How Brand Tracking can improve your business decisions
Successfully running a company means having to make a lot of vital decisions along the way. A certain acumen in business can get you a long way. However, acumen can only ever get you so far. It’s important to have researched business insights that help you make successful informed decisions alongside your judgment. Business insights can encompass a whole range of different forms of information. In this article, we will be focusing on a particular type of business insight; brand tracking.
Simply put, brand tracking is working out where your brand stands at a given time compared to other brands in your market. This information is obtained by asking members of the public key questions about your brand and other brands like it. For example, a member of the public might be given a certain industry category, such as technology brands, and see how many specific brands they can name, unprompted, in a given amount of time. Or they may be asked whether they would purchase a specific brand again, or even recommend it to a friend.
This type of information goes beyond the facts that sales figures provide and starts to provide the context behind the statistics. Brand tracking can provide an understanding of why, or how, a customer ends up purchasing one brand over another. For example, If asking your customers if they would be inclined to repurchase/recommended gets a positive response, then it shows that the product/service your provide is of high regard to your existing customer base. However, if asking consumers to recall brands in your industry gets a low brand recall for your business, it is clear it is not well known in your given area. This example reveals that there is a problem of brand awareness, and general visibility. A key business decision can now be made, backed up by brand tracking statistics. In this case, you know marketing is an area that needs improvement, and not the actual product or service.
Brand tracking becomes more useful when more information is seen over time. You can see a snapshot of how your brand is ranking to others at any given time. Therefore you can also see how your brands identity improves over time. Meaning that informed business decisions can be made using brand tracking but also evaluated later down the line to see if the desired outcome has been reached.