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Brand tracking is crucial for businesses to measure the effectiveness of their efforts and marketing strategies. It helps evaluate and monitor the health of your brand over time. The study enables you to evaluate various aspects of your brand and understand how your target market perceives the brand. It empowers you with relevant insights to identify areas of improvement and USPs and track the impact of your marketing strategies on customer loyalty.
In this guide, we’ll explore its importance, and share how to set up your brand tracking research and highlight its benefits for the business.
Brand tracking is the process of measuring the change in brand perception over time. It examines attitudes and awareness of a brand. A company’s “brand” is one of its most valuable assets. Through brand tracking, organizations can understand what customers think about their brand and understand their position in the market. This will also help them understand their growth potential as they know where they stand.
Brand tracking involves using various sources of data to help understand the impact of marketing on a company’s long-term and short-term brand equity and sales.
Measuring brand awareness allows you to understand the commercial value of your brand and its position in the market. This allows you to tailor marketing strategies to get the most from your brand.
Brand loyalty refers to customer dedication to continuing to do business with a specific brand. Loyal customers can help a business achieve long-term, sustainable success, making loyalty an important metric to measure while brand tracking.
You can evaluate it by measuring metrics such as repeat purchases, customer retention rates, and willingness to recommend the brand to others (NPS). Design online surveys with questions that help you gather data on these metrics to uncover insights relevant to target customers.
Brand awareness refers to the degree of consumer recognition of a product, service, or brand by its name. Companies with high brand awareness can benefit from improved brand perception, a higher quality workforce, enhanced credibility, and more.
There are two types of brand awareness – prompted and unprompted.
To gauge prompted awareness, you can use ranking or rating questions with a list of brands, including yours and key competitors. This will help you understand where your brand stands when placed alongside your competitors.
To gauge unprompted awareness, you can ask respondents to share brands that they think best fit the question. In this question, you should not provide a predefined list of brands.
Brand association is the correlation of a brand with certain concepts that a consumer recalls when they come across the brand. Brand associations differentiate organizations from their competitors and can be a source for the creation of positive attitudes and feelings toward your brand or its products. Measuring brand awareness can help you understand whether your brand is perceived the way you want it to be perceived or not.
In a brand tracking survey, this metric will help you identify what attributes consumers associate with your brand. To evaluate the association, you can leverage quantitative questions, allowing respondents to select the answer options that best fit your brand values, emotions, and experience.
Net promoter score helps you understand customer loyalty by evaluating their likelihood of recommending your brand, its products, and services to others. The score enables you to identify your biggest advocates and also the unsatisfied customers who can possibly churn. It also helps you identify the key driving factors behind customer opinion.
This metric is known for its single question – On a scale of 0 to 10, how likely are you to recommend <<Brand Name>> to a friend?
Based on the respondents’ ratings, they are then classified into three categories: promoters, passives, and detractors.
You can follow this up with an open-ended question asking respondents to explain their reason. This allows you to identify themes, trends, patterns, and emotions relevant to customer experience.
In the brand tracking strategy, awareness is not the only metric you need to track. It won’t have much impact on business growth if awareness doesn’t translate to purchase intent. This metric helps determine how likely your target market is to actually buy your products or services.
Instead of assuming or guessing the likelihood of purchase, you can use surveys to gather customer opinions and perceptions on the topic relevant to their experience.
Read more: Navigating through Path to Purchase
Brand momentum refers to the ability of a brand to consistently beat competitors by having a stronger position in the market. It helps measure whether a brand is progressing in the marketplace or not.
Brand momentum can be defined by measuring:
You can evaluate brand momentum by analyzing metrics like brand perception, online mentions, social media engagement, and sales growth.
While it might seem overwhelming to implement a brand-tracking strategy, once you follow the steps mentioned below, initiating it as in-house research will become effortless.
Let’s see how you can design your brand tracking research.
You cannot think of deciding your research goal after gathering customer feedback. It’s important to determine the goal before you start creating your research questionnaire. This will help you write questions as per the metrics you want to evaluate.
Identifying the goal from the beginning will enable you to draw the brand tracking research and tie up your efforts to the overall business goals.
To gain relevant insights into your brand, it’s best to target specific customers. This means you will need to gather responses from people who share similar characteristics as your target market or prospective customers.
You can start by either conducting customer profile research or leveraging a market research panel. A platform like Voxco Audience enables you to create a sample of respondents with a wide range of demographics, characteristics, and interests.
This step involves selecting the appropriate metrics by which you will track your brand over time and track its position in the market. Once you have decided what metrics you want to track, you can then select the appropriate methods to collect the required data.
It is a good initiative to evaluate the impact of your marketing strategies and efforts in the overall brand awareness and customer experience.
Once you have determined the goal, created the sample of respondents, and decided which metrics to evaluate, you need survey software to design the survey, distribute it, and analyze the result.
Look for a platform that enables you to design branded surveys and offers multiple modes to conduct your brand tracking survey. Your platform should allow you to share surveys via emails, SMS, website pop-ups, and telephone. It should also enable you to draw statistical analysis, text, and sentiment analysis and export it seamlessly.
Analyzing collected data is the most pivotal part of this process, as it involves drawing inferences, correlations, and patterns from the data that the company can use to improve its brand perception and position.
The data analysis will provide the company with direction on where they can improve and optimize their strategy in order to promote the success of their brand.
Brand tracking is a continuous process and does not end after analyzing one batch of responses. You must continually track your brand against the chosen metrics to ensure a good brand position and brand perception.
Choose the frequency of your survey based on what makes the most sense for your product or services. The frequency should be realistic and so it should mirror the purchasing habits of your target market.
Brand tracking research is not simply a means to measure brand performance. It is also a strategic tool that helps a businesse to make informed decisions to enhance the brand’s position in the business landscape. By regularly monitoring key brand metrics you can identify emerging trends, capitalize on opportunities, and address potential pain points hindering business success.
In today’s competitive landscape, customers have to keep track of multiple brands, which makes it essential for businesses to stay relevant and memorable to the audience. Brand tracking surveys provide valuable insights into consumer preference, needs, behaviors, allowing you to tailor your business strategies to better meet their needs and expectations.
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