Home » Why Use Brand Tracking

Why Use Brand Tracking

  • by

The process of creating, tracking and maintaining a strong and reputable brand can be much easier said than accomplished.

Today’s consumers are looking for more from the companies they interact with than just quality products. They want interactions. They want to be engaged. They judge companies on their involvement in issues and causes they care about. For example, a 2020 study revealed 60 percent of people stated that they were making more sustainable purchases after the pandemic.

Alongside their brand preferences, customers’ needs change constantly, usually as a result of the economic environment as well as their personal environments. As their requirements change they are less loyal, and are expanding their search to businesses that can satisfy their changing requirements and needs. Since the start of the pandemic, around 35 percent of U.S. consumers have tried an unfamiliar brand as per McKinsey & Company. In a different survey the survey asked respondents to explain why they choose new brands. 50% of respondents stated they’d done it due to a need they’d never had before. need and were able to find a brand that satisfied the need.

“Regularly monitoring your brand’s progress will allow you to know its performance and overall health within the marketplace as well as among your customers. “

With consumers constantly looking for new services and products It’s more crucial than ever before that businesses be aware of not only how their brands are perceived, but also how the health of their brand. Being able to measure brand health effectively means being aware of the most important metrics as well as monitoring them over time, and analyzing the strengths and weaknesses in order to improve strategies for branding. Here are the top five reasons for monitoring your brand’s health is vital.

1. Create and maintain a healthy brand

To build a solid brand You must be able to continuously find indicators of weak brand recognition and negative impressions. There are six primary measuring metrics that give the complete picture of the brand’s overall well-being.

Awareness
Perceptions
Purchase
Preference
Future evaluation
Probability of recommending (Net Promoter Score)

Monitoring each of these indicators will allow you to gain an understanding of how your customers respond to your business, such as the impact that your marketing affects purchasing habits and the strength of your brand compared to its competitors. By keeping track of these metrics and paying close attention to how customers perceive your brand, you will begin to get a better picture of the overall health of your brand. This data will help you answer questions such as:

Who’s heard about us?
Who buys the product(s)?
What do our customers think about our company?
What is it that drives our customers to purchase from us in the future?

If you can answer the above questions, you might decide it’s time to review your approach to marketing, your communication initiatives, or even the way your brand is portrayed and the attributes it possesses.

2. Assess the impact of new Product Launches as well as Important Initiatives

Announcing a new product, or taking part in any kind of massive marketing effort are two great ways to build brand recognition and engage. If they are not done correctly it can be a surefire way to ruin the reputation of your company.

Keep in mind that establishing and maintaining a solid brand is a two-way process between your company and your customers, which is why you shouldn’t ignore their opinions. Gathering feedback prior to and following a product or campaign’s launch is essential to avoid blunders.

Brands that are successful continue to monitor important metrics throughout the product duration, including after the launch to assess the effects of the launch or initiative on their image as well as to determine and respond for any adverse reactions. For instance, if you plan and manage events as an element of your marketing plan do not just measure the results during one event. Keep a close eye of how your event’s strategy impacts your brand’s image throughout the course of its existence.

3. Prove the performance of the campaign and show Return on Investment

A lot of marketers struggle to prove the effectiveness of their marketing campaigns difficult. Finding the impact of their marketing and aligning spending to sales can be extremely difficult when you have so many options available it’s easy to get overwhelmed.

Tools for tracking brand’s performance allow you to evaluate crucial brand metrics and assist you in understanding the efficacy of your individual campaigns as well as the overall presence of your brand. Regular tracking of your brand helps you collect relevant information which you can use to guide your strategy for branding going forward.

Continuously monitoring the overall performance of your brand can make proving ROI for marketing significantly simpler. In reality, more than four out of five executives believe that measuring brand health is an impact on the ROI of their business.

4. Check out your Brand to Your Competitors

Have you a clear idea of where your company compares to the other brands? Do you know if your brand is the best option for your main customers? And, if not, how do you know? By identifying rivals and comparing their key metrics such as revenues, cost of service or customer loyalty, companies will be able to better understand their competitive position.

Other factors to consider include the brand that customers prefer and the reasons they keep buying from one brand over the other. When customers are content enough to use an item or service over the long term then it’s safe to say the brand is meeting its goals. If they are easily enticed to test a competitor’s item or services, then it might be time to review the positioning of your brand or product’s features.

Tools that monitor online buying behaviors can be useful in finding out how many customers interact with your brand and buy the product or service you offer. Combine this with qualitative research and survey surveys on brand tracking that provide insights into the experiences of customers, and you’re already on the right track to accurately assessing your brand’s performance against competitors.

5. Take proactive steps to identify and correct underperformance

If you’re tracking your brand’s health, it’s easier to identify and correct poor areas than if didn’t have any knowledge of the overall health of your brand or just collect point-in-time information. If you’re consistently collecting the metrics of your brand’s health it is possible to compare the results over time and determine the way that customers perceive your brand across different phases or in response to promotions or other news or events.

With the access to a vast amount of historical data , you can identify the signs of a decrease in brand awareness and perceived quality of the brand and loyalty to customers. It is then possible to develop strategies to boost the brand’s recognition and keep your business top of mind to potential and existing customers.
Monitor and adjust your brand Every now and then

Monitoring your brand regularly can be the best way for you to know its performance and overall health within the market as well as among your customers.

Set goals, studying important metrics and identifying opportunities in the beginning will help distinguish your brand from others. If you are aware of the current state of your brand’s health it is possible to gather your team to present your findings, modify your objectives, and start creating plans for future tracking.