What is the popularity of your brand today? Do your customers know about you and what you offer? Gauging this is a big challenge for brands today. Your sales numbers are not an indicator of brand awareness. In fact, they can be misleading!
The quality and performance of your product will get you the sales numbers. But they will not give you the true picture of your brand’s popularity. That can be done by understanding how your brand is perceived in the market by your customers.
It takes a lot of time to build a brand name and create awareness for it. Measuring it using basic metrics from digital media is not right. Instead, you should be analyzing and interpreting the voice of your customer. You should be looking at how they perceive your brand, their sentiment, and loyalty metrics.
But if I do that as a brand, will it affect my sales?
Yes, it will indeed! Social media is a hotbed of conversations. It has unsolicited opinions and feedback from your customers. You have to take advantage of these conversations. These are hidden gems that can help you design more effective strategies.
Brand Analysis Using Social Media as a Medium
Online conversations are a window into your customers’ psyche. They give you a peek into what your customers are thinking and how they are connecting with your brand. You can learn about the emotions they associate with your brand and how they see your competition as well.
By utilizing social media in the right way, you can evaluate:
Brand Awareness: This helps you in understanding the overall awareness of the brand from an online digital consumer standpoint. You acquire critical information to make a strategic decision based on various brand awareness drivers like:
- Are your campaigns driving overall engagement and in turn increasing your brand awareness?
- Are your influencers helping in the right outreach of brand message?
- How are the awareness levels of your competitor product/services vis-à-vis your brand?
Share of Voice: For every marketer, the incremental growth of his SOV in the market is an indication of the success of the brand and in-turn the organization. You can use social media to calculate your SOV during new product launch, promotional events, competitor campaigns, etc. Defining a KPI and monitoring the SOV on a periodic basis will help you keep an eye on your brand health.
Overall Perception: Change in perceptions becomes a critical factor for a brand’s success in any market. In social media, it becomes even more important, as a negative comment or post can snowball into a major disaster within no time. Hence, the perception of the brand has to be monitored on an ongoing basis. Change in perception from negative to positive is good! However, a change from positive to negative is alarming. We conduct virality checks to ensure you are on top of your game when it comes to brand perception management.
Audience Interests: Most marketing campaigns are known to fail just because they have got their target audience incorrect. Social media is a treasure trove of unsolicited opinions shared by customers. You can dig deeper into these conversations to identify their interests and preferences. This understanding can power your marketing communication strategy. We have helped our clients to differentiate themselves in the market by adopting a very focused communications strategy. We have also helped them get the attention of their target customers by directly speaking to their interests, values, and beliefs.
Competitor Analysis: It is very important to understand how your competitors are performing in the market to survive and even outperform them in the long run. This is where social media research can help a great deal. You can evaluate the type of content your competition is pushing, the marketing campaigns they are executing, etc. We have helped our clients compare their strengths and weaknesses with their direct competition as well as aspirational industry leaders. This has helped them build their own strategies be it marketing, content, outreach, or even brand positioning.
Key Influencers: Today, it is very difficult for brands to succeed beyond a certain threshold without developing strong associations. This makes identifying and engaging with right influencers extremely critical. Engaging with right influencers can help a brand spread awareness and influence target customers. For instance, a brand that speaks about themselves can reach only a certain fanbase. But when it associates with celebrity or an influential social seller, it can reach a wider audience base. We have used social media research and our proprietary methodology to not only identify but also rank influencers based on their reach and ability to impact customer decision making. We have also helped them create a strategy to engage with these influencers and get them to drive brand’s reach and awareness.
Looking at all these metrics will help you better understand how your brand is performing and how your target market perceives your brand. Insights gained around your brand’s performance and health will enable you to take corrective actions on time.
For each of these, you can also have advanced social media frameworks designed to make informed decisions and maximize your ROI. Contact us for a one-on-one consult on advanced social media metrics for strategic decision-making.