Key takeaways:
Brand tracking helps in customer retention, and measures brand performance.
There are different ways to do brand tracking.
Follow the steps given in the article, to implement a successful brand-tracking strategy.
What is brand tracking?
Brand tracking is the process of measuring a brand’s performance over time in the market. This can be accomplished through a variety of methods, including surveys, focus groups, and data analysis.
Brand tracking can assist businesses in determining how well their brand is known, its awareness, and its performance, and can discover necessary changes to improve it.
The exercise also helps businesses in understanding how their customers perceive their brand and what factors influence their customers to make purchasing decisions.
Any business that wants to maintain or improve its brand equity in the market should implement a brand tracking strategy.
What are the benefits of brand tracking?
Brand tracking can provide insights about how customers perceive a brand and what factors of their brand influence their buying decisions like pricing, service, your USP, etc, so you work on the non-performing factors and make them work for your brand.
It can also help businesses identify opportunities pr the loopholes to improve your brand equity.
Brand tracking can help companies:
– Determine brand awareness and recall
– Realize customer needs and preferences
– Recognize customer pain points
– Discover what factors influence purchasing decisions
– Evaluate marketing campaigns
– Make educated decisions about product development, pricing, and positioning
– Keep track of the brand’s online reputation
In my opinion, brand tracking should be an integral part of a company’s overall marketing strategy. It can assist your marketing team more effective in allocating resources and making better marketing decisions.
What are the challenges of brand tracking?
There are several hurdles that can make brand tracking challenging, including:
– Identifying the right metrics to track
– Gathering accurate and reliable data
– Accurately interpreting data
– Creating ineffective surveys
– Organising focus groups
– Ineffective data analysis
If the above challenges are not been taken into consideration, it can lead to wrong decisions that can damage your brand equity and make all the revenue graphs down. So these challenges should be worked upon before implementing the strategy.
Types of brand tracking
There are several types of brand tracking, each with its own set of benefits and drawbacks.
- Surveys: Surveys are a popular method of brand tracking. They can be used to gather information on customer satisfaction, brand awareness, and purchase intent. Surveys, on the other hand, can be time-consuming and costly to administer. Surveys also rely on self-reported data, which can be inaccurate.
For example, if you are a web development company, and you want to track the performance of your brand, you can conduct a survey using a pop-up form on your website after every purchase of a theme, so this way you can collect the reviews and the rating of your designing services. Or you can run an email blast marketing strategy to collect all the feedback from your clients/customers.
Focus Groups: Focus groups are a type of qualitative research in which a small group of people discusses a product or service. This type of brand tracking can provide insights into a brand’s customer perceptions and feelings. Focus groups, on the other hand, can be costly and time-consuming to organize.
- Data Analysis: Data analysis is a quantitative research method that uses data to understand customer behavior. This type of brand tracking can be used to measure brand awareness, customer satisfaction, and purchase intentions. Data analysis can be more accurate than surveys, but it can be difficult to collect reliable data.
Which type of brand tracking is best suited for your business will depend on your budget allocation for the same, the resources you have in hand, and your research goals.
How to do brand tracking
There are several steps that businesses can take to ensure successful brand tracking:
Step 1: Define your research objectives:
What do you intend to gain from your brand tracking strategy? Be specific about your goals from the very first step to avoid wasting efforts, money, and other resources.
Step 2: Identify the right metrics
Define your parameters and metrics very clearly to avoid any regrets after completing the process. Choose metrics that align with your research goals.
Step 3. Collect reliable data
Use surveys, focus groups, or data analysis to collect accurate and reliable data to trust for your brand.
Step 4. Interpret data accurately
Analyze data to draw accurate conclusions about your brand. Don’t mess up while interpreting, after all, it all depends upon interpreting the data you got and how to take corrective actions to your data.
Step 5. Take corrective action
So this is the most important step out of all the steps, check all data, and insights correctly, and make a final corrective action plan to implement to improve all the gaps where your brand is lacking.
Step 6 Analyze the result
Before believing that your strategy was successful, analyze all the results you are getting from the strategy in terms of trust, sales, and at last in terms of revenue, after all the whole practice is done to improve the business revenue and improve customer experience.
Conclusion
Brand tracking can be a valuable strategy for any business that wants to understand its customers better and improve its brand equity.
However, it is important to plan it carefully and execute brand tracking in order to overcome challenges and achieve success.
