What is Brand Tracking in market research & why is it important?

What is Brand Tracking in market research & why is it important?

Brand tracking is an essential component of your marketing strategies. Imagine setting up objective goals, launching sizable, expensive campaigns, increasing marketing expenses, and then crossing your fingers for the best. You can certainly take your time, investigate the buying habits of your target market, and develop a thorough marketing plan, but how can you know for sure? Brand tracking can help in this situation.

Brand tracking: What is it?

The practice of tracking a brand's perception changes over time is basically what it sounds like. You will be able to adapt and resolve issues before it's too late by constantly monitoring the health of your brand, consumer perceptions, momentum, and associations.

What makes brand tracking crucial?

Knowing your brand's advantages and disadvantages helps you decide where to put your efforts and improvement efforts. It also offers you a decent idea of how your brand stacks up against those of your rivals. You'll be able to build the brand you set out to develop from the start and make the necessary adjustments thanks to continuous feedback. Forging a brand that will emotionally connect with your customers requires in-depth research of Relevancy, Customer Loyalty, Delivery, Value, Reputation, Visibility, and other factors.

Are you monitoring the brand's performance, which is your company's most precious asset? Numerous platforms can be used to follow brands; we'll explain qualitative brand research below.

Your brand's repute among consumers could mean the difference between:

  1. Instant scepticism or instant trust
  2. Increasing your price or lowering it
  3. Recruiting B-level or A-level personnel
  4. achieving or failing to achieve goals

The most popular brands are more well-known and well-recognized than their rivals, are able to command higher prices, and frequently have a larger base of devoted followers. 77% of marketing executives, according to Circle Research, believe that branding is essential to growth. And according to McKinsey, powerful brands produce a larger EBIT margin than other brands. In conclusion, brands have enormous power.

So how can you establish a powerful brand? Making an investment in brand research is the first step.

According to a recent study by Spencer Brenneman LLC, 82% of clients who have boosted their brand investment have noticed real advantages, such as improved sales and new clientele. Companies that continuously monitor their brands also see higher rates of effect from inbound and outbound marketing, as well as a stronger sales pipeline.

By evaluating your brand with a brand-tracking study, you may not only determine its commercial value but also keep track of changes and improve your approach to maximise its potential.

You must constantly evaluate your brand to track important metrics over time and understand what is causing any improvements. Although it's a good idea to raise the frequency if you run new advertising campaigns more frequently than this so you can observe how they're affecting your brand, many businesses do brand tracking studies on a quarterly basis.

The following critical metrics should be monitored as an element of your brand tracking studies:

  • Brand Loyalty

This indicator, which is typically determined by feedback from current consumers, gives you an idea of how likely a client is to make another purchase from you or interact with your brand. It is frequently determined by purchase intent and is an excellent indicator of how powerful your brand is. Customers are far more inclined to purchase from you again if it is strong.

  • Brand Awareness

This consists of two metrics: brand recall and brand awareness. The ability of consumers to recognize your brand is assessed by awareness, which can be divided into two categories: aided awareness (in reaction to a prompt, like displaying a product or brand emblem), and unaided awareness (with no prompt).

The recall is the ability of the customer to recall the brand from memory, whether they have used a product or have seen some advertisement. This is an accurate indicator of how a communication item has influenced overall brand awareness.

  • Brand Associations

Consumers acquire opinions about your brand over time and it helps them form an impression of who you are and what you stand for. You can check to determine whether how you want to be regarded matches how you are by measuring brand association.

Set realistic goals here; your brand tracker should capture what makes you different. Who among brands wouldn't wish to be known for their high-quality goods and attentive customer service? Consider what distinguishes your brand from others. If you have brand values, you can refer to these. Try to highlight this in your study.

Through open-text feedback, this can be measured in a useful way. Customers are given the option to provide verbatim feedback without being asked to do so, allowing you to understand their true feelings. You can analyze those comments and categorize them by topic using the correct text analytics software to determine which associations are most powerful.

Steps for Beginning Your Brand Research

Studies that track brands traditionally can be very confusing. However, transferring this research in-house or building it from scratch becomes more reachable once you are aware of what to measure and how to reach your target audience.

How to Create a Tracker

It's not necessary for a brand tracker to be extremely complicated. Your brand tracker should fundamentally make it possible for you to do the following:

Keep an eye on your brand and category. This helps you understand how your brand stacks up against those of your rivals, enabling you to assess the general health of your brand and track its development. Utilize a mix of performance measures like purchase/usage and loyalty together with perception metrics like awareness, consideration, and salience.

Adapt to unique situations (product updates, promotions, etc.) Brand trackers are a wonderful tool to assess the effectiveness of your marketing efforts and determine whether those efforts have a positive or negative impact on general brand awareness.

Utilize a regular reporting system to visualize patterns. When you can act on the data from brand monitors, they work best. Make sure to include repeating reports when creating your system so you can rapidly distribute vital time-series data to stakeholders.

You'll need a few more things once you understand how to establish your brand tracker before you can get going.

A database for study - You'll need a research platform to handle the heavy lifting, from creating the question set to disseminating your survey and analyzing the data.

Find a platform that allows you to easily edit your questions and add new ones without having to do a lot of laborious back-end work. The last thing you want is to have to export it all to a spreadsheet and spend weeks analyzing it manually, therefore your platform should also make the analysis straightforward.

A panel of respondents – You will need consumers to respond to your survey, which is a requirement for any type of research. Make sure you have a diverse mix of potential customers, current customers, and demographics while conducting a brand-tracking study. You can do this to determine how your brand is doing among various target markets.

How should you use the data from your brand tracking?

Knowing what your users feel about your brand can help you build campaigns that will most effectively change or capitalize on their perception. Your clients will not only have a better and more positive perception of your brand if you play to that perception, but they will also be more receptive to what you have to say. Your brand monitoring data essentially makes it feasible to engage your audience in conversation.

Why ought I pay attention to my brand rather than merely performance campaigns?

Consider your brand to be the engine's oil, and the performance campaigns to be the fuel. Without the right motor oil, the engine will consume a lot more fuel, and eventually, the device would malfunction severely. Additionally, using the incorrect motor oil will lessen the fuel's efficiency.

Therefore, in order to maximize the effects of your performance campaigns, you need to have a solid grasp of your brand and how it affects your customers. In order to achieve this, you must consistently do accurate brand tracking.

How to plan and carry out a campaign for brand tracking

1. Reflect on your resources

It's crucial to evaluate your available resources, including cash, time, and experience, before choosing to outsource or maintain your brand tracking in-house. “ The amount of funding and resources that are available would determine how a brand tracking campaign would be implemented. The procedure might be retained in-house for organizations with stronger resources, utilizing the marketing teams' existing experience. It may be preferable for organizations with limited funds and resources to contract out the creation of a brand tracking campaign in order to receive skilled professional guidance throughout the process, according to David.

2. Pose the appropriate queries

Mark recommends brands carefully evaluate the questions they choose to ask before excitedly diving into the world of brand tracking. Customer feedback and surveys are key components of brand tracking. The proper audience category and brand position must be explicitly targeted as a result. The trick is to ask the proper questions in moderation (not too few). Nearly 25 questions are generally advised. But in the end, brands should strive to comprehend their brand's "why," not just the "what."

Want to know more about tracking and how it ought to be done with ease and efficiency? Contact us at Statzy Market Research and you’ll be all gauged up.

mona-content-writer Ayushi