Hugo D. Brand tracking is a great way to benchmark against your competitors and track your brand’s health. It is an increasingly useful and cost-effective tool for brand managers and marketers. Unlike a traditional market research study, this tool is more accessible to marketers and brand managers, making it a more affordable way to measure your brand’s health.
Benchmarks in Market Research
Brand tracking surveys are used by market researchers to measure the impact of a brand on its customers. These surveys can help organizations understand brand awareness and where to improve. Comparing their brands to those of their competitors and industry peers, these brand awareness benchmarks can help guide future brand development.
Brand tracking studies are popular among marketers because they provide real-time insight into consumer behavior and attitudes. They also help companies maintain a pulse on their core audience and identify shifts in their target market. These studies can be used to make strategic changes and win new business. By tracking brand performance, you can ensure that your marketing campaigns are working to build your brand.
A brand tracking study requires the participation of consumers to answer a questionnaire. To ensure that the survey data is relevant, it is important to build a panel of respondents with a mix of existing and prospective customers. You can also use this data to track your competitors. The brand tracking tool can present these results on an interactive dashboard that allows you to see how your brand will grow in the future.
Segmentation
Segmentation in brand tracking allows you to drill down into the nuances of a particular market. By understanding what your target market is looking for, you can better plan your marketing efforts to appeal to those consumers.
Segmentation data can come from various sources, including website analytics tools and a customer relationship management database. Because this data relates directly to your customer’s behavior, you can tailor your marketing efforts to fit specific groups. Another form of segmentation is psychographics, which considers your customers’ mental and emotional characteristics. While this is more difficult to quantify than the other two types, it can provide valuable insight into what your customers want.
Segmentation in brand tracking also allows you to identify the most effective associations for each customer segment. This allows you to assess which marketing efforts are working to lift those associations and brand elements.
Getting Data
To get the most out of a brand tracking study, you need consumers to complete a survey. It’s important to get a mix of existing and prospective customers to gather various demographic data. Then, you can use the data to make adjustments to your business.
Brand tracking can help you measure your brand’s health and make informed decisions based on this data. For instance, if you have a low brand awareness score, you may want to invest in more paid advertising or develop a strategic brand-building campaign. You may also want to implement loyalty programs and strategies to increase brand advocacy.
You can also use internal sales data to analyze your brand’s health. For example, you can use your data to compare your products to other brands in the same category. Besides analyzing internal sales, brand tracking can help determine which competitors are performing well. Getting data from brand tracking requires patience and consistency. It may take a few waves to gather a comprehensive picture. Furthermore, it may take some time before you can see the full impact of your investments. Remember, people, wait to change their opinions about brands overnight.
Measuring Results
Brand tracking allows you to measure the impact of various marketing initiatives and make changes based on the results. For instance, if brand awareness is low, you may need to spend more money on paid media and strategic brand-building campaigns. Similarly, if your NPS(r) score is low, you may need to implement loyalty programs and other strategies to boost brand advocacy. Moreover, brand tracking is extremely useful for measuring the impact of brand-building efforts over time.
Brand tracking studies often include questions about key metrics, including brand awareness, consideration, and satisfaction. The results can also reveal the weakest areas in your brand and help you make changes to improve the brand’s health. The metrics can be used as benchmarks for your marketing campaigns, and you can review them anytime.
This will allow you to repeat successful marketing campaigns or tweak your promotional strategies based on the feedback. In addition to providing real-time results, brand tracking studies also provide historical and future insights about your brand.
Brand tracking is useful for companies planning to launch a new product or service. It helps them build trust with their target audience, which is crucial for brand recognition. However, there are better solutions than brand tracking for all companies. Choose a different approach if you’re a startup or an early-stage business.
