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1、BRAND TRACKING 101 A Comprehensive Guide to Measuring Brand Health2 2023 Hanover ResearchCORWP0223INTRODUCTIONTABLE OF CONTENTS2/INTRODUCTION3/BENEFITS OF BRANDTRACKING4/DEVELOP YOUR BRAND TRACKING STRATEGY5/UNDERSTAND KEY BRAND HEALTH METRICS12/ANALYZE YOUR BRAND TRACKING RESULTS14/TRACK YOUR BRAND
2、STRATEGY15/BRAND TRACKING CHECKLISTOngoing brand tracking is essential for improving brand health and tracking the ROI of marketing initiatives.However,establishing a brand tracking strategy can be difficult,time-consuming,andcostly.Why is tracking your brand health difficult?Brand health is impacte
3、d by a variety of factors,including the ever-changing technology buyers can use to discover,engage,and comment on an organizations brand(and itscompetitors).In this guide,we review how organizations can develop a brand tracking strategy,understand the key metrics that determine their brand health,an
4、alyze brand tracking results,and continuously track and adjust their brand tracking strategy moving forward.The percentage of businesses who conducted brand tracking in the last 12 months77%92%The percentage of companies who say brand research helps them identify and leverage their competitive advan
5、tage and grow their market share The average ROI of brand tracking research7x(Hanover Research)Learn why brand health measurement is critical and how to get started.Guide to Brand Health Measurement3 2023 Hanover ResearchCORWP0223BENEFITS OF BRAND TRACKING Successfully measuring brand health means p
6、aying attention to the metrics that matter,tracking them over time,and making sense of strengths and weaknesses to improve brand strategy.Here are the five reasons why tracking your brand health is essential.1.Build and Maintain a Healthy BrandTo develop a strong brand,you need to consistently ident
7、ify signals of poor brand awareness and negative impressions.By tracking these metrics and paying attention to how people regard your brand,you can begin to see the bigger picture of your brands overall health and determine if its time to re-evaluate your messaging approach,marketing initiatives,or
8、even how your brand is presented and its attributes.2.Evaluate the Impact of Product Launches and Key Initiatives Brand tracking is useful for tracking key metrics throughout the product lifecycle before,during,and after launch to evaluate the impact of the launch or initiative on a brand and to ide
9、ntify and adapt to any negative reactions.3.Demonstrate Campaign Performance and ROI Brand tracking tools allow you to measure important brand metrics and help you understand the effectiveness of both your individual campaigns and your overall brand presence.Regular brand tracking also helps you ext
10、ract relevant information that you can use to inform your brand strategy moving forward.4.Compare Your Brand to Competitors By identifying competitors and comparing key metrics customer loyalty,customers preferred brand,and what drives them to continue purchasing from one brand over another,companie
11、s can gain a clearer idea of their position against the competition.When customers are satisfied enough to continue using a product or service long-term,its safe to assume the brand is delivering on its KPIs.If customers are easily swayed to try a competitors product or service,it may be time to re-
12、evaluate your brand positioning or product attributes.5.Proactively Identify and CorrectUnderperformance With access to a wealth of historical data,you can quickly identify signs of decreased brand awareness,perceived brand quality,and customer loyalty.Then you can develop strategies to help boost b
13、rand recognition and make your company top of mind for potential and returning customers.4 2023 Hanover ResearchCORWP02231.DEVELOP YOUR BRAND TRACKING STRATEGY Brand tracking starts with clear goals that build back from your organizations needs and utilizes the right tools to assess brandhealth.DEFI
14、NE YOUR GOALSBrand tracking aims to track an organizations brand strength over time,visualize longitudinal trends,and highlight the impact of marketing campaigns and activities.However,keep in mind organization-wide goals can help contextualize brand tracking findings.Some common organizational goal
15、s include promoting new products or services,increasing new or recurring sales,and enhancing an organizations public image or press profile.IDENTIFY TOOLS TO USEIn deploying a brand tracking strategy,there are a variety of tools to help uncover both the what related to your brand(e.g.,What segments
16、are most aware of my brand?)and the why(e.g.,Why do certain segments outperform others?).Using a mix of online feedback and in-depth research can paint a complete picture of how buyers perceive your brand.BUYER RESEARCH SURVEYSCollect direct customer feedback periodically through surveys.FOCUS GROUP
17、SUse at the start of your research for an exploratory look into buyers perceptions of your brand.Conduct online groups for administrative ease and lowered inhibitions in participants.VOC PROGRAMGather customers feedback around their experiences with and expectations of a brands products or services.
