Have you ever pondered the essence of a brand and what truly sets the brand apart?
A brand is a company’s product or service that is uniquely distinguished from its competitors and effortlessly recognized by the people.
Let’s play a game and see how this works, I say a phrase then you think of the immediate answer:
Sensitive Teeth? – Here’s _____,
Dandruff problems? – Try _____,
See What’s Next – ____,
Just Do It! – ____,
Open Happiness – ______,
Hopefully, your answers were Sensodyne, Head & Shoulders, Netflix, Nike, and Coca-Cola consecutively.
And we cannot forget the classic, feeling the need to push your limits, or give you wings? Yup, drink a Red Bull!
These are a few examples of how companies have given their products distinct brand identities they represent and this has set them apart as leading brands in their respective industries.
Their identifying factor could be either their symbol, logo, tagline or a quirky message, giving it a personality that it always sticks to. This distinguishing element is omnipresent in its advertisements, packaging, billboards, digital platforms, and everywhere else.
All things considered, a host of factors come into play when people perceive a brand. With people’s attention span shrinking every day, it becomes increasingly important for brands to win the mind share of their customers, no matter how fleeting.
Data from the web where people share unfiltered thoughts can give you the edge you are after. More importantly, data helps measure the performance of your marketing tactics and gain valuable insights to refine your branding strategy.
If you’re wondering how, this article will help you apprehend how actionable qualitative and quantitative data is gold for your brand to conduct a brand equity analysis.
What is Brand Equity Analysis
First, brand equity is the value, image, and reputation of a generic product that becomes a recognizable brand based on consumer perception.
Imagine Coca-Cola which is practically just another refreshing carbonated beverage, but it has established itself as a brand that connects with its audience by communicating how opening a can of Coke equals sharing happiness and togetherness with their loved ones.
Nurturing consumer trust is a cornerstone in building brand equity as data shows that 81% of consumers consider buying from a brand only when they trust it.
Now, brand equity analysis is the process of measuring consumer trust, recognition, and overall sentiment toward your brand in the market.
To measure sources of brand equity, brand managers must understand two key areas:
- How consumers shop for and use products and services, and
- What consumers know, think, and feel about your brand and your competitors.
After getting answers to these questions, you will get an idea about consumer behavior and then move on to…
The major parameters to measure brand equity
- Share of Voice (SOV)
It is the measure of the amount of reach your brand has in the market as compared to your competitors. Needless to say, data from the web is the cornerstone of a legitimate estimate of your SOV measurement.
Suppose, you’re a seller on Amazon who sells energy drinks. You have several competitors trying to win the Best Sellers Rank (BSR).
To see how well your products are selling, you need to compare yourself with your competitor’s, let’s say Red Bull’s product impressions, clicks, and sales. Plus, you need information about the keywords that they are ranking organically and the ones they are bidding on.
Overall, it is critical that you monitor their SOV in the shared market and for that, you need real-time data from Amazon’s multiple data fields.
A regular supply of data about these findings can help you identify the keywords that you should be after, where the volume is high but the competition is fairly low, and feasible to rank your product on top.
Grepsr can save you from losing your market share by providing data from any public platform you prefer, as per your requirement and at the frequency that you want.
Hence, you can fill the gaps in your marketing strategy and expand your share of voice by leveraging data-driven insights.
- Brand Loyalty and Engagement
It is impossible to measure these using a single metric. They are further classified into Customer Retention rate, Net Promoter score (NPS), Customer Satisfaction score (CSAT), Repeat Purchase rate, and Average Order value.
- Market Share & Price Premium
The former is how much of the existing market belongs to your brand and the latter shows how much the customers are willing to pay (usually higher) for your brand’s product as compared to its competitors.
- Brand Association & Perceived Quality
It is the mental connections like experience, values, and emotions that customers attach to a brand and their subjective perception of the product/service quality.
- Brand Awareness & Recall
It is the awareness of your brand in your target market and the ability of your target segment to remember your brand without any external help.
- Customer Lifetime Value
The aggregate time period of how much longer a customer stays your customer.
All these data points are metrics that are collected and analyzed for brand equity measurement. They are subdivided into qualitative and quantitative web data for comprehensive insights.
