4 Reasons Why Brand Tracking Is Important
As the world continues to contend with global circumstances, the need to remain on top of your brand’s place in the marketplace. Consumers and the marketplace are ever-changing and will continue to be affected by the economy and the current lifestyle impacts of COVID and the conflicts in Eastern Europe.
Marketing and product leaders need to create a connection between their brand and their buyers through their business strategy. In order to convert potential customers into buyers, companies need to understand as much as they can about the public’s brand perceptions.
By implementing a brand tracking study, organizations will obtain ongoing and relevant data about their brand’s performance by the segments of the public they wish to engage and ultimately convert into customers. Here are a few of the reasons why brand tracking is important.
You Will Learn What People Think About Your Brand
It is said that perception is reality. If that is true, you need to know if and how the public perception of your brand aligns with what you want your brand to portray. Tracking studies provide critical information about the distinct needs, wants, and desires of the population segments you are looking to attract. Since perceptions can be altered with messaging, competition, and the occurrences of day-to-day life, brand tracking is essential to monitoring and maintaining brand health.
With an ongoing tracker providing data, you can calibrate your marketing efforts by aligning messaging to key concepts that deliver the right message to the right people. By using data provided from a tracking study, you can ensure the perception is the brand reality. If there are times where the perception isn’t what the brand supports you will be able to address it with corrective messaging, campaigns and targeted efforts.
You Will Learn Why They Buy Your Brand
Sales and revenue metrics demonstrate how many buy your brand. But, do you know “why” customers chose you instead of another option, or why they didn’t choose you? Measuring your brand against the competition can uncover the distinct value proposition your brand carries into purchase decisions. These attributes, once identified, are valuable points to be leveraged in a brand strategy.
Additionally, a tracking study can identify messaging or attributes missed or overlooked during the buying decision. If there are essential aspects absent from the buyer journey, you will gain the ability to re-address and pivot the strategy to either remove or re-enforce brand strengths.
You Will Learn How Much Your Brand Is Worth
Building a brand takes time. The investment into a company’s brand is one of the most important things an organization will do to differentiate from the competition and ensure the public knows who you are and what you do. Unless you are assessing your brand’s equity, you are leaving vital data untapped.
Tracking your brand’s awareness in the marketplace and the attributes assigned to the brand will help validate your positioning against your competition and ensure that the segment you wish to attract aligns appropriately. Keeping updated on a brand’s worth over a year allows for quick response to competitive, economic, and lifestyle changes that might influence your buyers.
You Will Know How And When Audiences Engage With Your Brand
Consumers have choices. In some cases, they have a lot of options and decide on one brand over another. The influencing behaviors that lead them to become customers are important and occur well before they get to the checkout.
Assessing the impact and exposure your brand can have on new buyers or those needing a new brand starts with understanding engagement of your messaging and brand exposure within the market. This tracking of the progression down a sales funnel creates a holistic brand map that can drive advertising investments and more tailored product launches. Tracking consumers’ behaviors through a brand study will give you “the how” and “the when” they engage and interact with your brand. Equally important, a properly designed study will inform you of the emotional or sentiment that influences consumer buying decisions.
A brand tracking study is key for a successful growth strategy. Socratic has been implementing tracking studies for some of the world’s top brands and is well-positioned to help you kick off or refresh your brand tracking. Using our proprietary platform, along with almost three decades of research experience, Socratic delivers knowledge for meaningful strategy creation and successful marketing efforts. To learn more about Socratic’s brand tracking solutions, click here.