18、ONLINE DATA ANALYSISSOCIAL LISTENINGGather candid feedback on how buyers discuss your brand on social media platforms.PLATFORM ANALYTICSGet real-time data on buyers experience with your brand.ONLINE PURCHASING BEHAVIORHistorical data can uncover purchasing behaviors and where customers drop off.TOOL
19、S TO USE5 2023 Hanover ResearchCORWP02232.UNDERSTAND KEY BRAND HEALTH METRICSWhen it comes to measuring brand health,the fundamental issue is knowing which metrics matter.Brand health is multifaceted,with different metrics capturing important and unique elements of total brand health.Hanover Researc
20、hs findings show that there are six key metrics that capture the full picture of brand health:awareness,perception,prior usage,preference,future purchase consideration,and Net Promoter Score(NPS).These six metrics roughly mirror the marketing funnel and collectively work together to identify current
21、 buyers satisfaction,loyalty,and feelings of the brand,and prospective buyers awareness of and need for the product.Frequently,brand tracking will assess individual elements of brand health from the broadest of general awareness,to the narrowest of how likely a buyer is to recommend a brand.But fail
22、ure to view all of the key brand health metrics holistically means that organizations receive only a partial view of total brand health.For a robust assessment of brand health,measure each of the key brand health metrics to understand buyer engagement with your brand.AWARENESSWho has heard of us?PER
23、CEPTIONWhat do buyers think about us?PRIOR USAGEWho is and is not buying our product?PREFERENCEAre we a preferred brand?FUTURE PURCHASE CONSIDERATION Do buyers who engage with our brand intend to purchase from us?NPSWho are our brand advocates?BRAND HEALTH FUNNEL6 2023 Hanover ResearchCORWP0223WHAT
24、IT IS Awareness,the extent to which buyers are familiar with the distinctive qualities of a brand,is key to staying top-of-mind withbuyers.Brand awareness is measured by two factors:AWARENESSBrand recall(unaidedawareness)Measures whether your brand is top-of-mind for customers without prompting or s
25、timuli.Brand recognition(aided awareness)Measures customers ability to recognize your brand with a stimulus present,such as a list of brands in your product category.HOW TO MEASURE SurveysDeploy regular surveys measuring brand awareness to collect a vast array of brand awareness data.Brand awareness
26、 surveys directly measure brand recall and recognition to reveal a true measure of your brands popularity.Historical dataOnline sales channels,forums,and reviews can be useful for collecting customer comments on your brand.SAMPLE QUESTIONSAWARENESS When collecting buyer feedback on their awareness o
27、f your brand,include questions on both unaided and aided awareness to determine their awareness before and after seeing your advertising.UNAIDED AWARENESSSee if your brand is top-of-mind with buyers by asking an open-ended question,not specifically mentioning your brand name.Example:Which furniture
28、stores are you familiar with?Please write your answers in the box below.AIDED AWARENESSSee if your marketing is reaching buyers by listing your brands name along with several of your competitors to see which are familiar to the buyer.Example:Which of the following furniture companies have you heard
29、of?Ashley Furniture Crate and Barrel Pottery Barn your brand name Pier 1 Imports2.UNDERSTAND KEY BRAND HEALTH METRICS7 2023 Hanover ResearchCORWP0223PERCEPTIONWHAT IT IS Brand perception measures how current and potential customers perceive an organization and how its evaluation compares to other br
30、ands in the market.Brand perception also helps identify gaps in an organizations offerings and determines how customers perceive the quality of the offerings and their expectations for use.HOW TO MEASURE Focus groupsQualitative data gathers deeper insights about your brand,allowing for open-ended qu
31、estions about customers impressions of your brand.SurveysUse quantitative data to gather high-level customer and non-customer feedback across different groups and benchmark brand perceptions against your competitors.Sentiment trackingA sentiment analysis collects feedback across various channels to
32、interpret if customers view your brand positivity or negatively.If you dont have access to a sentiment analysis tool,you can search hashtags associated with your brand across platforms to identify how customers are talking about your brand.SAMPLE QUESTIONSPERCEPTIONOn a scale from Strongly Disagree
