What metrics should internet startups analyze from consumers

How to measure brand awareness

Measuring brand awareness divides the marketing world. Some see it as a fruitless activity, a pile of flattering metrics unrelated to marketing ROI.

The other side, advocated by Bryan Sharp, argues that one of the most powerful drivers of consumer buying intent is brand recall. Sharp says brand recall can be enhanced through consistent and unique logos and slogans, celebrity advocacy, and traditional mass marketing.

This explains why brands put so much money into sponsorship: a partnership with another global brand enables it to be presented to a larger audience.

Nobody expects a Manchester United fan to buy a Chevrolet just because the brand is on a player's shirt. Still, the automaker invests $ 71.4 million annually for this privilege.

The chance for Chevrolet is that the Manchester United deal makes fans more likely to think of the brand when they make a decision to buy a new car.

Chevrolet’s CMO Tim Mahoney said: “Manchester United gives us a global stage, including the US. That is a rarity ”.

According to Ad Age Datacenter, Coca Cola spent $ 3.3 billion on advertising in 2013 alone. The Coke brand is so strong that consumers often ask for a Coke even when they actually mean another brand that sells Coke.

Increasing brand awareness is very important and for that you need to find out which changes will work for your brand and which will not. However, brand awareness is not easy to measure. We take a look at different ways you can check your brand awareness.

Procedures for measuring brand awareness

1. Surveys

For surveys by email, phone or website, you can choose existing customers or a random selection of people familiar with your brand. The first approach will give you an understanding of how these people learned about you, the second will give you insight into the number of people who can remember your brand.

2. The website traffic

Website traffic can provide insights into brand awareness, but it's important to look in the right places. The “Direct” channel in Google Analytics records the number of people who typed your URL into the address bar, accessed it via a browser bookmark or clicked on a link in an untracked email or an offline document. Monitoring over a longer period of time can provide an indicator of when something is changing in brand awareness.

In the past, as a Google Analytics user, it was easy to track the number of people who used brand-relevant keywords and thus ended up on the website.

Since Google switched the search to SSL in October 2011, measuring keyword traffic has become much more difficult and the majority of keywords are hidden behind "not provided" because of data protection.

In other words, you don't know the relationship between the people who already know your brand name and are looking for it and those who searched for other keywords and thus became aware of you.

Of course, not every brand relies on a website when it comes to selling their own products. Consumer goods, for example, are a sector in which the direct sales path to the consumer plays a less important role.

The majority of Tide brand sales are likely to come from supermarkets rather than tide.com. In this case, the website data does not provide any indication of how brand awareness is driving sales.

3. Search volume data

Use Google Adwords Keyword Planner and Google Trends to find out search volume via your brand name and repeat this regularly to see if the search volume increases.

This can be a simple and useful method, but the data will be very imprecise if you have a brand name that is very generic, such as Shell or Seat.

4. Social listening

Perhaps the most powerful tactic is to look at where people are already talking - on social media or other websites.

With social listening, you can track online conversations about your brand on social media and the web. This gives you an insight into the minds of consumers who exchange information online without being asked or influenced by others.

In this way, a problem that exists with surveys can be bypassed: response bias, distorted answers that arise due to this questioning situation.

Social listening tools like Brandwatch allow you to set up your own precise search queries that filter out all irrelevant mentions.

Which metrics should you measure?

Volume of mentions

By simply counting the number of times your brand has been mentioned, the volume of conversations that revolve around your brand can be measured and the development can be observed over time.

You can track far more conversations than just those who, for example, write @mentions directly to your account and discover what is being said about your brand outside of your own channels.

Our analysis shows that up to 96 percent of conversations take place outside of these social media channels. If you only use the built-in analytics platforms (like Facebook Insights) you will only see the tip of the iceberg.

Range

Reach is the potential number of people who might have seen these mentions. This includes the number of followers of each author who mentions you. So, for example, if someone with a million followers tweeted about your brand, it would have a greater impact on brand awareness than someone who was only followed by 100 people.

This is one of the reasons influencers are so heavily courted during marketing campaigns. With their huge following, any content they share has the potential to be seen by many people.

engagement

For some, engagement goes much further than awareness - but it can be important to track it to get an indication of how effective awareness is. These two do not exist independently of each other.

You want to find out whether your audience is actively accepting your content or just letting it pass by in their news feed.

What should you compare when measuring?

Benchmark

To track changes in your brand awareness, you need to compare the current values ​​with your base metrics. A sufficient period of time is required in order to be able to distinguish natural ascents and descents from anomalies.

Brandwatch provides historical data with which you can easily measure and compare your awareness after your first login.

Share of Voice

Comparing your metrics will tell if your brand awareness has improved, but that won't give you the full picture.

The number of mentions about your brand could be a measly compared to those of your competitors.

To do this, determine the proportion of conversations about your industry that are directly related to your brand. With the help of the share of voice and the observation over time, you give the data context.

The basis of success

Brand awareness can be the foundation of how you build your marketing strategy.

The increasing number of consumers who can remember your brand is critical to its success. In the past, getting accurate insights into awareness was a big challenge, but social listening made that process a lot easier.

Brandwatch Analytics gives you the tools you need to both track brand awareness and monitor the social buzz about your brand.