Brand Tracking – What is it and Why is it Essential?
By Space Coast Daily // November 2, 2022
Keeping tabs on your brand’s performance is an integral part of your advertising strategy. Envision establishing objectives, releasing major and costly campaigns, increasing marketing budgets, and then hoping for the best.
You can spend a lot of time and effort conducting market research and laying up a comprehensive plan for your advertising, but how can you possibly know that it will be successful? That’s where we, the brand trackers, step in.
Brand Tracking Explained
In essence, brand tracking is a method by which you monitor public opinion of your company over time. By tracking your brand’s vitals regularly, you can respond to changing market conditions and seize opportunities before they’re gone.
Many businesses use brand monitoring studies to evaluate the success of advertising efforts. Studies that follow a brand over time attempt to calculate the financial and qualitative results of various brand-building strategies.
When calculating the return on investment (ROI) of brand-building projects, financial indicators are typically used in brand tracking studies that concentrate on the commercial impact of a brand. Indicators comprised of:
■ Customer Retention.
■ Sales / Profits.
■ Market Share.
■ Price Premium.
Tracking studies often follow the money to understand the effects of brand ads on customer intent. These studies look at consumer commitment to a brand, public opinion, and mental associations with that brand. The following are some of the methods that marketing teams utilize to compile this information:
■ Ongoing and Custom Panels
■ Survey-Based Brand Trackers
■ Consumer Research Surveys
■ Brand Impact Surveys
■ Sentiment Analysis
The best brand monitoring research will incorporate both internal business KPIs and external customer KPIs.
Just How Useful is Brand Tracking?
When you know the good and the bad about your brand, you know exactly where to put your efforts. Furthermore, it provides useful insight into how your brand fares in comparison to the competition.
You may shape your brand the way you always imagined it would be with the regular input you receive. Building a brand that resonates with people requires careful consideration of a number of factors, including these: relevance, customer loyalty, delivery, value, reputation, and visibility.
In What Ways Can You Put Your Brand Tracking Data to Use?
When you have solid data on how consumers feel about your company, you can more effectively shape campaigns to either change or capitalize on that sentiment. If you appeal to that preconception, clients will not only form a more favorable impression of your brand, but they will also be more receptive to what you have to say.
Your audience is more likely to pay attention to you when you present the findings of your brand tracking.
Isn’t it Better to Merely Run Performance-Based Ads & Ignore Brand Building?
Perhaps the brand is the oil that keeps the engine running smoothly, and the performance marketing is the gas that gets it there. It will take more gas to run the engine if you don’t use the right oil, and the machine will fail catastrophically.
Furthermore, fuel efficiency is diminished when the incorrect type of motor oil is used. In order to maximize the effectiveness of your performance campaigns, you must have an in-depth familiarity with your brand and its effect on your target audience.