It’s time to master your next move!
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” – Warren Buffet
Buffet said it right there. It takes ages to build your brand reputation. However, only a second is enough to destroy all of it. Your brand is one of the most valuable assets of your company. It is “THE” most important asset. Without your brand loyalty, your company stands no chance in the market. Upto 50% of the business decisions are based on your brand.
So, when your brand plays such a pivotal role in deciding the future of your business, isn’t it necessary to keep a close watch over its market performance?
Satisfaction, Awareness & Perception.
These might look like mere three words, but these are game-changers for many businesses. When you study each aspect in detail, you get a closer look into your consumer’s minds about your offerings. This is where the brand tracking study comes into play. Right from identifying trends, making comparisons, gathering customer feedback, measuring performance and awareness, evaluating newer opportunities, and detecting warning signs, this tool is a goldmine by itself. Over time, this market research tool helps your business measure the health and strength of your brand’s performance in the market.
No short-term model will be able to give a comprehensive understanding of the success of a brand campaign. This is a continuous and ongoing process. The study not just helps your business make critical business-related decisions for the future but also analyses and collects real-time insights into your customers. It is an effective method that provides insights on brand erosion and negativity impact so that you can reverse the damage in due time. The best way to implement this is by making it a part of your marketing strategy plan.
One strong example of a brand that leverages through brand tracking study is Proctor and Gamble. They released the “Proud Sponsors of Moms” ad, which rather than highlighting one specific product, tied the entire brand back to empowering mothers. This created a positive impact, and the brand was able to achieve a positive outlook from consumers. These ads built brand loyalty by differentiating a product by more than just price. In fact, in the brand’s 175-year history, this campaign is considered among the most successful and drove millions of dollars in revenue for the company.
A company can use either a custom brand tracking program in-house or a third-party syndicated tracker like Maction. Outsourcing your brand tracking study is less expensive and resource-intensive for the brands.
Six reasons to employ brand tracking study in your marketing strategy
McKinsey & Co says that B2B brands having strong brand identities outperform their competitors with a massive 73%. Having said that, let’s jump into our top 6 reasons for implementing a brand tracking study in your marketing plan.
- Regulate Overall Brand Health: There are 6 metrics to keep in mind while assessing the overall brand health – awareness, prior usage, impression, preference, the intent of purchase, and NPS score. Each of these metrics gives you a better understanding of how exactly your customers interact with your brand. This also helps in assessing the impact your messaging has on your customer’s purchasing behavior and its relative strength over your competitor brands.
- Impact Study of New Product Launches & Key Events: It is crucial to conduct pre and post qualitative research after launching a new product or a large event to assess the impact of your actions – both negative and positive. Your customer is the key to your brand’s success and so you need to make sure that in no way do you ignore their inputs. Often, the big brands continue tracking key metrics through the research, refinement, testing, and post-launch phases.
- Measure the Effectiveness Of A New Campaign: Every stage of the marketing funnel comes with challenges for the brand. Before launching a new campaign, it’s always recommended to set a few goals. Once you outline your goals, you can measure the success of your campaigns. With the help of brand tracking tools, one can understand the effectiveness of the campaigns better and also measure important marketing metrics.
- ROI on Marketing Initiatives: Proving ROI on marketing initiatives is marked as one of the top challenges by 40% of marketers. This is because they do not know how and what to measure in terms of metrics. However, consistently tracking the overall brand health of your company makes things a lot more efficient and easier. With the help of a brand tracking study, it is easier to analyze which metrics to work on and which ones to ignore.
- Compare Brand to Competitors: A brand tracking study helps you to identify competitors and compare key data points such as revenue, cost of services, and customer loyalty, which helps you to assess the position of your brands against their competitors. A powerful brand tracking survey and qualitative research help in identifying customer experiences which helps you in making your way out through the competition, undefeated.
- Early Tracker & Corrector for Underperformance: Tracking your brand regularly helps in understanding all the pain points and correcting the areas of underperformance, which in turn, increases the overall health of your brand. The study helps you collect relevant and quantifiable brand tracking data that helps you analyze and make suitable decisions and revisions in your future business strategy.
How can a brand tracking survey help with advertising campaigns?
A brand tracking survey in association with your advertising campaigns can get you better impact assessment and customer insights which helps you in planning for future campaigns accordingly. The key is to find out how consumers feel about your brand before you launch your ads–then to reassess after.
A good and powerful survey will cover the following aspects of your brand which includes Brand awareness, Brand usage, Brand attributes, Purchase intent, and Tracking brand lift.
The Bottomline
Maction can help you find 1000’s of qualified respondents and help your brand skyrocket. Today, rapidly growing companies rely on Maction for undertaking their brand tracking study activities. Companies should choose to conduct this assessment at least 1-2 times a year. Whichever interval one might choose, it is always good to be consistent so that you can always be one step ahead of your competition, always.
