Brand tracking research – also known as brand monitoring or brand performance tracking – is a type of market research. Brand tracking provides ongoing insights into how consumers perceive and engage with a brand over time, helping companies measure brand health and guide marketing strategies.
What is brand tracking market research?
Brand tracking involves systematically collecting data and insights related to:
• Brand Awareness: how well consumers recognize a brand when prompted.
• Brand Perception: the gut feeling, and associations people have about a brand.
• Brand Usage: how often and in what ways consumers actively interact with a brand.
• Brand Loyalty: how likely customers are to continue purchasing a brand.
• Brand Equity: the value a brand has in the minds of consumers.
Brand tracking research involves collecting data through surveys, interviews, focus groups, and other quantitative and qualitative research methods. The data is collected at regular intervals to track changes and trends over time. This allows organizations to monitor the impact of marketing campaigns, measure the effectiveness of brand strategies, and make informed decisions about brand management and marketing efforts.
What are the objectives of brand tracking ?
The goals of brand tracking are to:
1. Measure Brand Awareness: brand awareness is a key metric that reflects how well a brand’s identity is imprinted in the minds of customers. Brand tracking research helps measure the level of brand awareness among the target audience. It assesses the extent to which consumers are familiar with the brand and can recognize it in different contexts.
2. Evaluate Brand Perception: brand perception is shaped by factors like quality, reputation, messaging, and past experiences, which influence consumer opinions and behaviors towards a brand. Brand tracking research evaluates how consumers perceive a brand in terms of its attributes, positioning, reputation, and values. It seeks to understand the associations, attitudes, and emotions that consumers have about the brand.
3. Assess Brand Usage and Loyalty: investigating brand usage patterns and loyalty helps marketing professionals understand why consumers chose a brand over competitors. This is driven by factors like satisfaction, habit, or an emotional connection. It provides insights into factors such as purchase frequency, customer satisfaction, brand preference, and likelihood of repeat purchases.
4. Monitor Competitive Landscape: it’s essential to understand the competition in relation to your brand. Brand tracking research assesses market share, brand positioning, and competitive strengths and weaknesses.
5. Identify Brand Equity Drivers: brand equity is derived from a consumer’s knowledge, perceptions, and experiences with a brand, which allows it to earn greater profits and potentially charge premium prices. By analyzing the data collected over time, brand tracking research can identify the key drivers of brand equity and help us understand the factors that contribute to the brand’s success or challenges.
Summary: Why is brand tracking important?
Brand tracking research is essential for several reasons. It helps track performance over time to provide insights into how well your brand resonates in the marketplace and if your marketing is working. Regular monitoring research helps you spot positive or negative shifts in how consumers view or relate to your brand. The insights form a feedback loop to uncover any issues so that you can fix them and strategically strengthen, protect and boost your brand. Finally, it allows you to demonstrate brand ROI.
The insights gained from consistent brand tracking research provide a comprehensive understanding of brand health and brand performance. It helps marketeers to understand and manage brand’s performance, identify areas for improvement, and make strategic decisions to enhance brand equity, customer loyalty, and market share.