Trying to understand how your business is doing within the market your based can be a difficult task. One way to go about this is to take the focus away from areas such as sales and focus more on how your brand is performing. One way to go about this is to find out where your brand is ranking in terms of its brand index. This consists of various measures which helps determine the brand’s total brand equity. Which, in short, refers to the value of your brand as a name in itself. Yet it can be hard to understand how such a value can be calculated. In this article, we’ll focus on one particular factor of the brand index, brand recall. This will show how a brand index can be a more nuanced way of understanding your position in the market than other indicators such as profits or sales.
It may strike you that it would be a lot easier to just view something such as sales figures to have an idea of how your brand is perceived. However, the point of sale is the last step in a complicated process involving your brand. Therefore, the information received from sales figures must be seen as delayed information that doesn’t accurately capture how your brand is perceived at that present moment. So, as important as sales figures are you can’t expect them to tell you the full up to date story.
Simply put, brand recall can be seen as the extent to which a given brand is recalled as being part of a certain class of products. For example, such as Pepsi or Coca-cola will have a monumentally high brand recall. This helps show how your brand is fairing outside of your customer database. Whether there is any traction of your brand amongst the general public. There will be no indication of this level of recollection when it comes to your sales.
Getting A POS System can reduce the time it takes to do payroll and generate sales reports. The best pos system will help you reorder inventory. In addition, good Point of Sale system would suggest ordering more of popular items.
Finally, brand indexes can be broken down into various demographics, depending on what area you’re interested in. Such as gender, age, household income etc. Thus, when it comes to brand recalls, it is possible to start to see a pattern where your brand is more favourably recognised within one demographic compared to another. This can allow you to identify strengths and weaknesses within your brand. Making changes that appeal to a broader range of demographics, or strengthening your brand awareness within an already strong demographic for your product.