to take it. Our first step when we have a new client is to audit their existing customer and brand information, often only to find sporadic and inconsistent brand measurement. The best analogy is a doctor's annual physical. would be for a doctor to make a diagnosis prescription without understanding trends in temperature, blood chemistry or blood pressure.
With the advent of online surveys, and high penetration of Internet in most households, tracking research does not have to be expensive. Here are some of the questions tracking research can help to answer:
1. How is my brand doing versus competition?
2. Where does my offering stand in relation to what the customer wants?
3. How are loyal customers defined? What behaviors need to be encouraged for the brand to become ‘healthier’?
4. What is the contribution of loyal customers to creating revenue and profits for my brand and for the category as a whole?
5. What elements of the marketing mix will make my brand stronger?
6. What are the leading indicators for problems with my brand?
7. How can I optimize my positioning and other strategic marketing decisions?
Our approach to brand tracking is highly customized for each client. But we are guided by best practices and a few overriding principles. To learn more about what we consider the 'essentials' of brand tracking, see our whitepaper, "Brand Vitals: Essential Principles for Monitoring Brand Health".
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