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Branding has been around since the beginning of times as a means to differentiate products. Did you know that the term “brand” is derived from the old Norse word “brandr” which means “to burn” and used in the context of marking livestock to identify the owners. Branding in the marketing context occurs in the consumer minds and the “marks” not always come out as marketers intended, hence the need to implement brand tracking studies. Questions addressed: 1. What brand metrics should be tracked? 2. How often should a brand be tracked? 3. Who should be included in a brand tracking study? 4. How to interpret brand tracking metrics?
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Michaela Mora@rinsights
Twitter hashtag: #brandtracking
www.relevantinsights.com
www.relevantinsights.com
1. What is brand and brand equity?
2. What brand metrics should be tracked?
3. How often should a brand be tracked?
4. Who should be included in a brand tracking study?
5. How to interpret brand tracking metrics?
AgendaAgenda
2www.relevantinsights.com
www.relevantinsights.com
“a name, term, sign, symbol or design, or combination of them intended to identify the goods and services of one seller or group of sellers and differentiate them from those of the competition”
What Is A Brand?What Is A Brand?
American Marketing Association
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Where do brands exist?
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What Is Brand Equity?What Is Brand Equity?
Source: Kevin L. Keller “Strategic Brand Management”
Customer-Based Brand Equity
Customer response
Differential effect
Brand knowledge
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Brand Research MethodsBrand Research Methods
Brand Tracking, Comparative methods for brands and marketing activities, trade-off analysis (conjoint)
Projective techniques, Story-telling, Role playing, Focus groups, Ethnography, Online qualitative techniques, etc.
Quantitative Research
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Qualitative Research
Sentiment monitoring, Content Analysis, Trends
Social Media Research (Can be qualitative or quantitative)
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Why Brand Tracking?Why Brand Tracking?
Monitor the health of the brand to allow for proper adjustments.
Provide information to facilitate marketers’ day-to-day decision making
Provide insights into the effects of many marketing actions on brand equity
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What To Track?What To Track?
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Recall Brands purchased
Favorability
Brand Experience & Usage
Brand Awareness Brand Image
Customer satisfaction & loyalty
Brand Change likelihood
Future purchase intent
Total spending
Purchase frequency and amountRecognition
Brand Attributes
Brand Benefits
Uniqueness
Strength
Brand Attitudes
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What To Track?What To Track?
Brand RecallDepends on strength and organization of memories
and their accessibility
Brand Recognition Depends on content of
memories
What retailer brands come to mind when you think of clothing?
When you think of retailers where you can buy jeans, which brands come to mind?
Which of the following retailer brands sell sport wear?
How familiar are you with the following retailer brands of sport wear? Scale from “Never heard of” to “I have purchased sport wear at this retailer”
Brand Awareness
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Customer Service
ProductAdvertising
Store experience
Website experience
PricePromotions
Brands purchased
Purchase frequency
Brand Change likelihood
Total spending
Customer Behavior
Purchase amount
Customer satisfaction
Future purchase intent
Product Performance
Customer Service
Shopping experience
Price as a barrier Brand loyalty
Brand Experience & Usage
What To Track?What To Track?
Experience with competing
brands
Own and Competing Brands
Social media/WOM
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Experience with competing
brands
Customer Service
Product attributes
Advertising
Social media/WOM
Store experience
Website experience
Price
Promotions
Product performance
Cultural background
Favorability
Desirability
Deliverability
Brand Benefits Functional
Symbolic Experiential
Uniqueness
Point of differentiation
Shared associations
Product Performance/Quality
Product attributes Product features
Brand personality
Non-Product Attributes
User Imagery
Price
Feelings/Experience
Strength
Quality of the brand info processing
Quantity of brand info processing
Brand Attitudes
Brand Image
What To Track?What To Track?
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How Often To Track?How Often To Track?
Continuous Tracking
“Smooth Out” the short-term effect of unusual marketing activities
Can be analyzed with other continuous data (sales, advertising spending, market share, etc.)
More expensive
Better for monitoring competitive landscape without influence of media schedule
Pulse Tracking
Could be biased if a negative or positive marketing event occurs close in time to a wave of interviews
Data gaps between measurement waves
Can provide precise before-after measurements of specific media events
Less expensive
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How Often To Track?How Often To Track?
Criteria To Consider
Stability of brand associations
Frequency of product purchase
Marketing activity in the product category
Level of competition in product category
Marketing activity plan for the brand
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Whom To Track?Whom To Track?
Customers
Non-Customers
Vs.
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How To Interpret?How To Interpret?
Brand Recall
Brand Awareness
When Is The Purchase Decision Made?
Brand Recognition
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Among flavored alcoholic beverages
Among flavored alcoholic beverages for a party with friends?
Recall
Recall
Factors Affecting Recall
Interference of other product information
Time since last exposure
The number and type of external retrieval cues
Recall = Strength Indicator
Brand Awareness
How To Interpret?How To Interpret?
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Recognition
Brand Awareness
Brand Recognition = Marketing strategy success
Potential ability to recall
How To Interpret?How To Interpret?
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How To Interpret?How To Interpret?
Brand Experience &
Usage
Brand Image
Rejecter
Devoted & Engaged
Satisfied but Indifferent
Ambivalent
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Assess
How To Interpret?How To Interpret?
Are the metrics reflecting the underlying sources of brand equity or are they not sensitive enough?
What are the appropriate cutoffs?
Correlate
Which are the sources of brand equity?
Which sources are the value drivers for a brand?
Which marketing activities are most effective?
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Thanks!Thanks!
P: [email protected] on Twitter @rinsightshttp://www.relevantinsights.com
Michaela Mora