Brand Tracking
In the words of marketing writer Alina Gorbatch, “The term ‘brand health’ tends to confuse people. Is it just another buzzword? Does it have anything to do with viruses?” She goes on to explain, “While ‘health’ sounds like something broad and vague, ‘brand health’ is just a collection of metrics that shows you how well your brand is doing.” (Awario.com). The health of a brand can be tracked by utilizing a variety of analytic techniques that measure consumer use and purchasing practices, as well as consumers’ responses to the brand itself. Brand tracking can determine the effectiveness of a brand in meeting the goals set by a company, identifying which strategies are yielding optimum results, and which ones could use improvement.
Elements of brand health can be organized into the general categories of brand awareness, brand positioning, and brand delivery, although there are also additional components to take into consideration, such as brand associations, brand loyalty, and brand reputation. The analytics gained from addressing these key components can be important tools for a company to employ in assessing its brand’s health, leading to a more keenly honed competitive edge, especially in today’s oversaturated marketplace.
Brand Tracking Measurements
There is universal agreement in the world of marketing that establishing a strong brand is crucial. According to publishing executive Steve Forbes, “Your brand is the most important investment you can make in your business.” (Forbes.com). In order to protect this investment, it makes sense to employ every available data-gathering tool. Brand tracking measures a brand’s overall performance through the use of surveys and other consumer-feedback techniques. Brand tracking studies enable a company to access its commercial viability, while identifying changes and creating strategies for improvement.
A time-honored way of conducting brand tracking is through focus groups and surveys, either online or in person. These can offer in-depth qualitative, as well as quantitative data. Consumer response can also be gathered by conducting regular interviews with customers, which can be useful in terms of identifying which specific factors contribute to brand loyalty, and how responses to a brand might change over time. Another method of brand tracking, often referred to as “social listening,” tabulates the number of times a brand is mentioned on social media platforms. This technique is especially effective when it comes to evaluating brand positioning and reputation.
Why is Brand Tracking Important?
By taking into consideration all the data collected and measured through various brand tracking techniques, a company can determine if its brand is healthy, and if it is determined not to be, it can then take appropriate action to remedy the situation. Through the use of data tracking metrics, a company is able to accurately identify contributing factors, and make the necessary changes in order to improve its product line, and ultimately increase sales. The continuous collection of quantitative and qualitative data gathered from consumers enables a company to evaluate brand health on an ongoing basis, and allows timely adaptations of marketing and other brand-related strategies.
Brand tracking is a key component in the construction and maintenance of a company’s long-term equity. By staying informed of what is being said about its brand, a company is better able to reach its target audience, while continuing to adapt product lines and price points to match its consumers’ needs and wants. As marketing guru Seth Godin has said, “A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product over another.” (seths.blog). Brand tracking is a highly effective way to learn, directly from consumer response, how to positively influence such decisions.
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Otis Kopp
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