33、to Strongly Agree,ask buyers to respond to statements like:This brand has a good reputation This brand is recommended by people I trust This brands prices are competitive This brands products provide good value for the money 2.UNDERSTAND KEY BRAND HEALTH METRICS8 2023 Hanover ResearchCORWP0223WHAT I
34、T IS Prior usage data gives brands a look at customers who have previously purchased their products.Measuring prior usage provides insight into who their customers are,how often they purchase and use their product,and what other products they use from competitors.Prior usage data can also provide in
35、sight into customers who display brand loyalty,allowing companies to determine which factors best nurture high-value customers.PRIOR USAGEHOW TO MEASURE Customer lifetime value analysisUse historical sales data to measure customer activity and what activities make customers attribute high value to t
36、he brand.SurveysQuantitative data provides insight into how and when customers use products and services.Interviews and focus groupsQualitative methods can collect direct feedback on how customers interact with the brand and product and identify new or evolving use cases.SAMPLE QUESTIONSPRIOR USAGE
37、PURCHASE ACTIVITY Have you purchased this this product before?When and how many times have you purchased it?ACTUAL USAGE If you have purchased this product,how frequently do you use it?How many users in your household or workplace interact with this product?TIMING OF USAGE When did you purchase this
38、 product?When do you use this product?AUDIENCE How do you expect this product to address your needs?Are you using similar products from other companies?2.UNDERSTAND KEY BRAND HEALTH METRICS9 2023 Hanover ResearchCORWP0223PREFERENCEWHAT IT IS Brand preference evaluates customers attachment to or pref
39、erence for specific brands.High brand preference drives repeat sales and increases customer loyalty.HOW TO MEASURE Online purchasing behaviorCRM data and other platforms that collect online purchasing behavior can be helpful in determining how many customers return to your organization.For additiona
40、l feedback,consider collecting customer comments from online sales channels,such asAmazon.SurveysQuestion customers on their experiences with your brand for a full view of how likely they are to stay with your brandlong-term.SAMPLE QUESTIONSPREFERENCEREASON FOR PURCHASE Why do you return to purchase
41、 our offerings?PRODUCT FEATURES What product features inspire you to choose this offering over competitors?RETENTION Is there anything that you would change about our products/services to make you more likely to keep purchasing them?2.UNDERSTAND KEY BRAND HEALTH METRICS10 2023 Hanover ResearchCORWP0
42、223WHAT IT IS Future purchase consideration measures how likely customers are to make a brand purchase in the near future.While someone may engage with a brand by visiting its website or following its content on social media,it may not mean the customer intends to make a purchase.They may perceive t
43、he quality as subpar,feel misled or uninformed by the messaging,or otherwise do not believe the offering will meet their expectations.FUTURE PURCHASE CONSIDERATION HOW TO MEASURE Platform analytics and sociallisteningOnline research gleaned from customer feedback forums and social listening can prov
44、ide insight into how customers feel the product will deliver and how confident prospective customers feel about purchasing the product.It can also help identify specific messaging or campaigns that may inspire greater confidence in the brand or offerings that could promote more purchases.SurveysSurv
45、ey previous customers to understand why they made the purchase,what brought them to your product,and if they intend to purchase from you again.Survey potential customers to understand what would inspire them to purchase from you,and question customers who decided not to purchase your product to unde
46、rstand what factors dissuaded them.SAMPLE QUESTIONSFUTURE PURCHASE CONSIDERATIONEASE OF PURCHASE:Does our messaging provide enough information to educate you on the product?Is the purchasing process straightforward or would you change any steps?ABILITY TO MEET EXPECTATIONS Do you believe this produc
47、t will meet the expectations set by our marketing and advertising?PERFORMANCE Do you think this product will meet your needs?Does it appear high quality and/or effective at meeting its purpose?RELIABILITY Does this product look like it will deliver a quality experience over and over?APPEARANCE Does
48、this product look attractive to you?Is there anything you would change about its look or feel that would inspire you to purchase it?2.UNDERSTAND KEY BRAND HEALTH METRICS11 2023 Hanover ResearchCORWP0223NET PROMOTER SCORE(NPS)WHAT IT IS NPS measures customers willingness to recommend your brand and p
