Tracking brand awareness provides you with the tools you need to both monitor and grow the buzz around your product/service.
BRAND RECALL is one of the strongest drivers when consumers consider purchasing a product/service. Part One examined the tactics for measuring brand awareness, while the following expands further into which metrics should be measured:
1. Volume of Mentions: Tally the number of times your brand has been mentioned online and track any changes over time. Track conversations that do not include @mentions* and those not on your owned channels** — up to 96% of conversations are outside these media.
2. Reach: Reach is the potential number of people who will see any mentions of your product/service. If someone with a large audience mentions you, anything shared by them has the potential to be seen by many others.
3. Engagement: Engagement is important to track. You want to know if people are actively digesting your content rather than watching it slip by on their news feed.
4. Benchmark: Track changes in brand awareness by benchmarking against your baseline metrics, looking at a long enough time period to spot any natural peaks and valleys.
5. Share of Voice: Establish the proportion of conversations concerning your industry that are centered around your brand, and track any changes in your share of voice over time.
It’s important to gain insight into the level of awareness surrounding your brand. Tracking brand awareness provides you with the tools you need to both monitor and grow the buzz around your product/service.
*@mentions: a method of notifying colleagues of your post; contains @username anywhere in the body of the post. The users that you mention are notified, even if they are not following you.
**Owned media: when you leverage a channel you create and control (e.g. website, blog, Facebook, Twitter, etc.)
Source: Brandwatch, written by Kit Smith