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What is Brand Tracking?
Brand tracking studies are market research studies conducted by global brands to understand their brand campaign performance, gauge their brand perception and strategize to improve their brand positioning. Brand tracking allows organizations to track the ROI from the brand campaigns and measure KPIs like market share, voice capture, price premium, market share, etc. Brands use omnichannel market research software to conduct these kinds of surveys.
A brand tracking practice is in vain if you are considering all the wrong data points. Here are some tips to bring out the best from your tracking study:
Establish a Target for Your Study
While designing your brand, keep in mind all the variables you gather in the tracking. Your strategy should be concerning the improving market. Depending on your brand field and category, you will have an idea of what factors you need to include in your improvements. Always look for the variables that will determine the future growth of your brand.
Select the Brands to Conduct Benchmarking studies
While often tracking through the markets, make it a practice to compare to multiple brands that have achieved dramatic success through smart strategies. And by comparing doesn’t only mean comparing your status with a big brand. That can be demotivating sometimes. Compare the plans and strategies and understand where you have to improve. Mark those improvements as benchmarks and try to achieve them the very next chance you get.
Select a mix of brands to benchmark your brand against, as a good mix will provide you with a better idea about your brand positioning. Create brand tracking studies using omnichannel survey software to capture customer opinions from multiple channels.
Create Surveys and Distribute!
As proven enough times, surveys are the best ways to drive out customer interest. They stand as a pretty strong source of information that can drastically influence your brand-building strategies. Make sure to keep the surveys short, interesting, appealing, and most importantly, regular using omnichannel online survey software. Rather than focusing on the length of the survey, focus on the customer perspective. You can gather a large ocean of information through small but regular surveys but you cannot afford for the customers to lose interest in responding to your surveys.
After comparing various strategies, make sure you keep up with the benchmark you have set. Selecting what data to analyze from which survey can be confusing. There is not one set of samples for every survey. This is the reason to avoid using samples randomly and start selecting samples based on the performance.
Understand the Cause-Effect
While studying the factors that affect the market, it will be helpful to make a cause-effect story. The factors like season change, natural calamity can determine the cause of the market change. The effect of such kinds of causes can be a change in prices of products or even underproduction of certain categories of brands.
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