Your brand strategy team is struggling to keep up with the competition. What metrics should you be tracking?

La notoriété de la marque représente la capacité d'une entreprise à être immédiatement reconnue et rappelée par son public cible. C'est un aspect fondamental de la construction d'une marque forte et de l'établissement d'une connexion durable avec les consommateurs.

While monitoring brand metrics like awareness, perception, loyalty, market share, and customer satisfaction is crucial for assessing competitiveness, regularly tracking these insights helps adapt strategies, ensuring relevance and competitiveness in a dynamic market. Continuous monitoring allows the team to pinpoint issues and modify strategies accordingly. While short-term goals may focus on metrics like conversion rate (CVR) and engagement, understanding the brand's perceived value compared to competitors and addressing the specific value proposition that addresses customer pain points is essential for long-term success.

Provided that you understand the industry, have a thorough competitive analysis and have developed a strong and differentiated brand's positioning, I recommend starting with tracking your Brand's Equity Health. There are studies that specialize in this topic and will provide you with a view of how strong your brand's equity is vs competitors, and how your consumers perceive your brand in the areas where you want to win. I would track all metrics in the Marketing funnel (awareness, consideration, conversion, loyalty). Awareness is an important metric to follow because is the top of the Marketing funnel. It will tell you how well your Marketing efforts are in terms of having consumers recognize and recall your brand.

To stay competitive, track key performance indicators (KPIs) like brand awareness, customer satisfaction, market share, and brand sentiment. Monitor engagement metrics across digital channels, such as website traffic, social media interactions, and email open rates. Analyze conversion rates and customer acquisition costs to assess marketing effectiveness. Conduct regular competitor analysis to benchmark against industry standards. Additionally, measure brand equity through surveys and brand perception studies. Stay agile by tracking real-time data and adjusting strategies accordingly. By focusing on these metrics, your team can identify areas for improvement and make informed decisions to maintain a competitive edge.

Brand awareness is about how many people recognize and remember your brand elements like the name, logo, or slogan. You can measure it with tools like surveys, social media analytics, and web analytics to see how people perceive and engage with your brand.

In the fast-paced world of consumer goods, companies like Coke keep a vigilant eye on their brand loyalty metrics, ensuring every sip of the iconic beverage fosters a sense of unwavering devotion among consumers. Apple meticulously tracks brand perception scores, ensuring each new product launch is met with the same fervor and admiration as the last. In the automotive industry, Mercedes-Benz meticulously monitors their brand association metrics, to maintain their reputation for luxury and performance with every sleek design and innovative feature. Across industries, brand equity metrics serve as the compass guiding companies through the tumultuous seas of competition, to stay afloat amidst the ever-changing tides of consumer preference.

Brand equity is like the magic touch that makes your brand worth more than just its products or services. It's the intangible value that comes from being loved, trusted, and respected by your customers. Imagine your brand as a trusted friend that people turn to again and again. To measure brand equity, look at metrics like customer satisfaction, loyalty, and advocacy. These metrics tell you how much your customers believe in your brand and how likely they are to recommend it to others. By understanding your brand equity, you can see where you stand in the hearts and minds of your audience and take steps to strengthen your brand's influence and appeal.

Brand positioning will be key to understanding why your brand is falling behind to competitors, because it involves using market insights and direct customer feedback to understand how to offer something others can't provide. Differentiation is also a key part of this, because on it hinge all the other metrics: • Brand awareness without differentiation is just free business you are giving out to your competitors. • Brand equity without differentiation will be probably be weak and hard to maintain, because you can get trumped by someone with lower prices. So work on being different, but be different in a relevant way to your customers.

Imagine a fashion runway where brands strut their stuff, each vying for that coveted spotlight. In luxury fashion, Burberry keeps a keen eye on their brand differentiation metrics, ensuring they remain the haute couture darling among discerning shoppers. In the fast-food industry, McDonald's meticulously tracks their market share metrics, aiming to stay ahead of the pack with every juicy burger and crispy fry. And let's not forget the tech titans like Samsung, who keep a close watch on their brand affinity metrics, ensuring they are the go-to choice for cutting-edge gadgets and gizmos. In this grand spectacle of brand positioning, every metric is a step on the catwalk, guiding companies to strike that perfect pose amidst fierce competition.