49、roducts to others.A high NPS signals high levels of loyalty,driving up the brands value and improving public perception.Organizations benefit financially from a high NPS by being able to charge premium prices and often seeing long-term success.By cultivating loyal,lifelong customers,organizations re
50、ap the benefits of increased sales and of new customers finding your brand through word of mouth.HOW TO MEASURE SurveysSurvey current and previous customers to understand their experiences with the brand,why they do or do not recommend your brand,and what practices the brand should maintain or impro
51、ve to drive satisfaction.VOC programEmploying a voice of customer(VOC)program can help organizations consistently gauge the loyalty and satisfaction of their customerrelationships.SAMPLE QUESTIONSPERCEPTIONNPS is measured by a single question that determines buyers satisfaction level with your brand
52、 or organization.Researchers should ask the following question,providing a 0-10 scale where 0 is Very Unlikely and 10 is Very Likely:Considering your complete experience with our company,how likely are you to recommend our products to a friend or colleague?2.UNDERSTAND KEY BRAND HEALTH METRICS12 202
53、3 Hanover ResearchCORWP02233.ANALYZE YOUR BRAND TRACKING RESULTSAfter you have collected your brand tracking results,its time to prepare your data and analyze your findings.Identify patterns across studies and audience segments and use that data to inform your strategic initiatives.For example,if yo
54、u are preparing for a new campaign,you can identify personas associated with high loyalty and then use that information to reach out to potential supporters.Or you can use awareness data,segmented by region,to target an upcoming paid search campaign.To get started analyzing your brand tracking resul
55、ts,there are two critical steps:preparing and examining the data.VALIDATE Analyze your data to confirm that respondents completed the full interview or survey and to ensure that the data collection was performed correctly and without bias.CLEAN Review your data for errors and remove any invalid resp
56、ondents who may have completed fields incorrectly or skipped them entirely.Conduct rigorous data cleansing to ensure that data are included from serious and qualified study participants only.CONVERTGroup and assign values to your raw data to convert it into a meaningful and readable form.Evaluate op
57、en-ended responses for salient themes,relevant relationships,and unifying narrative.Model quantitative data via descriptive and statistical analyses.PREPARE THE DATA13 2023 Hanover ResearchCORWP0223EXAMINE BRAND TRACKING RESULTSStudy your brand tracking results to connect metric performance with str
58、ategic initiatives,activities,or institutional strengths and weaknesses.Key questions to ask when studying your brand tracking results include:Which metrics performed the strongest?The weakest?Are the results evenly spread or are there certain segments that are stronger or weaker?Was there any chang
59、e in results based on any marketing campaigns or sales promotions?If tracking over time,what direction are brand metrics trending?Are there macro trends that might affect your brand?3.ANALYZE YOUR BRAND TRACKINGDiscover how businesses are tracking and leveraging brand health insights.The State of Br
60、and Measurement 14 2023 Hanover ResearchCORWP0223DRIVE MARKETING DECISIONS Use the findings from your brand tracking to drive key marketing decisions and to make strategic investments.For example:4.TRACK YOUR BRAND STRATEGY AND ADJUSTWhen it comes to brand health,its not enough simply to track resul
61、ts:You must use the data you generate to drive more results,whether through marketing activities,or ongoing performance monitoring and strategy developments.Here are two critical uses for your brand health tracking outcomes.REFRESH AND RESTART YOUR BRAND TRACKING Review your brand tracking results w
62、ith a focus on questions or approaches that might change in subsequent rounds.If you are using a survey,determine which areas could benefit from additional clarity,such as from a focus group.Brand tracking should drive actionable insights,and continual brand tracking can improve the quality of findi
63、ngs.If your results indicate low awareness levels:Investigate paid advertising options and media coverage to boost your brand.If your results indicate low preference levels:Unpack the open-ended results and consider focus groups to identify what changes in product may beneeded.If your results indica
