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Regular, ongoing brand tracking is vital for marketers to build and refine their marketing plans and strategies. Whether you are a B2C or B2B, you will still need the right insights into your customers to understand where you sit amongst your competitors and how to move forward. Virtually all medium and large businesses will conduct at least annual brand tracking, but if you are looking to understand the impact and ROI of your marketing, the chances are that you’ll need to do it more regularly.
What is Brand Tracking?
Brand tracking is the process of measuring brand equity and health over time. It helps companies meet their customers’ unique needs and evaluate their brand strengths and weaknesses to adjust brand strategy. However, virtually all brand trackers are focused on the past and are often criticised for being out of date. Step in Vision One. We have discovered a new approach to tracking that looks forward and is specifically designed to help brands grow rather than focus on the past. Our proprietary approach is a bit of a secret, so please contact the team to learn more.
Companies conduct brand tracking surveys to gather in-depth, measurable feedback they can compare over time. Brand tracking surveys provide insight into how customers view your brand and identify opportunities for improvement and growth.
Why Brand Tracking?
Brand tracking studies allow brands to answer critical business questions, such as:
- Who has heard of you?
- What do customers think and feel about you?
- Who is buying your product?
- Are you a preferred brand?
- Do consumers who engage with your brand have an intent to buy?
- Who are your brand advocates?
- How do you measure against your competitors?
Download our introduction to tracking today, or contact one of our award-winning consultants here.
Identify the goals of your brand tracking strategy
Gathering the right insights is the first and most critical step in building a brand tracking programme. Many brand tracking programmes become a ‘so what’ exercise after a wave or two, so make sure you avoid this trap and focus on the things you need to know. We acknowledge that not all clients know the best questions to ask or how to get the most from a tracking study, but if this is you, then talk to our experts today. The main thing here is to ensure the tracking programme’s objectives align with your business goals – in most cases, this is to grow the brand.
Understand the key brand health metrics
Later this year, Tony Lewis is publishing a ground-breaking book on Momentum – the ultimate metric and driver of growth. This has led to major changes in how Vision One tackles brand tracking, as the book highlights how traditional marketing theories are incorrect and outdated. There are numerous key metrics that capture the full picture of brand health and growth and how to acquire new customers and building loyalty.
Analysis of brand tracking results
The analysis stage of the data is the most time-consuming but also the most rewarding. Always start by going back to Step1 above and understanding what the strategic goals of the business and marketing activities are. The temptation is to largely focus on your own brand and results and forget about the competition – so start here and see what they are doing and what they are managing to achieve. Armed with this competitive insight, you will find it much easier to make sense of your own findings. Typically, you might also look out for Which metrics performed the strongest. The weakest? How have the results changed over time, and in what direction are they trending? Who is doing well and why? What do you need to do to address any weaknesses or challenges?
Review your Brand Tracking every Wave
Brand tracking needs to drive actionable insights year in and year out, so it has to be built with a long-term vision, but it must always be designed to adapt – asking the same question is a complete waste of time if you can’t act on it. It’s essential to gather the right information and evolve as you learn more about your customers and the market. Custom-designed brand tracking is far more useful to businesses than off-the-shelf solutions that never change. If you aren’t changing your tracker, then you’re not evolving, learning or growing. So, before every new wave, review and update your questionnaire and refine your goals and objectives.
For more information on Introduction to Brand Tracking – Download our Guide today (PDF) talk to Vision One Research
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