“I’d buy a toilet if they made it,” said a man waiting in line outside of an Apple Store recently waiting to purchase his new iPad.
Apple has a strong brand mindshare. We know it because of comments like these and because we can measure the lines outside of their stores during a new product launch. It’s not always so clear for the rest of us.
“What makes a top brand?” Type that phrase into Google and just over 88 million results are returned. It’s a common question for consumers and marketers alike. So before that question is discussed, let’s take a step back and ask – what are the standard metrics to assess brand mindshare?
Measuring brand mindshare, or popularity, is critical for brand marketers because we want to know if our products are part of the evoked set, otherwise known as the “short list,” of products being considered. It is one of a brand marketer’s main objectives.
There seems to be no definitive list of metrics currently used to assess mindshare. That said, we offer the list of metrics below to consider when assessing brands. This list is a compilation distilled from industry experts and authors with additional resources for further insight.
Web site and Web search traffic: How frequently is your brand being searched for on sites like Google and Bing? Is your Web traffic working for you?(Check out: Working Toward the Solutions for Online Brand Measurement)(Check out: How to Measure Online Brand Popularity)
- Social media: How active are participants in your social media communities and networks?(Check out: 5 Ways to Track Your Brand/Website on Twitter)(Check out: 10 Social Media Benchmarks, What are Your Plans for 2010?)
- Focus groups and surveys: Is your brand one of the top products that come to mind when participants are asked to name brands in your category?(Check out: It All Begins with Mind Share)
- Stock value and other financial indicators: What is the market saying about your brand? What is your balance sheet saying about your brand?(Check out: It’s Time to Put Brand Value on the Balance Sheet)
Applying these measurement tools consistently can help keep your brand strong and healthy. For example, assessing mindshare and taking appropriate action may have helped California Pizza Kitchen. Or, it can assist you track recovery following a “brand disaster” (e.g., BP, Tiger Woods, Toyota).
We’d like you to share your thoughts and suggestions. Do you agree with this list? What metrics do you use to determine if your brand is tops?