Brand tracking is the process of measuring brand perception, equity, and health over time. Businesses conduct brand tracking to measure performance and impact. It shows how well they are meeting their consumer’s needs and can inform brand strategy.
What can brand tracking tell you?
Brand tracking can give you vital information on your brand and your business.
Some of the things you might measure through brand tracking include:
- Awareness (who knows the brand)
- Perception (what people think of the brand)
- Active consumer insights (who the current customers are)
- Market position (how the brand compares to competitors)
- Brand advocates (who is recommending the brand)
Brand tracking metrics
It’s important to clearly define your metrics and goals before conducting any research or tracking so that your data is valid.
A common brand tracking metric is the Net Promoter Score (NPS). The NPS is used across industries, and is a great way to benchmark your brand against competitors. Other metrics may be harder to compare within your industry, but are useful for measuring how your brand is perceived.
Other brand tracking metrics may include general sentiment, awareness, and loyalty tracking. Each of these metrics are useful and distinct. For example, it’s possible to have high awareness, but negative sentiment (a well-known and disliked brand), or low awareness, but overwhelmingly positive sentiment (a lesser-known brand who is beloved by its few customers). The combination of various metrics is what helps you build a complete picture of how your brand is seen by consumers.
What do brand tracking metrics tell you?
With the right brand tracking, you can judge how well your brand is meeting consumer expectations and needs, if you stand out from competitors, and if your product or service is appropriately priced.
Brand tracking can help understand consumers at each stage of the conversion funnel, and can give you insight into how to help them down that funnel and even how to keep them as a repeat customer.
How frequently should you conduct brand tracking?
The frequency with which you run brand tracking is up to you—fast-paced industries might benefit from more frequent pulse-style check-ins with consumers. Other industries are better suited to less frequent, more in-depth surveys and interviews.
If you collaborate with a specialised agency, they will be able to offer their expertise and advice on frequency.
How to conduct brand tracking
The most common and easiest way to track your brand is with short and easy surveys. These are simple for the consumer/respondent to complete, and are straightforward to produce.
It is important to keep your brand tracking regular, and if you change any aspects of it—such as updating the wording of a question—the new results will not be comparable to the older results.
Brands can conduct their own brand tracking, or they can collaborate with specialised teams to gain insights into their market. If you’re unsure where to begin, reach out for a free 30-minute consultation with Agile Market Intelligence to learn more and continue your brand tracking journey.
