Brand tracking in extremely basic terms shows you how your brand is performing with consumers. It should also highlight how similar brands are also performing with consumers. As well as showing you generally, how your brand is performing in the whole market. In this article though, we will look at what good brand tracking should do for a business. There will be three main areas: new insights, decision making and context.
Firstly, new insights: When you are pursuing brand tracking you may have a few specific areas of information you want updating. This could be areas such as brand loyalty, current market rankings and position within a specific demographic etc. However good brand tracking should also reveal other insights you weren’t explicitly looking for. For example, a brand tracker might reveal weaknesses within your customer service that you didn’t know were present. Or it may show other features that key competitors are excelling or failing at. This type of information is key for a business, no matter what the size, to prosper. Without this, it would be very easy to let opportunities pass you by.
This gained information allows you to improve our next area; decision making. Specifically, brand tracking should allow faster and more confident decision making. The quickness of the decision making is improved because information gained from brand tracking is much more up to date than compared to other sources of information. For example, something such as sales figures aren’t showing you the perception of your brand currently. While sales figures will only ever tell a more simplified version of how your brand is performing. The unsimplified information gained from brand tracking allows your decisions to be based on more solid ground than before. Thus, there is more confident decision making. You are not interpreting basic results to get a feel for the market, but instead direct information from the market itself, directly from consumers.
Finally, this faster more confident decision making owes much to the final area too; context. To be more precise, it is adding context to how a brand and the market that brand is in, is performing. This brings a deeper understanding overall of the market you’re in, and why your brand is performing at its current level. Overall, this can be seen as a combination of new and improved insights, leading to a deeper understanding and wider understanding of the context. In turn, this information allows the grounding for faster, more informed and confident decision making.