Consumer companies spend trillions of dollars annually on marketing, but it’s impossible to know whether those efforts are reaching their target audience. Brand tracking is one way to solve this problem. A Complete Guide to Brand Trackers provides the low-down on brand tracking and explains how to use the data collected by this tool to make better marketing decisions. If you’re interested in brand tracking and how it works, this guide is worth checking out.
Table of Contents
Importance
While brand trackers are not as important as customer satisfaction surveys, they play an essential role in marketing research. The studies can be conducted to gauge the performance of a business and understand what drives consumer satisfaction. By performing such surveys regularly, organizations can adjust their products and services to match customer preferences and react to problems immediately. The benefits of brand trackers go beyond tracking a company’s performance. Instead, you can use them to evaluate its competitors, identify areas for improvement and win new customers.
The main benefit of brand trackers is that they provide data on consumer perceptions and allow businesses to optimize their marketing strategies based on these facts. A brand tracker can measure any variable or demographic in the market. In addition, it can track changes over time, giving businesses superior insight than snapshots. For example, a bank can measure customer satisfaction, customer acquisition costs, and customer retention through regular tracking studies. In addition, brand trackers are handy for banks that have a variety of products and services.
Methods
The most common question marketers ask when using brand trackers is how often they should conduct surveys. The frequency of brand tracking surveys varies, but it’s essential to know when to conduct such research. Brand trackers are surveys that ask questions about price, awareness, and switching preferences. Companies can compare results from these surveys quarterly to determine what is working and what needs to be changed. The frequency of brand tracking surveys is often determined by the company’s budget and needs but can be as frequent as every six months.
When determining how often to conduct brand tracking studies, companies need to consider whether they target high-growth or highly competitive segments. Brand trackers are handy in high-growth product categories, where competitors are aggressively vying for customers. For established brands, however, brand tracking can be done less frequently. In addition to evaluating brand equity, brand trackers can help companies monitor their competition. These metrics help companies plan for future marketing campaigns.
Cost
Brand trackers are helpful for organizations and consumer brands to monitor consumer perceptions and behaviors. For example, colleges and universities use brand trackers to monitor consumer satisfaction, critical barriers to acquiring students, and the overall quality of student life. Public health organizations use brand trackers to monitor essential behaviors of the consumer to gauge the effectiveness of public awareness campaigns and the need for additional public education. In addition, companies that produce a brand can benefit from using a brand tracker for their internal marketing departments.
A tracker is fundamentally a report card that measures performance and develops a marketplace profile. It is an essential component of strategic marketing because it allows organizations to determine whether their brands are on track and how they can improve their performance. Many companies, however, fail to realize the full potential of trackers because they treat them as a tactical scorecard and focus on surface metrics. A brand tracker helps companies plan and strategically manage their brands by analyzing consumer behavior and positioning.
Benchmarking
Considering a brand tracker, it’s essential to know how often it should be performed. Not only do marketing and research teams want to know the results, but executives, product teams, and advertising agencies are also interested in knowing the frequency. Fortunately, some basic guidelines can help you decide how often you should perform brand tracking surveys. Read on to learn more. A key brand metric to track is a consideration. This metric measures whether a consumer would consider using a particular brand based on a specific question. While a brand can achieve high levels of awareness, it isn’t very sensible if they won’t consider using it in the future. A brand tracker will enable you to capture the latest data about how your customers feel about your brand and how you stack up against them.