Web Data for Brand Equity Analysis
User-generated data from the web is indispensable for complete knowledge and real-time information of your brand and without it, your brand equity analysis is going to remain incomplete.
These data points collected from publicly available sources on the web, provide insights into brand equity from outside the organization.
Such sources include Reddit, Quora, Twitter, Google Reviews, Yelp, Instagram, TikTok, G2, and more.
Qualitative data
The data points that fall under qualitative data are:
- Online reviews and feedback sentiment – You can analyze the detailed comments or feedback from customer review sites for an in-depth understanding of consumer sentiment toward your brand.
- Social media mentions sentiment – It involves identifying recurring themes and topics in social media discussions related to the brand, and also the attitude that comes off in the post’s comments.
- Forums and community discussions – Analyzing user discussion forums and discussion boards, like Reddit & Quora of course to update the brand’s product or service. Tailor their messages in advertising campaigns that address the concerns and questions that are raised in those public forums.
Reddit is the ripest field for social monitoring of your brand, tuning in to your customers’ pain points, and gauging public perspective.
These are some aspects of Sentiment Analysis via Reddit. Analyzing it in real-time requires businesses to extract Reddit data at scale which is possible by web-scraping.
Learn more about it here.
- Competitor analysis – Without a doubt, monitoring what your competitors are up to is essential in enhancing your own brand strategy.
Quantitative data
- Social media engagement metrics – Monitoring changes in likes, shares, comments, and follower counts on social media platforms after posting. The reach and impression show the number of people who see the content and the total number of times it is displayed.
- SERP data – Tracking SEO performance, changes in ranking, search volume for brand-related keywords, organic search results, and click-through rates (CTR).
- Website traffic analytics – The number of visitors who come to your site. Real-time data like traffic volume, page views, and bounce rate of competitor’s website from web analytics tools like Semrush.
- Volumes of online reviews and ratings – Total number of reviews and average ratings of your brand in industry-specific review sites.
These data are diamonds in the rough which provide a bird’s eye view of how your brand is perceived in the market.
Gather valuable insights from publicly available actionable web data to enhance your share of visibility/voice and brand equity analysis with Grepsr that will cater to your every need.
Now, when you integrate both qualitative and quantitative data for brand equity analysis, you end up at…
Social media listening
Social media listening is the process of monitoring and analyzing online conversations and mentions of your brand, your competitor’s brands, and related keywords. It consists of a lot of inconsistent, complicated, and unstructured data, also known as Big Data.
Social Media listening integrates both aspects of qualitative and quantitative data for a complete and real-time brand equity analysis.
The quantitative data analysis part comprises numerical measures of interaction and engagement metrics like the likes, shares, comments, retweets, or upvotes of a brand’s social media post.
In addition, it includes the brand’s visibility and presence insights. Including the reach and impressions of the content and how often it is mentioned across various social media platforms. It provides insights into the real-time market pulse.
Whereas analyzing qualitative data incorporates sentiment analysis like understanding the tone and theme that comes across from social media posts, comments, and discussions.
As well as gleaning real-time insights into the audience’s underlying attitude and perceptions towards the brand. It also includes monitoring the web to identify emerging trends that can influence consumer behavior and impact the brand’s performance.
Gather Indispensable Web Data with Grepsr’s Professional Web Scraping Service
In conclusion, understanding and measuring brand equity is paramount for any business, no matter how new you are to the scene or how well-established you are, aiming to build and maintain a strong brand presence.
Coming to the end, we hope you’ve understood how qualitative and quantitative data from the web helps you assess your brand’s health and performance. Especially measuring your share of voice (SOV), analyzing consumer sentiment, market share, and all-around perception.
However, gathering relevant data points manually and in-house to discover these findings is daunting. You can drown while sifting through these vast amounts of unstructured datasets, forget processing and analyzing them for actionable insights.
But fear not, this is where Grepsr’s professional web scraping service comes in to save you.
Moreover, Grepsr simplifies the data extraction process by providing you with real-time, high-quality data tailored to your specific needs.
Whether it’s monitoring competitors, tracking customer reviews, or understanding market trends, Grepsr ensures you have the right data at your fingertips.
Therefore, don’t let the horrors of in-house data extraction hold you back.
Start integrating both qualitative and quantitative data into your brand equity analysis for a data-driven branding strategy with Grepsr today!