64、te a low likelihood of buyers to recommend yourbrand:Investigate ways to drive loyalty such as loyalty programs or brand ambassadorships that can spark viral social media.Identify the signs its time for a rebrand and build a strategy to ensure success.Top 7 Tips for a Successful Rebrand 15 2023 Hano
65、ver ResearchCORWP0223BRAND TRACKING CHECKLIST1.Develop Your Strategy DEFINE YOUR ORGANIZATION-WIDE GOALS Increase new and reoccurring sales Promote new products Strengthen brand equity and marketpositioning AWARENESS The extent to which your buyers are familiar with yourbrand?PERCEPTION How current
66、and potential customers perceive yourbrand?How buyers perceive your brand compared to how they perceive your competitors?2.Understand Key Brand Health Metrics Do you understand:IDENTIFY TOOLS AND RESEARCH METHODS Do you have the ability to collect and leverage Surveys Focus Groups VOC Program Social
67、 Listening Platform Analytics Historical Data FUTURE PURCHASE INTENT How likely your customers are to make a purchase in the near future?Is your product or service meeting your customers expectations?NET PROMOTER SCORE How likely your customers are to recommend your brand to others?PRIOR USAGE Which
68、 customers have previously purchased your products?How often they purchase and use yourproduct?What competitor products they use?PREFERENCE The strength of customers attachment to or preference for a specific brand?The strength of your brandloyalty?16 2023 Hanover ResearchCORWP02233.Analyze Your Res
69、ultsPREPARE THE DATA Do you have the ability to:Validate that the analysis was performed correctly and without bias Clean the data for errors and bot responses Convert the data to a meaningful and readable formatEXAMINE YOUR RESULTS Key questions to ask:Which metrics performed the strongest?The weak
70、est?How have the results changed over time?Can any changes be attributed to recent activity?What direction are metrics trending?4.Adjust Your Brand StrategyDRIVE MARKETING DECISIONSEvaluate findings from your brand tracking to drive key marketing activities and investments.To build awareness:Investi
71、gate paid and earned media opportunities To build preference:Consider potential changes to product and messaging To build loyalty:Consider investing in in loyalty programs,influencer marketing,or brand ambassadorships and readable formatREFRESH AND RESTART BRAND TRACKING Review brand tracking result
72、s with an eye toward what questions or approaches could change in subsequent rounds Evaluate brand tracking questions to ensure they align with any updated or refined company goals and priorities Update brand tracking questions to focus on pain points Gather additional feedback through qualitative r
73、esearch BRAND TRACKING CHECKLISTWe leverage a deep understanding of your business challenges to provide critical intelligence that helps you uncover new opportunities,minimize risk,and accelerate growth.ABOUT HANOVER RESEARCHOUR BENEFITSDEDICATEDExclusive account and research teams ensure strategic
74、partnership EXPERT200+analysts with advanced multiple methodology research expertisePh.D.M.B.A.M.Ed.M.Phil.M.P.H.M.S.M.A.J.D.B.A.B.S.Ongoing custom research agenda adapts with organizations needsFLEXIBLEEFFICIENTAnnual,fixed-fee model shares costs and benefitsOTHERPROVIDERSFEES#OF PROJECTSOUR CORPOR
75、ATE SOLUTIONS ANALYSISDrive growth and outperform competitors through targeted exploration and analysis of hard-to-quantify markets.y Market Entry Strategy y Market Penetration Strategy y Trend Analysis y Market Share Identification y Market Segmentation y Merger and Acquisition Opportunity Analysis
76、 y Competitive AnalysisPRODUCT LIFECYCLEOptimize each stage of a products lifecycle from ideation,development,launch,andmarketing.y Product Lifecycle Management y Product Development y Product Portfolio Review y Package Design y Pricing Strategy y Product Message Testing y Channel Strategy y Custome
77、r Needs AssessmentCUSTOMER EXPERIENCEUnderstand the complex customer journey to pinpoint problem areas and uncover opportunities for high-impact improvement.y Voice of the Customer y Consumer Decision-Making Process y Customer Segmentation y Customer Needs Assessment y Buyer Persona y Customer Satis
78、faction y Customer Journey y Lead Scoring y Pathway to PurchaseBRAND STRATEGYIdentify and measure the most important metrics for assessing brand and cultivating effective messaging.y Brand Equity y Brand Awareness y Brand Perception y Brand Tracking y Brand Development and Positioning y Content MarketingLEARN MORE: WilsonBlvd.9th FloorArlington,VA 22203(202)559-0050