How much do your brand awareness campaigns contribute to conversions? How to track that?
Brand tracking refers to the marketing procedure of quantifying conversions and sales that happen owing to brand awareness campaigns. Brand campaigns are different from sales campaigns since they aim to build a brand image as a whole, generating overall sales instead of directly advertising certain products and services. These campaigns usually center around unique brand attributes and values that help in preserving the brand image.
Brand tracking has multiple advantages for a firm, such as increased brand awareness, customer loyalty, and a positive brand image. It helps in building a solid relationship with customers, leading to better retention rates. A simple example of this is how once people start using Apple products, they are reluctant to switch to other brands. This customer loyalty stays intact because of the brand awareness campaigns. Thus, the perception of a brand in the eyes of customers certainly impacts sales immensely.
However, since brand ads are not sales ads that can directly show conversion rates and campaign effectiveness, there is a different procedure for ascertaining their effectiveness. To track the outcome of brand awareness campaigns, one must consider metrics like customer retention, brand lift, market share, price premium, and sales. Companies usually follow methods like brand impact surveys, ongoing and custom panels, survey-based brand trackers, consumer research surveys, and sentiment analysis to measure the impact made by their brand campaigns. The combination of consumer-focused KPIs and business-focused KPIs also imparts a holistic view of the development of a brand.
Therefore, brand ads help in increasing brand recall, increasing customer engagement, and developing an emotional connection that makes it easier for a brand to launch new products and services. It helps create a brand-conscious community that resonates with the brand’s values and remains loyal to it. Further, by tracking performance, the marketing team can also identify the loopholes in the marketing strategies and address them.