Customers today demand more from the brands they interact with than just high-quality products. They anticipate encounters. They demand participation. Based on a company’s dedication to causes and topics that are important to them, consumers evaluate it. For instance, a 2020 survey revealed that 60% of customers indicated they were buying more environmentally friendly products due to the epidemic.
Customers’ requirements are changing in addition to their brand choices, frequently in response to the economy and social situations. As their needs change, customers are switching from being loyal to organizations and items that still need to fulfill their new demands and expectations.
What is Brand Tracking?
Brand tracking is the process of continuously assessing the health of your brand over time. It lets you discover your target markets’ beliefs about your company and how they react to your brand messaging.
However, brand tracking offers more information than just customer reactions to your brand. It also enables you to watch rival brands, compare your brand’s success across markets, find new markets or target audiences, and even identify ones that need to be performing.
It has historically been challenging to measure brand performance effectively. However, it is possible to track the health and success of your brand with the KPIs and tools that are now readily available. To monitor and advance your brand, consult a brand tracking agency.
The top five reasons for monitoring your brand’s health are listed below.
Develop and Preserve a Sustainable Brand
There are a few key signals that you need to monitor to build and maintain a strong brand.
Brand awareness is one of the most important signals you must watch for. This refers to the percentage of people who know about your company and what it does. You can measure this by querying a sample of your customers or followers on social media platforms about your company. It’s also important to track negative impressions, which refers to the number of times people have an unfavorable opinion of your company. You can monitor complaints or reviews posted online or through other means.
You must take action based on these signals to improve your brand awareness and minimize negative impressions. For example, you can launch new marketing campaigns or improve your website so that more people can find out about you. Also, develop a solid public relations strategy to address people’s concerns about your company.
Analyze the Effects of Major Initiatives
Innovation is essential for any business to remain competitive and ahead of the curve. That’s why analyzing the effects of significant product launches, and critical initiatives is imperative.
Product launches are a great way to introduce new products and test them before you release them into total production. By doing this, you can ensure that your products are of high quality and meet the expectations of your target audience. In addition, launching a new product often leads to increased demand, which can result in higher profits.
Key initiatives also play an essential role in innovation. These initiatives change or improve an organization’s core processes or systems, making it easier for employees to do their jobs better. This can lead to improved productivity and overall growth in the company. However, implementing these initiatives often requires a lot of time and effort, so it’s essential to ensure they’re worth it.
Illustrate Campaign Effectiveness and ROI
It’s essential to track your organization’s overall brand health to measure your marketing campaign’s success. This way, you can see whether your investments are paying off and determine which campaigns work best.
There are several ways to track your campaign performance and ROI, but one of the simplest and easiest is to use Google Analytics. This tool allows you to track everything from pageviews on your website to unique visitors and users who opened your email campaigns. You can also compare these numbers over time to see whether there have been any changes in how people interact with your brand.
You can easily demonstrate how your marketing efforts benefit your business by consistently monitoring these statistics. This will help you make better decisions about which campaigns to continue and which ones to scrap – all while saving money on wasted resources.
Examine Your Brand with Competitors
Comparing your brand to competitors can help you understand your market position and how you can improve it. By doing this, you’ll be able to identify which areas of your business are doing well and which could use some improvement.
There are a few key metrics that you should compare:
– Revenue: This is the amount of money your company makes from selling its products or services.
– Cost of services: This refers to the expenses associated with providing your product or service, such as salaries, marketing expenses, or infrastructure costs.
– Customer loyalty: This measures how loyal customers are to your brand, usually by tracking how many times they return to purchase from you in a certain period.
Once you have these figures, it will be easy to see your company’s stand against the competition and make informed decisions about how best to continue moving forward.
Detect and Address Underperformance Aggressively
If you’re regularly tracking your brand, it’s easier to spot and correct underperforming areas than if you had no insight into your brand’s overall health or only collected point-in-time data.
Tracking your brand’s performance over time can identify areas in which it struggles. This allows you to address these issues proactively before they become significant problems. For example, if your brand is performing poorly on social media, you may want to invest in marketing campaigns designed to improve its reach. Or, if traffic is down significantly compared to previous years, you may need to adjust your website or marketing strategy.
Taking proactive measures like this ensures that your brand remains healthy and competitive.
Post courtesy: BrandIQ, Los Angeles-based Market Research Company.
