What is brand tracking?
Brand monitoring services provide valuable insight into your brand health. Discover how customers perceive your brand and leverage robust insights to optimise your product development and marketing campaigns.
Continue reading to explore the topic, “What is brand tracking, and how does it contribute to business success?” Discover how you can leverage robust brand insights for data-driven decisions.
What is a brand tracker?
A brand tracker is an innovative tool used to measure and monitor your overall brand health. It leverages important metrics like customer loyalty to evaluate how consumers really think and feel about your brand and the products you offer.
Your brand’s health plays a key role in your overall business success. This valuable asset goes hand in hand with brand equity, which measures the importance of your brand based on consumer perceptions rather than monetary worth.
How to measure key metrics for your brand
Brand tracking is generally an ongoing process that involves collecting data from various sources like target audience surveys and social media platforms. In-depth data analysis helps develop key metrics for tracking your brand performance.
Below is an overview of some key brand tracking metrics.
Net Promoter Score (NPS)
NPS is a common method used to measure how satisfied your customers are with your brand. When gathering NPS data, simply ask customers how likely they would be to recommend your brand to others. They should rate their answers on a scale of 0 to 10 (with 0 being very unlikely and 10 being extremely likely). You can calculate your overall ‘score’ by subtracting the percentage of people who wouldn’t recommend the product (detractors) from the percentage who would (promoters).
Brand loyalty
Brand loyalty encompasses how likely consumers are to continue buying your products and services rather than switching to other brands. This metric goes hand-in-hand with brand purchase intent and is a good reflection of customer satisfaction rates.
Brand recall and awareness
This refers to how easily consumers recognise and remember your brand. Brand recognition can involve both aided awareness and unaided awareness — either in response to a prompt or without any prompts. On the other hand, remembrance usually only occurs after using a product or seeing an advertisement.
Brand perception
Brand perception refers to how consumers perceive your brand based on their interactions, experiences and opinions. This is often influenced by positive and negative brand associations such as luxury or unreliability. Exploring your brand perception gives you a chance to determine whether your target consumers see your brand in the way you would like. This way, you can tailor rebranding strategies to amplify visibility and customer reception.
Brand preference
Brand preference entails an assessment of the number of consumers who would choose to buy a product or service from your brand rather than competitors. This preference is generally based on perceived value and quality, as well as consumers’ personal experiences with your brand.
Brand Usage
Brand usage refers to how frequently consumers buy certain products or services from your brand. This provides insight into how your brand meets consumers’ needs and forms part of their daily lives.
Benefits of brand health tracking
Brand tracking studies can be expensive and time-consuming. This often causes businesses to ask questions like, “What are the benefits of brand tracking research?” and “Why is brand awareness important?”
The importance of brand awareness and other key metrics are highlighted by the numerous opportunities and benefits they provide. The following provides a useful overview to better understand the major advantages.
Measure brand performance
Brand tracking gives you the necessary resources to effectively and tangibly measure your brand’s performance. These results help you better understand your brand’s position and, if positive, can be used to increase stakeholder’s confidence and trust.
Gain a competitive edge
Competitor analysis is an inherent part of any brand tracking study. Measuring performance metrics gives you the chance to see how your brand compares to its competitors. This provides valuable business insights, allowing you to identify new opportunities and develop robust brand strategies.
Evaluate and optimise marketing strategies
Brand trackers give you insight into how your brand is perceived, allowing you to evaluate the results of your marketing strategy effectively. Insight into which marketing activities are most effective can help you optimise your efforts for increased business ROI.
How often to conduct brand tracking research
One of the most valuable features of brand tracking is its ongoing nature. Multiple brand tracking studies enable you to monitor how market changes and other variables impact your brand’s progress over time.
For the most valuable insights possible, it is recommended to conduct annual or semi-annual brand tracking. This ensures accurate and robust results without overextending your budget or research capacity.
Vypr: Effective brand tracking for business success
Vypr is the world’s leading product intelligence platform that enables businesses to rapidly understand changing consumer behaviour and anticipate trends through fast, cost-effective consumer insight.
No longer are you left to wonder, “What is brand tracking?” With Vypr’s brand tracker, you can quickly and easily discover what target audiences think about your brand. These insights inform data-driven decisions for optimised marketing and development processes.
Reap the benefits of brand awareness and other key performance metrics with our robust brand tracking services. Try Vypr now.