A brand tracking study is a study that measures key aspects of a brand’s health, such as awareness, attitudes, and purchase intent, over time. Also known as a “brand health check,” “brand performance research,” or simply “brand tracker,” this is the most common type of quantitative brand research.
What is brand tracking?
What is brand tracking? Brand tracking continuously measures your brand’s health, analyzing how your consumers buy and use your products, and what they think and feel about the brand itself.
What is a brand strategy research?
It is a brand strategy research technique. By tracking your brand you can monitor the health of the competitive landscape, obtain information that facilitates your marketing team’s decision making and facilitate business decision making. This will provide insight into the effectiveness of various marketing campaigns.
What is the best way to track brand usage?
Annual tracking: Tracking changes in brand usage or perception can be conducted annually if usage is steady across the year. If usage tends to spike at certain times of the year like with seasonal products, quarterly or monthly tracking will likely deliver more relevant data.
What do you need to do a brand-tracking study?
A panel of respondents – A prerequisite for any kind of research, you’ll need consumers to answer your survey. For a brand-tracking study make sure you have a good mix of existing customers, prospects, and a wide range of demographics. This allows you to see how your brand is performing with different target groups.
What are brand tracking studies why are they required?
Summary: The goal of brand tracking studies is to monitor brand health. Designing them requires making decisions related to what to track, when to do it, whom to include, and how to interpret the results. Brand tracking studies allow marketers to monitor the health of the brand.
What is a brand tracker survey?
The purpose of a brand tracking study, also referred to as a brand tracker survey, is to collect information over time (monthly, quarterly, yearly) by means of generating and measuring data on an ongoing basis. This allows organizations to; Regularly identify trends. Make comparisons to competitors.
How is brand tracking done?
Brand tracking is a longitudinal study to examine the attitudes toward and awareness of a brand over a set period. It includes what customers think about a brand, and how they act towards a brand, the brand's position in the market, and the growth potential for a brand.
How do you create a brand tracking survey?
How to start Brand ResearchStep 1: Establish a Brand Position and Target Segment. ... Step 2: Choose the Brands that you need to Track. ... Step 3: Choose Metrics. ... Step 4: Collect Data. ... Step 5: Analyze the Results. ... Step 6: Adjust Strategies. ... Step 7: Repeat Data Collection at Certain Intervals.
What do you mean by brand valuation?
Brand value is the monetary worth of your brand, if you were to sell it. If your company were to merge or be bought out by another business, and they wanted to use your name, logo, and brand identity to sell products or services, your brand value would be the amount they would pay you for that right.
How do brand lift studies work?
Brand lift surveys typically use two sample groups — one with respondents who have seen your ad and one control group that has not. By comparing the two groups' responses, you can determine your ad's effect on your key brand metrics.
How do you measure brand response?
Although the data is not as complex as with direct response, you can easily measure a number of metrics with brand response marketing, including:Gross Rating Points. ... The number of times an ad is displayed is known as its impressions. ... Cost Per Thousand Impressions. ... Cost Per Point. ... Rating Points.
What is brand health check?
A brand health check will help you determine the current state of your company and implement necessary improvements. It tells you whether your brand is OK or not. Measuring brand health on a regular basis will help you stay one step ahead of your competitors.
What is Brand Tracking a.k.a. Brand Guidance?
Brand tracking is a longitudinal study to examine the attitudes toward and awareness of a brand over a set period. It includes what customers think about a brand, and how they act towards a brand, the brand’s position in the market, and the growth potential for a brand.
When is brand tracking most effective?
Brand Tracking is most effective when conducted continuously.
What is an ideal brand tracking model?
An ideal Brand Tracking model integrates data from digital and social sources to understand the new consumer journey
What is a brand tracking study?
Topics: Analysis Techniques, Brand Research, Brand Tracking Studies, Business Strategy. Brand tracking studies allow marketers to monitor the health of the brand. They provide insights into the effectiveness of marketing programs implemented by the company.
What is the purpose of brand tracking studies?
Summary: The goal of brand tracking studies is to monitor brand health. Designing them requires making decisions related to what to track, when to do it, whom to include, and how to interpret the results. 5 minutes to read. By author Michaela Mora on September 1, 2019. Brand tracking studies allow marketers to monitor the health ...
How do we capture brand attitudes and perceptions?
We usually capture brand attitudes and perceptions through questions related to brand associations that consumers develop through their brand experience and exposure to positioning messages from PR, advertising, and promotional programs.
Why are metrics unable to capture shifts in the market?
However, they can also be unable to capture important shifts in the market due to changes in sociodemographic trends, competitive landscape, and economic macrotrends.
What is brand association?
Many brand associations are often beliefs about product-related attributes and benefits . However, brand associations also include non-product-related and symbolic benefits. Product and non-product associations, as well as those related to price and value, are important sources of brand equity and should be part of brand tracking studies.
What are the variables that are predictive of purchase behavior?
However, we should put these questions in context regarding specific products or brands, reasons for the purchase, time, channel, price, and other relevant factors to the purchase decision. These variables may be predictive of actual purchase behavior.
How do we measure usage?
We measure usage through recency, frequency of usage, and total spending in the brand, and product category.
What is a Brand Tracking study?
Brand tracking is a continuous measurement of brand health that empowers companies to make better decisions. Trackers enable strategic planning by measuring brand performance in relation to competitors, spotting industry trends, and capturing competitive intelligence.
Why Does My Brand Need a Brand Tracker?
In today’s fast-paced world, it’s critical for brands to be agile and run brand trackers to identify and predict market changes and trends. It is more crucial than ever to frequently gather intelligence to be able to make the most informed business decisions.
What is Needed to Start a Brand Tracker?
Ready to start your own tracker? PureSpectrum can help. Here are a few preliminary questions you should be asking at the start of your research:
Why Should I Use PureSpectrum for My Brand Tracker?
PureSpectrum combines a quality first sample marketplace with an easy-to-use insights platform, all supported by a professional services team of seasoned market researchers. This innovative synergy allows anyone the ability to program studies, quickly source respondents within a global marketplace, and analyze data all on a single dashboard.
What is Brand Tracking?
Brand tracking is the process of monitoring brand metrics over time to measure the health of a brand.
Why is brand tracking important?
Customer Understanding – One of the most important things brand tracking does is provide deeper insights into the interests and behaviors of your customers.
How Do I Develop a Brand Tracking Platform?
Your platform includes a clear strategy for your brand tracking efforts, as well as the brand metrics you want to track. There are four essential steps to developing a brand tracking platform.
What is premium brand status?
Premium Brand Status – With customer loyalty and trust come an increase in the premium status of your brand. Premium brands are more strongly differentiated—and able to charge more than competitors for similar products and services.
What are the key metrics for brand health?
Research shows that six key metrics capture the full picture of brand health: awareness, perception, usage, preference, purchase intent, and advocacy. These six metrics roughly mirror the marketing funnel and work together ...
What is brand perception?
Brand Perception – How customers think and feel about your brand and which other brands they associate with it. Research into brand perception can help you identify weaknesses in your products or services as well as better understand the expectations customers have of your brand.
Why is it important to adapt your brand strategy?
The market these days is more dynamic than ever. Adapting your brand strategy to ensure your brand remains relevant to the needs of your customers is crucial for continued business growth.
