What is brand awareness, and why is it important?
Brand awareness is the extent to which your target audience is aware of or can recognize your brand. Measuring brand awareness means discovering if your target audience indicates knowledge of your brand by asking them to choose the brands they know from a list of brands in the same industry. The list usually includes the brand name and logo.
If you want to become a big brand, you cannot get around creating brand awareness - success doesn’t come without it. If you achieve a high level of brand awareness, it will accelerate growth, decrease CAC, and improve retention further along the line. Most importantly, an investment in brand awareness is an investment in the long-term growth of their business.
Tracking brand awareness can benefit your brand growth in the following ways:
It improves brand equity
It increases market share
It builds authentic brand loyalty
It shows marketing progression
How To Measure
One of the biggest issues in brand marketing today is that everybody is guessing. Consumer companies invest more than one trillion dollars a year in marketing and advertising but they often still base the bulk of their campaigns on gut feeling rather than hard fact.
They don’t want to guess anymore. They want to know exactly how their brand is performing in important areas. If you are really serious about measuring brand awareness, investing in brand-tracking software will bring even better results.
A brand analytics platform provides an analytics tool stack similar to what Google Analytics provides for digital marketers. Such a platform is equipped with an intuitive dashboard where brand awareness can be measured in terms of how target audiences react to your brand, the impact your brand campaigns are having, and how your competitors are performing.
How Latana's brand awareness KPI can help your brand
Our product provides brands with access to widespread awareness benchmarking data of up to 20 brands in various categories. Data sets included are:
Quality data for
To ensure our data is accurate, we use a method of data analysis called Multilevel Regression and Poststratification (MRP) — which guarantees deeper insights and more reliable data. MRP produces lower margins of error and ensures reliable data, meaning you have better quality insights more closely aligned with real-world changes.
See how industry leaders are using Latana to improve brand performance.