One of your most significant intangible assets is your brand. By monitoring your brand’s online activity, you can get information that you can use to raise brand awareness, establish a robust online presence, or, ultimately, boost your potential revenue.
Strong brand loyalty has an enormous influence, which cannot be understated. Consumers buy products from reputable brands 59% of the time, and repeat business is worth ten times as much as one-time sales. So if done right, brand loyalty can help your company grow.
Recent events have highlighted the need for strong branding and devoted customers, and brands are starting to redirect their acquisition spending to retention. 70% of brand managers in 2020 gave audience growth more important than boosting sales. They need to develop tactics immediately as a result.
What is Brand Tracking?
Depending on your industry, the meaning of brand loyalty will change. However, branding frequently centers on cultivating people’s affection for your company. Evaluating consumer sentiment and awareness of your brand is known as brand tracking. It aids you in determining if your budget is currently being used effectively or whether other campaigns and techniques would better use it.
Additionally, a brand tracking agency enables you to foresee consumer trends, comprehend consumer purchasing patterns, and spot potential hazards related to branding problems. As a result, you can continue to be flexible in your marketing, both reactively and proactively, by staying on top of your brand tracking.
Brand Tracking Characteristics
We’ll explore more detail about the four components of brand tracking:
- Awareness and brand recall
Brand reputation among your target market is measured by awareness. The question of how familiar your audience is with your brand is answered by brand recognition. There are several ways to measure brand awareness, but I suggest employing a media tracking service.
Using a specialized tool for brand tracking and market analysis has several benefits. First, a media monitoring tool will gather all available results in real-time, including your brand name. As a result, you won’t run the danger of missing any crucial brand mentions.
Therefore, the analysis won’t be tainted by a lack of data.
Associations are the ideas that come to mind when customers think about your brand. This component of brand tracking considers the entire brand experience.
Address the outcomes with your brand strategy. For example, is the discussion’s context consistent with your brand’s positioning? How warm is the brand?
It’s time to change your external communication if the associations do not reflect what you intend to say.
One of the most crucial elements of your brand’s health is analyzing the emotion surrounding it. Investigating your brand’s sentiment will show whether it has a good or bad reputation.
Customers may choose a brand if they are generally pleased with it. In addition, existing customers will recommend a business to their friends and relatives.
Brand loyalty and consideration are two different concepts. You can survey your current clients to get their opinions.
The brand consideration index should be high if customers are willing to make more purchases and prefer your brand to your rivals.
This number is crucial since it is considerably less expensive to upsell your product to current clients than to reach a new market.
Why is Brand Tracking So Important?
Give dependable information for an abstract activity
Accurately tracking brand campaigns and marketing efforts may be frustrating, as many brand managers will attest. In contrast to other marketing campaigns, branding efforts can be challenging to measure.
You can better understand your brand equity and performance through reliable data using a tool created to measure your brand’s overall health and performance.
Enabling you to monitor target audiences
Identifying, defining, and writing communication for your unique target consumers is crucial when developing brand messaging and campaigns. When you can communicate directly with the customers most interested in your business, why waste money trying to advertise to the general public?
Using brand tracking software, you may identify your target markets and gather information on their reactions to your brand messaging. This data can be further divided based on audience attributes to create insights and aid brand managers in fine-tuning upcoming brand marketing messages.
Show that brand-related activities are cost-effective
You will be able to demonstrate that the brand marketing budget is supporting an important purpose if you have genuine data that allows you to estimate Return on Investment (ROI).
Brand tracking enables you to precisely assess your brand campaigns’ performance and overall success rather than assuming that the most recent spike in traffic is related to your most recent brand campaign.
Let you track important KPIs
Tracking fundamental KPIs, including brand awareness, perception, consideration, affiliations, usage, and more, is made simple through brand tracking. This information enables brand managers to comprehend target audiences’ overall perceptions, preferences, and usage patterns of their products.
Some brand tracking platforms also customize KPI tracking, enabling brands to keep an eye on the essential key performance indicators for their marketing plan. With this kind of data, brand managers can gain valuable insights that make it simpler to effectively interact with target audiences and demonstrate the success of brand campaigns to management.
Facilitating you to monitor your competitors
You may track the performance of your significant competitors using many brand tracking tools, which makes it simpler to identify areas where you are outperforming or underperforming.
You can create more successful brand campaigns and boost customer loyalty with accurate information on how competitors appeal to your target consumers.
Post courtesy: BrandIQ, a Los Angeles-based Market Research Company.