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Brand Tracking Guide

Market research 04 12
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LEGER
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Consumer Opinion Services

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Table of Contents

01

What is Brand Tracking?

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 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.

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02

Metrics to Track while conducting Brand Tracking

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. 

The following are a few metrics used while Brand Tracking:

  1. Brand Loyalty 
  2. Brand Awareness
  3. Brand Associations
  4. Brand Momentum

Brand Loyalty 

  • Brand Loyalty refers to customer dedication to continue doing business with a specific brand. Loyal customers can help a business achieve long-term, sustainable success making it an important metric to measure while brand tracking. 
  • Brand loyalty can be measured through metrics such as NPS® (Net Promoter Score®), repurchase ratio, and CLI (Customer Loyalty Index). 

Brand Awareness

  • 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. 
  • Brand awareness can be measured by running brand awareness surveys and measuring site traffic. 

Brand Associations

  • 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 understand whether your brand is perceived the way you want it to be perceived or not. 
  • Brand association is often measured using surveys. 

Brand Momentum

  • 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:
    • Relevance of a product’s value proposition
    • Market Agility and the company’s ability to keep up with change
    • Customer Perception of management vision and brand integrity
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03

How to start Brand Research

The following steps can be taken to track your brand:

  • Step 1: Establish a Brand Position and Target Segment

It is important to first establish what you want your brand message to be and the way you want it to be perceived, among the customer segment you are targeting. Once this is done, it then becomes possible to determine your brand’s success in building a strong brand image and reputation among consumers.

  • Step 2: Choose the Brands that you need to Track

Other than tracking your brand over time with its older stats, it is also important to compare your brand to its competitors in order to understand your brand’s position in the market. This can be done by determining which brands you want to be measured against before comparing their brand performance against yours using certain metrics.

  • Step 3: Choose Metrics 

This step involves selecting the appropriate metrics by which you will track your brand overtime, 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. 

  • Step 4: Collect Data

Once the appropriate data collection methods have been chosen, you can commence data collection. This can be through online questionnaires or surveys, or can even be through research panels. 

  • Step 5: Analyze the Results

Analyzing collected data is the most pivotal part of this process as it involves drawing inferences, correlations, and patterns from the data that can be used by the company to improve its brand perception and position. 

  • Step 6: Adjust Strategies

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. 

  • Step 7: Repeat Data Collection at Certain Intervals

Brand tracking is a continuous process and does not end after analysing one batch of responses. Organizations must continually track their brand against the chosen metrics to ensure a good brand position and brand perception.

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