In every aspect of business, brand is becoming more and more important. With trust at an all time low, it’s the brands we recognise and affiliate with that are the ones we invest in.
Take Nike as an example. They recently ran a huge campaign featuring Colin Kaepernick, the NFL quarterback who first took a kneel in protest against racial injustice, and has since been without a team. Whilst some have been burning their Nike branded products (that they already own), a large proportion, have responded positively and Nike sales (and their share price) have been going through the roof. This is because they’ve taken a stand, aligned themselves with a cultural icon and set out their purpose and belief as a brand very clearly. This makes it easy to get behind the brand and that can make all the difference in purchasing decisions.
Brand loyalty & awareness, the likelihood of recommendation, and propensity to purchase can shift in near real-time as campaigns like Nike’s come and go. These shifts can be long-term, especially the louder the noise the brand has made has been. But big changes can happen quickly, making it tough to keep a handle on how your brand is performing in the marketplace over time.
At Clarity Stack, we’ve launched our new Brand Index to help you do exactly that. With data that updates monthly, you’re able to keep a track of your brand’s performance on these key metrics, and see where you rank against the competition.
However, we’ve gone deeper than that. To take the Nike example again, that specific campaign may resonate very differently based on someones age group for example. To demonstrate this we break our data down at a generational level so that you can see whether it’s Generation X, Millennials or the Baby Boomers that are powering your brand performance for example.
Tracking this data monthly allows you to see how your marketplace is shifting, and that’s critical in the fast moving environment we now live in. Previously brand tracking was an annual or bi-annual activity, and it was fed in to the brand & marketing strategy creation process. Now, these metrics can and should be part of your monthly reporting packs to senior level stakeholders.
To find out more about our brand index, get in touch with us, or learn more about it here.