Brand tracking implies marketing efforts that help quantify the impact of brand-building campaigns on conversions, and sales. Marketing teams develop campaigns that aim at emphasizing distinctive attributes of the brand in place of only products. Such campaigns aim to develop a relationship with the core audience of the brand.
In this article, we will more about brand tracking, its benefits, and ways to compute it.
What is the objective of brand tracking?
To improve brand awareness, an organization should listen to customers with tracking programs. Brand tracking helps marketers understand what brand efforts are reaping results, how do they impact sales, identify the brand efforts that do not work, and ways to optimize them for better performance. When a brand learns what resonates with the customers, it results in long-term growth and sustained customer loyalty in the business.
OvationMR is a leading provider of first-party data to businesses that seek solutions that need the information to make informed decisions. Their brand tracking programs help management consultants and market research professionals to deliver insights and trusted outcomes across various industry sectors.
What is a brand tracking study?
Brand tracking studies help companies to compute the effectiveness of their brand campaigns. A majority of studies focus on computing the success of brand-building initiatives based on their impact on the consumer and on the business.
Brand tracking studies focus on financial metrics for the determination of the ROI of brand-building initiatives. This study examines how brand campaigns have impacted the intentions of consumers.
What are brand tracking metrics?
Brand tracking metrics examine brand loyalty, brand associations, and brand perception in the business. These metrics comprises:
- Retention of Customers
- Sales / Profits
- Price Premium
- Market Share
To obtain this data, marketing teams use the following methods such as:
- Consumer Research Surveys
- Ongoing and Custom Panels
- Survey-Based Brand Trackers
- Brand Impact Surveys
- Sentiment Analysis
Highly successful brand tracking studies use a combination of business-focused KPIs as well as consumer-focused KPIs to gain a holistic view.
Benefits of Brand Tracking
Brand tracking benefits any business by providing them valuable insights into the interests, buying patterns, and behaviour of their consumers. Here are a few business benefits to brand developing building.
- Creating as well as aligning a brand message that enhances consumer loyalty and lowers churn rates with the fluctuation of markets.
- Investing in brand building facilitates the introduction of new products down the line.
- Brand tracking efforts help enhance consumer experiences and help marketing teams get clarity of where do they stand in the competition.
- Brand tracking studies let a business know what consumers find good about any product or service and what they want to see more of. This knowledge helps product teams design new products as well as result in new iterations with better features.
Brand building can result in long-term results. Customers tend to purchase from those brands whose core values properly align with their own. Brand tracking not just helps improve brand awareness but also improves customer loyalty and leads to long-term growth.