The market is changing rapidly. And the consumers’ opinions and desires even faster. To not only learn how to respond to these rapid changes but also to stay ahead of the pace, it is paramount to monitor the brand and track this compared to competitors. A continuous tracking of brand equity eventually assists to measure performance and efforts over time. A brand tracking is by far the most solid tool to measure a brand connection with the consumer. Brand tracking is a method to continuously measure the development of a brand within key metrics/variables such as awareness, preference, consideration, image, etc. It so to speak allows us to monitor the ‘health’ of the brand, understand the competitive landscape and provide information to facilitate decisions on how and where we go to market
The brand funnel is one of the most used market research methodologies throughout times – and it is to this day still one of the simplest yet effective ways to determine a brands performance among the consumers. In it’s core it maps the strength and weakness of the consumers’ purchase journey from awareness to loyalty compared to key competitors. On top of this, brand funnel is a universal methodology where numbers can be directly compared across markets and countries. A national representative sample of a desired target group is asked into awareness and perception of a selrction of various brands within a specific category. Key Performance Metrics are calculated and consumer sub groups are analyzed to gain operational insights.