Why is brand tracking important to your growing business?
At a time when starting and sustaining a healthy brand has never been more challenging, we all look for ways to maintain that competitive edge. With the rapid pace of market-force changes like; shifting consumer demographics, fierce new competition, and technological innovation, brands need to be ahead of the curve from an information and trends point of view, now more than ever.
Brand Tracking Studies
Brand tracking studies permit business decision-makers the ability to measure brand awareness and health. At the same time you get a read on a number of other key performance indicators, or KPIs which measure where your marketplace is positioned with: You vs. the Competition in a number of key areas.
With one of these programs in place you have the ability to:
- Track Overall Satisfaction in marketplace for your Brand
- Measure the level of Willingness to Recommend people have for your Company
- Compare a Likelihood to Switch to the Competition and what is the rate?
- Test Marketing Messages
- Rank the Competition
- Collect Ratings for Products and Services
- Understand and leverage Brand Sentiment/Perceptions
Brand tracking research will consistently monitor your brand performance from the viewpoint of your customers, prospects, suppliers, and stakeholders. Because you collect data on an on-going basis and at regular intervals, you have the ability to accurately detect and measure changes in the market-place (both obvious and subtle), which could have significant implications for your business.
Designing a survey that tracks your brand performance accurately is critical to success. So is building the appropriate online sample.
A market research professional is a great resource to help guide you through the steps of what works in practice vs theory when it comes to executing a brand tracking study for your industry versus one that comes from a template from a software tool. They will have experience developing real-life practical “operationally-efficient” online sample designs and questionnaires that will serve you well and save you time and resources in the long run.
Brand Tracking Survey
You will need to design a questionnaire or online survey to collect data and this is where planning is key. Here are some important considerations to keep in mind for a survey that will be deployed for brand tracking research:
- Surveys should be engaging – the survey should be focused and on point, the organization should try hard to refrain from asking every question they can think to ask.
- Surveys should be relevant for the survey audience – the survey should be targeted to the audience whom you are sampling. Don’t throw spaghetti on walls to see what sticks.
- Surveys should load fast on any device – Survey should be mobile optimized and use modern tools and platforms that have sufficient resources. Use survey tools with creative optimized question types.
- Surveys should take no longer than 10-12 minutes – Seriously, you can get overall brand, purchase intent, awareness, brand health, and messages in there. All of it. You’re going again in a week/month anyway, right?
This may seem like a tall order but many modern survey tools like Decipher (www.focusvision.com), give you the ability to create lightning-fast surveys with question types that engage the participant and move the survey along, even when you have several purchase-intent, brand attributes, and a brand awareness section to complete.
Brand Tracking Sampling
The effectiveness of your brand tracking study depends on many factors. Designing a questionnaire that measures what matters is the first step. Taking action to monitor and understand the data as it is coming in calibrating and making adjustments to your business as you understand and interpret the data from the brand tracker and other important benchmark sources.
Building the right sampling plan for your brand tracking research is also critical, which includes understanding your customer personas and building sample targeting around this. Whether you are using a list source, your company CRM database, or a market research panel for your sample source for survey participants it is important that you get the targeting right and you are inviting the right people to engage with you in the brand tracking program.
Your market research panel provider should work with you to validate their panel members with your CRM whenever panel members are willing to provide personal identitifiable information PII during the survey or as part of a focused campaign.
Brand Tracking Success
If you want to understand and measure the performance of your company, brand, products or services or if you are trying to tune the program you are running today by honing in on more precise target audiences, you are in the drivers seat.
If you would like to know more about improving your sample targeting:
Jim Whaley is CEO of OvationMR and posts frequently on The Standard Ovation and other Industry Blogs.
OvationMR is a global provider of first party data for those seeking solutions that require data for informed business strategy. OvationMR is a leader in delivering insights and reliable data across a variety of industry sectors around the globe consistently for market research professionals and management consultants. Visit: https://www.ovationmr.com