Brand tracking is a marketing strategy that measures the impact of brand-building campaigns on sales or conversions.
Marketing teams are increasingly building campaigns that are more focused on distinctive brand attributes than products. These campaigns aim to build relationships with the brand’s core audiences and establish associations between the brand and certain ideals.
What is Brand Tracking?
Proctor and Gamble is an excellent example of a brand that leverages a brand-building campaign. They were the Olympic sponsors and released the ” Proud Supporters of Moms” ad. This emphasized the whole brand’s mission to empower moms, rather than focusing on one product. Proctor & Gamble created a positive image associated with their brand that helped to create a positive outlook among consumers. This campaign built brand loyalty by differentiating products by more than price. This campaign has been a huge success in Proctor & Gamble’s 175-year history. It generated millions in revenue.
Performance ads ask consumers to take action and emphasize a product or deal. Brand ads are in contrast to brand ads. Brand ads do not call for action. It can be difficult for people to assign sales or conversions to their success. However, brand perception plays an important role in driving consumers down the sales funnel.
Long-term results can be achieved by building a brand. Customers will buy from brands whose core values align with theirs. Simon Sinek, best-selling author, and TED speaker has written Start With Why. He argues that customers don’t buy what you do, but WHY you do it. Clear values and a strong brand can help drive conversions even if the price is higher. Apple’s brand is aligned with disruptors and innovators when it comes to branding. This emphasis on brand perception has allowed Apple to expand beyond desktop computers to phones and iPods. Apple customers are loyal as 92% of users agree that they are likely to buy another iPhone.
Brand tracking’s ultimate purpose is to enable marketers to understand what brand efforts are successful and how they impact sales. It also helps to identify the efforts that aren’t working and how they can improve. Understanding what resonates with customers can help you achieve long-term growth as well as customer loyalty.
What is a Brand Tracking Study?
Many brands turn to brand tracking studies to measure the effectiveness of their brand campaigns. Brand tracking studies are used to assess the effectiveness of brand-building initiatives by measuring their impact on consumers and the impact they have on the business.
Brand tracking studies that focus on business impact. It focuses mainly on financial metrics to determine ROI for brand-building efforts. These metrics include:
- Customer retention
- Sales / Profits
- Market Share
- Price Premium
Brand tracking studies, which focus on brand campaigns’ effect on consumers, often examine how these brands have affected consumer behavior. These studies examine metrics like brand loyalty, brand perception, and brand associations. Marketing teams typically use a combination of the following method to get this data.
- Ongoing and custom panels
- Survey-Based Brand Trackers
- Consumer Research Surveys
- Brand Impact Surveys
- Sentiment Analysis
For a complete view, the most profitable brand tracking studies will include both business-focused and consumer-focused KPIs.
Benefits of Brand Tracking
Brand building and tracking have many benefits for businesses.
Your brand message should be easy to understand and can help you build customer loyalty. It will also reduce market fluctuations and churn rates. Strong branding can also help organizations charge higher brand premiums since it is a differentiator to similar products. Finally, investing time and money in building a brand will make it easier to add new products down the line.
Organizations can benefit from brand tracking by gaining firsthand insight into their customers’ behavior, interests, and purchasing patterns.
It all depends on how data about brand perceptions and associations are collected organizations can get direct feedback from customers who purchase their products on what they liked and disliked about the product. Consumer panels are a popular way to track brand awareness, allowing marketers and other stakeholders the opportunity to interact with customers and learn from them in person. Surveys also offer access to different segments of target audiences. These are especially helpful to understand how to market better to consumers in different places.
These brand tracking efforts will not only enhance consumers’ experiences but also help marketing teams get a sense of where they stand in relation to the competition and identify purchase trends that aren’t obvious through digital channels. They can even visualize these on a recurring timeline.
These brand tracking studies also reveal what customers like best about a product, and what they want to see more of. Product teams can then design new products and release improved versions.
This marketing intelligence allows companies to optimize their products and marketing campaigns so that customers have the best possible experience. It also helps elevate brands.
Key Brand Tracking Metrics
There are several key metrics that can be used to assess the success of brand-building initiatives.
This is an important metric to use when measuring brand success. This is the number of people in a market who would choose to purchase a branded product over a product from another brand.
Loyalty is a measure of how likely a customer is to buy from you again or purchase additional products from your company.
Omnichannel brand awareness is the new marketing landscape
Brand Awareness is how easily a consumer recognizes your brand. Two type of brand awareness is Aided Awareness, which refers to consumers being able to recognize the brand when asked. For example, seeing a logo. Unaided Awareness refers not to being exposed to any aid but the ability to recall the brand.
This is how easily a consumer can remember your brand.
Brand Experience and Associations
These are the associations, emotions, and experiences that consumers have with a particular brand.
- Brand Associations – Measures what consumers associate your brand with.
- Brand Warmth – Measures the emotional connection consumers have to a particular brand.
- Brand Momentum – This measure measures whether consumers believe a brand is moving forward in the market.
This shows how frequently consumers use your product.
These devices track the last time consumers have purchased.
Custom Brand Tracking Versus Syndicated Trackers
The key decision in brand tracking is whether to create a customized brand tracking program or use syndicated trackers.
A custom brand tracking program is a program that is tailored to each brand’s specific needs. This program will help them align their messages with success. Marketers can decide the questions they ask consumers and which brands will be included in the study. These custom studies can be more expensive in terms of resources and capital.
Third-party research companies conduct syndicated brand tracking studies according to their own guidelines. These are cheaper and less resource-intensive for brands but brands cannot choose which data is recorded or analyzed.
Many brands will choose to combine these two methods. They may track some of their brand-building initiatives in-house or outsource others to third parties.
A brand might choose to outsource the media mix modeling, broad consumer surveys/panels, and keep its customer, social media, and retention monitoring in-house.
Steps to Tracking your Brand
You can track the success of your brand-building initiative in the same way as any other study. Collect your data, determine your goal, analyze it, optimize it, and repeat.
- Establish a target segment and an agreed brand position: Before you can assess whether your brand has a strong reputation among consumers you need to first decide what your brand message and associations should be and with whom.
- Decide which brands to track: You will also need to decide which brands you would like to measure against.
- Choose the method you want to use and then collect the data: Next, choose the type of studies that will give the data required to determine these metrics. Online surveys and questionnaires will work. Or will a panel of consumers be needed? After you have chosen the method, you can start collecting data.
- Analyze your results: This step is the most crucial. Data analysis gives insight into brand trends and consumer behavior. These data will help you to optimize your brand-building strategies.
- Adjust and continue: Here, you can adjust strategies and track progress to further maximize marketing opportunities.
Brand Survey Sample Questions
These are some of the questions that marketers might ask in brand surveys to establish key metrics.
- Brand loyalty: Are you more likely to buy X again from us?
- Brand Awareness and Recall: What brands spring to mind when you think about X?
- Brand Experience and Associations: What negative associations do you have with X? What are some positive associations?
- Brand usage: How often do X products get used?
How Often Should a Brand Tracking Survey Be Performed?
Unlike promotional campaigns Over time, the effects of branding advertising have been demonstrated. Although branding initiatives can have short-term results, it is impossible to provide a complete picture of the success of a brand campaign using a short-term model.
It is therefore a good idea to do brand analysis and tracking once a year in order to understand the long-term effects or after large branding campaigns in order to see short-term changes. This data can be used to identify trends in brand growth and determine which campaigns have been successful by marketers.