What are the ways in measuring brand value — how much are brands worth? There are three ways to measure brand awareness.
These three metrics are unaided recall, Website traffic, and Paid media. Each of these metrics has its merits, but generally, they are not the most effective way to gauge brand awareness.
To learn more, read on. This article focuses on Unaided recall. Depending on your goal, you may want to use more than one method. The right combination of methods will ultimately help you create an effective strategy.
#1]. Website traffic
When looking to boost brand recognition, one way to do this is by increasing website traffic. But if you’re unsure how to measure brand awareness through website traffic, keep reading.There are several ways to measure the growth in traffic and brand awareness – here are three ways to make it work for your company. Once you understand the causes and effects of the increase in traffic, you can take the next step: measuring brand awareness in your company’s online presence.
One of the most critical aspects of brand awareness analysis is keyword usage. Keywords are the terms people use to find your business on the internet. To measure keyword usage, connect Google Analytics to Search Console.
This will give you a list of keywords driving traffic to your website. Your keyword strategy should be based on organically connected keywords. Then, look for trends in search volume. Those trends will tell you whether you’re getting more visitors or not.
Using website traffic is the simplest way to gauge brand awareness. You can divide your website traffic by the total addressable market (TAM) and get a rough idea of how many people know about your brand.
Website traffic comes from a wide range of sources, so this measurement can be quite useful if you’re targeting a non-digital product. But website traffic isn’t a perfect indicator of brand awareness because it’s not a good way to measure the true scale of awareness.
#2]. Paid media
When it comes to paid media, you must know how your advertising is boosting your brand’s relevancy. Brands do not exist in a vacuum, and ad campaigns are not supposed to sit on the shelf and look pretty.
However, not all paid media is equal, and you need to know how to measure brand lift by using keyword tools. The following are five tips for measuring brand lift through paid media.
First, you must know which keywords to target. One impression is not enough if you’re trying to reach consumers online. Instead, it would be best if you aimed for a higher conversion rate. In other words, you want to target 300% or more of your audience in a given campaign.
You’ll see a 5 to 10 percent increase in brand awareness if you achieve that number. Another way to measure brand awareness is to use quantitative surveys. Paid media campaigns should focus on driving brand awareness rather than impulse conversions.
Brand awareness is a tricky metric to track. It involves monitoring a wide variety of parameters and tools. If you don’t get it right, you could end up with inaccurate results.
Therefore, following a clear and consistent methodology is imperative to ensure accurate results. You may even want to use a third-party company to monitor your results for you. It may be difficult, but it is well worth it.
#3]. Unaided recall
Brand recall is a powerful tool to gauge the brand recognition of a product. Brands can use unaided recall tests to find out how well people remember their products.
Using surveys and experiments, brands can determine their brand recognition by asking respondents to describe the brand and its features. The results are then calculated as a percentage of how many people can remember the brand by sight alone.
This brand recall is a great way to gauge the effectiveness of your advertising campaign. Brand awareness can be measured by asking consumers to name a product or brand.
For example, if the respondent is asked if they’ve had a Heineken beer before, they may name other beer brands, too. This aided recall measure measures how familiar a respondent is with a specific brand.
It’s important to remember that aided recall measures brand awareness but does not tell whether a brand is likely to pop into a consumer’s mind in certain circumstances. The unaided recall is also known as brand salience.
Brand equity is directly related to unaided brand recall, and brands with more brand equity have higher unaided recall scores.
For example, if Apple could only sell products under the “Apple” brand, it would lose its brand equity, which in turn would lower its market value. Brand equity is crucial to building a profitable brand, so boosting unaided brand recall is an important part of any marketing plan.
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