Contents
- What is brand tracking?
- Why track brand health
- What metrics are considered
- Methods of conducting brand tracking
What is brand tracking?
Brand tracking, or brand health tracking, is a long-term marketing study that analyzes the dynamics of a brand's condition. This process helps understand how well-known a brand is, what reputation it holds, and what associations it evokes among consumers. It is important to note that brand tracking is not directly related to financial indicators such as sales or profit, but is focused solely on the perception of the brand by the target audience.
Why track brand health
Tracking brand health allows for identifying the strengths and weaknesses of a company, which is key to successful marketing. Here are a few reasons why it is important to regularly monitor the state of a brand:
- Identifying significant differences from competitors.
- Forming a real image of the brand in the perception of consumers.
- Studying the effectiveness of advertising and marketing activities.
- Identifying shortcomings in positioning and promotion.
- Improving customer service and increasing satisfaction levels.
- Making necessary changes to the marketing strategy.
A healthy brand evokes positive emotions, which contributes to its memorability and preference among consumers. Conversely, a weak brand does not stand out against competitors and fails to generate interest.
What metrics are considered
Brand tracking includes three main components, each with its own criteria:
- Brand Awareness: studying how well customers know the brand and what they know about it.
- Brand Positioning: assessing the alignment of the brand with its proclaimed values.
- Brand Performance: measuring customer satisfaction levels and their willingness to recommend the brand.
Additionally, loyalty analysis can be conducted using data from OFD receipts, which allows tracking changes in customer spending upon the launch of new products or changes in positioning. For the accuracy of studies, it is recommended to use qualitative methods, such as focus groups, which help differentiate correlation from causation.
Methods of conducting brand tracking
There are several popular methods for measuring brand health:
- Social listening: monitoring brand mentions and sentiments on social media, as well as analyzing blogs and news sites.
- Surveys and focus groups: obtaining responses to specific questions through phone or online surveys, as well as discussions in small groups.
- Customer feedback analysis: studying the opinions of existing customers, identifying their impressions and preferences.
Feedback analysis can serve not only for researching brand health but also as a marketing tool that helps attract new customers and increase loyalty. For example, promotions like "Leave a review - get a discount" can increase both repeat purchases and brand recognition.