Tracking brand equity allows you to keep a close eye on the health of your brand in competitive markets.
As a whole, brand tracking helps businesses understand how customers perceive their brand and how it measures up against industry rivals.
Higher brand equity also often means a stronger connection with customers. This connection can lead to increased customer loyalty, which is golden for any brand. In our experience, companies that track their brand's value can adapt quickly to market changes, making them more resilient.
Measuring Brand Equity
Having a solid brand equity strategy and tracking it is critical for keeping your business competitive in the market. A good strategy should come from research data and hard numbers - but this takes time.
Months of data compiled initially is how you can build out a data baseline. After that, you can begin to track the metric to see if it’s increasing or decreasing.
There are a few different parts of brand equity to pay attention to. Some of the main aspects include market share, perception, awareness, and more. All of these and more collectively make up brand equity as we know it.
Methods of Tracking
When it comes to actually managing your brand equity and tracking it, there are several ways to do it - some better than others.
An online survey may be one of the most common ways along with focus groups, in-depth interviews, and other different methods of research. Since surveys are the most common, here are some of the best ways to go about surveying to measure brand equity.
You’ll want to craft your own questions, but ensure they are:
- Simple and easy to answer
- Free of bias
- Timely
In our work and experience, these methods (especially surveys) provide a clear picture with the data obtained.
With that data, brands can begin to incorporate it into their marketing, brand management, or business strategies.
So next time you wonder how valued your brand is, remember this: it's in the numbers, the conversations, and in people's minds.
Why We Use Both Qualitative & Quantitative Data For Tracking
At our market research firm, we often use qualitative and quantitative data for brand equity tracking.
Both research methods give us a full picture, since certain feedback for brand equity will be inherently one way or the other.
Quantitative Data
Quantitative data like surveys provides hard numbers. Numbers like sales figures, market share, or how many likes a social media post receives are all measurable.
This data is easy to compare and track over time. In fact, tracking these numbers gives us clear trends and patterns for brands to use in their marketing with data to back their strategy.
Qualitative Data
Qualitative data like IDIs and focus groups reveals insights about customer feelings and experiences. Through interviews and focus groups, we hear customer stories and emotions in relation to a brand, revealing what numbers alone cannot.
For example, when tracking a new product, numbers may indicate rising sales. But without qualitative data, we could miss that these sales are driven by a powerful ad campaign that resonates emotionally.
What Brand Equity Tracking Does for Your Business
Brand equity tracking is a game-changer, and in some industries, is crucial for your business as a whole.
First off, tracking brand equity helps you easily compare yourself to competitors (not to mention that the qualitative data from studies can help you stay ahead of competitors with details like customer insights).
Secondly, tracking can also help boost financial performance. Strong brand equity often translates to higher sales from things like customer loyalty and satisfaction, letting companies command better prices and accurately project their revenue.
In certain cases, companies can afford to spend more to acquire a customer compared to competitors. Using this approach, companies may see better margins and profitability.
In our work, we also find that tracking supports strategic planning. Using the data and insights from a project, businesses can create more focused campaigns which can help bring in even more money.
Why Drive Research Is the Best Choice for Brand Equity Tracking Projects
With our team’s combined 80+ years of market research project experience, we have plenty of brand tracking projects under our belt. Think of it like this: when you choose to work with us, you’re working with experts in the field.
From high quality data each and every time to the best project management, we put our clients first for their market research projects.
Conduct Brand Research With Us Today
Hundreds of organizations have trusted us to complete their brand tracking projects, relying on the data to make their businesses an even greater success.
Whether you want to learn more about our market research services, get a quote or chat through your next project idea, we’re here to help. Let’s talk!
- Message us on our website
- Email us at [email protected]
- Call us at 888-725-DATA
- Text us at 315-303-2040
Austin Parker
Austin has an extensive background in SEO as he's been blogging since 16 years old back when the internet was in its infancy. As fitting, he holds a Bachelor's degree in English with a concentration in creative writing.
Learn more about Austin, here.
