What is Brand Tracking?
Brand Tracking is a method of ceaselessly measuring the health of a brand in terms of ROI on marketing initiatives, consumer usage, and their opinion about it.
It is one of the most reliable research tools for continuous tracking or a dipstick (pre and post-launch activity) study.
Tracking a brand helps to see both the historical and instant view of the brand and a campaign’s performance monitored against its competitors.
This study is conducted across various brand health, media, and purchase funnel metrics across the different stages of the marketing funnel. The results can be analysed and benchmarked as a brand’s success against its goals, competitors, and market.
Aim of Brand Tracking
A strong brand tracking strategy aims to provide an authoritative read of a brand’s progress at a macro-level and diagnose the scope of optimisation for improvement.
The focus of Brand Tracking
This study focuses on business impact with the financial metrics to determine the ROI of the marketing initiatives.
These metrics include:
- Customer Retention
- Sales/Profits
- Market Share
- Price Premium
It also targets consumer impact to examine how campaigns have changed the market’s intentions & consumers’ perceptions. These examine metrics such as brand loyalty, brand perception, and brand associations.
A combination of the following methods are used for the same:
- Ongoing and Custom Panels
- Survey-Based Brand Trackers
- Consumer Research Surveys
- Brand Impact Surveys
- Sentiment Analysis
A successful brand tracking study will combine both business-focused KPIs and consumer-focused KPIs for a holistic view.
Why Brand Tracking?
Marketing today has become aggressive, and brands are investing heavily in building campaigns that focus on emphasizing unique brand attributes rather than just product/service. The goals for these campaigns are predetermined and structured to establish a relationship with the brand’s audience and build associations between the brand and its ideals.
Brands are trying to reach the audience’s mind with their offerings by subtly placing their brand’s values, thereby creating a positive brand image through advertisements that do not contain a call to action all the time. In such cases, it can be challenging to attribute conversions or sales to their success, even though brand perception certainly will play a role in moving consumers down the sales funnel.
Brand-building provides long-term results. Consumers lean on buying from a brand whose core values align with their own. The psychological aspect here is significant as there has been a shift in preferences from “What they buy” to “Why they buy”; hence having clear values and strong brand values can be enough of a reason to drive conversions at any cost.
The goal of Brand Tracking
The ultimate goal of this study is to track and help marketers understand what drives the consumers and which brand efforts are working and which are not, how they can be optimised to perform better as the Brand loyalty scale can be improved only by learning what resonates with the customers.
Some questions best answered with brand tracking
- Does the brand readily come to customers’ minds?
- Does thinking about this brand evoke positive feelings for a customer?
- Do customers recognize the brand?
- What segment of the population should be targeted?
- Are the highest value consumers talking about the brand on social media?
Key Brand Tracking Metrics
- Brand Preference
- Brand Loyalty
- Brand Recall
- Brand Experience and Associations
- Brand Usage
Markelytics boasts its partnership with major brands across the sectors in the country for their tracking studies. Today, businesses are facing challenges from unseen or unheard corridors. This unexpected change of event needs newer methods to address business concerns. Tech-driven tracking solutions with flexible and tailor-made tacts are the swear-by approaches. Providing real-time results to the digital dashboard are the few custom solutions that have worked very well for the recent clients of Markelytics. If you wish to script a success story for your brand, write to sales@markelytics.com.