Brand tracking for accurate measurement of business performance
In a business that has been built around its products and branding, it is important to track the performance of this strategy. Brand tracking is an important method that is used to track the performances of both B2B and B2C organizations.
Brand tracking in 21st-century business organizations
Brand tracking is a process of constantly measuring the drivers of your business strategy. This could be product acceptance, brand awareness, customer satisfaction/loyalty, and your competitive edge. Brand tracking can either be executed in-house or be outsourced to a market research professional organization.
The significance of brand tracking
Brand tracking is a study that is used to supervise, expose, and evaluate the impacts of new competitions, changing consumer demographics, and the development of technology in the business arena. It is now important more than ever, for businesses to stay abreast of the health pulse of their brands and keep reinforcing their marketing strategies. Brand tracking helps support brand strategies. The tracking process helps you keep abreast of customer awareness and experience.
Using a brand tracker to measure business performance
Brand tracking is a systemized process that allows businesses to evaluate their brand identity, awareness, and the growth of their brand across categories of products. Tracking helps provide the business brand executive and promotion/marketing teams with key metrics. These metrics can be used to check how their brand strategy affect the perception (of customers) about their market identity.
Metrics from brand tracking can also be used to provide important tracking insights on brand identity and brand experience. With an effective brand tracker, you can manage your perception better by leveraging on strengths and effectively managing weaknesses better.
A brand tracker is used to unearth a series of useful Key Performance Indicators (KPIs). These KPIs are then used to help understand your brand perception, customer awareness, and product satisfaction.
Key Performance Indicators (KPIs) of a brand tracking campaign
A brand tracking campaign can be used to measure the performances of businesses from the perspectives of the customer, the suppliers, the stakeholders, and the prospects.
Brand tracking is a continuous process. It helps businesses continuously collect useful data at regular periods. This allows them to accurately measure and notice changes and trends in a certain marketplace. Brand tracking can be used to produce actionable insights. These insights will significantly impact:
- Your business,
- marketing efforts, and.
- marketing strategy
These are simply your KPI performance goals. Various marketing research companies can help businesses grow based on their KPIs. For instance, OvationMR is a leader in Brand Tracking and helping organizations improve and sustain KPI performance goals is a core competency/service of the company.
The process of tracking the brand performance of a business
The success of a brand tracking process depends on multiple factors like:
- Developing a practical questionnaire used to measure significant quantities.
- Understanding and monitoring data from the tracking process
- Using the generated data and other useful benchmark KPIs to make informed adjustments to your brand.
It is also very important and strategic to build the right sampling strategy for the brand tracking process. This strategy includes understanding B2B customer behaviors and developing the right audience targeting. There are multiple options that businesses can use to survey the sample size of their target markets. Options include:
- Market research panels,
- Using list source services, and
- Sending emails through business CRM databases.
The success of your brand tracking process depends on getting a few parameters right. Whichever way you intend to execute it, you will have to target the right demographics and invite the right type of people that will stay engaged until they complete the brand tracking process.