Brand awareness is known to be a tricky thing to measure. Especially for startups and small-medium businesses with limited budgets and business intelligence. There are many misconceptions and partial solutions on the internet about measuring brand awareness, and regarding how to measure it.
Popular marketing platform company AdRoll released an article about seven ways to measure brand awareness. It’s just scratching the surface, with no real solution offered.
Based on common sense, to measure brand awareness, you need to know the ratio of people who know about your brand among your target customers. That’s it. How to work that ratio out accurately? The answer is simple: with market research.
What is brand awareness and why does it matter?
According to the definition, brand awareness is the extent to which customers can recall or recognize a brand under different conditions.
Brand awareness is one of two dimensions from brand knowledge, an associative network memory model. The other dimension is brand perceptions. Both can be measured accurately and reliably with your brand awareness & perceptions audit.
According to Taboola, brand awareness is a prerequisite for driving performance marketing, which includes leads and sales. The more people are aware of your brand, the easier you can to generate sales and capitalize on the existing demand. This assumes that your brand is familiar to relevant, high-quality audiences.
Strong brand awareness is linked to market penetration, which is vital when launching new products and services.
Brand awareness is the ground basis of brand trust, credibility, customers listening to your marketing communication, and practically anything that an “established business” means to most customers.
Small business challenges – why most startups and small businesses can’t measure brand awareness?
To measure brand awareness, one needs to take a large enough sample from the target audience and calculate what percentage of the respondents in the sample group meet the criteria of knowing your brand.
There are various statistical approaches to determine a reliable market research sample size to measure brand awareness. Most of these calculations involve probability, confidence interval, and other advanced statistical variables that might be too complicated to work out for most small business marketers. More can be found about these calculations here.
Even if a business can accurately estimate its potential market size and determine the necessary quantity of responses to work out brand awareness, collecting feedback will remain a costly challenge.
If a market segment has 1,000,000 potential customers, then you might need to collect around 50,000 responses to take a sufficient sample. Using traditional survey distribution methods like email, social media or retail SurveyMoneky would cost somewhere in the $40,000-$60,000 range. Not too many small businesses have so much money to invest in this brand awareness measurement or business intelligence in general.
So how can a business with a limited budget measure brand awareness based on actual market research?
Brand Auditor offers two affordable, and straightforward brand awareness measurement solutions
Here is how to measure brand awareness with Brand Auditor.
Snapshot brand awareness & perceptions audit
One of our best-seller brand audit products is the Brand Awareness & Perceptions Audit. This audit can get you a 50,000 response brand awareness audit for around $2,500 (USD) and a 250,000 response brand awareness measurement for roughly $10k (USD).
Brand Auditor makes brand awareness and brand perceptions focused market research fast and affordable. During the auditing procedure, we will survey up to 1,000,000 people per segment to find out what percent of them are aware of your brand, and what do they think of it.
Our solution lets you accurately measure your brand awareness, popularity, and customer perceptions in various regions, benchmarked with other companies or competitors of your choice.
Continous brand awareness and perceptions monitoring
For companies that want to monitor the development of brand awareness continuously, we also offer an attractive solution.
The solution is simple. Our market research system collects as much daily responses as you configure, and visualizes all feedback data on a straightforward dashboard.
The insights include everything you would like to know about your brand awareness and brand perceptions:
- Daily brand popularity score
- Brand awareness percentage
- Daily score and feedback breakdown
- Positive and negative feedbacks
- Popularity benchmark against your industry
You can start a continuous brand awareness and perceptions monitoring campaign for as low as $10 (USD) daily, which will get you around 30-50 responses – based on your target audience and survey region.
Brand monitoring campaigns can be fixed or indefinite terms, and during the process, you will remain in full control of target responses, target audiences, and the daily market research budget.