Brand tracking is a way to measure your brand’s health from time to time. It is computed in terms of consumers’ usage of the brand and their perception of it. The opinion that people have about any brand is bifurcated into the overall love and warmth of the brand, brand attributes, and brand momentum linked with the brand.
In this article, we are going to tell you ways that you can use to track your brand most effectively.
OvationMR is a leader to deliver insights and trusted results across several industry sectors throughout the globe consistently. The company has been assisting management consultants and market research professionals by focussing on strong brands measure performance.
Why does a business need to measure the brand?
Compute the brand with the help of a brand-tracking study. It enables you to understand the commercial value of the brand and record amendments as well as optimization of the strategy to get the maximum from the brand.
Regular tracking of the brand enables you to measure the key metrics of the brand over time and learn the driving force behind the enhancements. Though it is common to run a brand tracking study quarterly, if are running new advertising campaigns, then you should increase the brand tracking frequency. Look at how does it contributes to your brand.
Measures to track in your brand tracking study
Here are a few things that you need to track when computing the brand’s worth and performance.
- Brand Loyalty
This is measured with the help of feedback obtained from existing customers. The metric offers a view of how a customer continues to interact or buy from the brand. Brand Loyalty is computed by purchase intent. It tells you how strong a brand is.
- Brand Awareness
Awareness is a term used to measure the ability of consumers to recognize a brand. It is computed in the form of an aided awareness and unaided awareness. It is made using two measures that include brand recall and brand awareness.
- Brand Associations
With passing time, consumers form perceptions related to a brand. They form an image of your business and what you stand for. The computation of brand association lets you find out how you want your business to be seen to how it is perceived by its consumers.
Ways To Begin A Brand Research
Here are the steps that you need to perform to start your brand research.
- Designing an effective brand tracker that is simple and result-oriented. It should help you see the success of marketing activities and understand what activities impact the overall awareness of your brand.
- Visualize trends with your recurring reporting system
- Choose a research platform that offers the flexibility to change questions and ask new ones without much complicacy.
- Work with a panel of well-suited respondents for your business
Brand tracking is very important for any business. A good brand tracking program supplies an authoritative read of the progress of the brand at a macro level. It diagnoses the changes that are going to deliver improvement in the brand. A business should keep the above key factors in mind to ensure the most efficient tracking of the brand.