Think of brand positioning as your brand's special spot in the minds of your customers—it's where you stand out from the crowd and shine bright. It's like finding your own unique voice in a noisy room. To measure brand positioning, you can look at metrics like market share and customer segmentation. These metrics help you understand where you fit in the market and how you're perceived by your audience. Are you the go-to choice for quality? The innovative leader? By knowing your brand's positioning, you can fine-tune your messaging and strategy to make sure you're standing out in all the right ways, setting yourself apart from the competition and capturing the hearts of your customers.

Brand positioning must provide differentiation vs competition. This needs to be reviewed regularly and tracked through the consumer experience to ensure everything (from creative to social content to product to customer service) reflects the brand in its own and authentic way. It may be that your positioning is strong, realistic and differentiated enough, but... the competition may just be projecting it better!

Ah, brand consistency, the glue that holds the marketing universe together! Picture this: your brand is like a well-rehearsed orchestra, hitting all the right notes across every stage and platform. From the grand symphony of your website to the harmonious melody of your social media presence, consistency reigns supreme. It's like maintaining a perfectly tailored suit in a sea of fashion faux pas—every thread, stitch, and accessory in place. With brand audits as your trusty conductor's baton, content audits as the sheet music, and customer feedback as the applause, you can fine-tune your performance and ensure that your brand hits all the high notes, leaving your audience cheering for an encore.

Imagine your brand as a symphony orchestra—all the instruments playing in perfect harmony, creating a beautiful melody. That's brand consistency—it's about making sure every interaction with your brand feels like a seamless experience. It's like meeting an old friend who's always the same, no matter where you see them. To measure brand consistency, you can look at things like brand audits and customer feedback. These tools help you spot any areas where your brand might be out of tune and make sure everything is aligned perfectly. By maintaining brand consistency, you ensure that every touchpoint with your audience reinforces your brand's identity and leaves a lasting impression of trust and reliability.

It's like being the mad scientist of the marketing world, constantly concocting new potions to dazzle and delight your audience. Picture your brand as a chameleon, seamlessly blending into the ever-changing landscape of consumer desires. With new product development as your laboratory experiment, customer research as your trusty compass, and market research as your crystal ball, you navigate the treacherous waters of innovation with the finesse of a seasoned captain. It's a wild ride where success is measured not by the height of your waves but by the depth of your ingenuity. So grab your goggles and lab coat, because in this quest for brand innovation, the only limit is your imagination!

For short term evaluation:- we need to focus on brand consideration. These can be tracked through a periodical brand track reports, conversion rate of walk-in or traffic in comparison to competitions, social listening tool can help in order to find out nature of conversation vs competition etc. Once we identify the challenge, next step is to identify meaningful action to improve these parameters. For long term:- Building brand equity by focusing on core brand philosophy and connecting deeper with customers and community.

In addition to competitors' brand metrics and market share, I recommend looking into social media mentions of your brand versus your competitors. Pay attention to: 1. The number of mentions, 2. The tonality (negative, positive, neutral) 3. The content (whether the product is mentioned or discussed). This can provide a comprehensive picture of your brand's position relative to competitors.

Don't look at the competition. That is the first mistake made... You cannot lead by looking at others. Focus on what you are and bring that to life. Share of voice, brand awareness etc. Those are meaningless when you have to first start by defining who you are and how you bring it to life. But looking at competitors to know if you are successful? You'll always be chasing if that is what you do.

Before measuring any metrics I propose to understand the team & competition. Try to understand if there is any gap in teams understanding, capability & ability to work as one team. Once you ascertain what’s wrong with team chart out appropriate course of action to address issue. Next work on understanding competition at intimate level. If you know your competition well half the problem is solved. Make your team as your greatest asset !

This is a trick question here because each brand should be tracking the things that matter for them. They can't and shouldn't use other business's metrics and attributes because they are probably not the right ones for your business. Specificity and context are essential.