Brand tracking can be an excellent way of gaining the upper hand in a market, through correct and precise information. In this article, we will look at a few individual components within brand tracking. From this, we can analyse why these specific components give such strength to the information received through brand tracking.
Brand tracking is a snapshot of how your brand is performing at a specific moment in time. It will show where your brand is currently ranked within the general market, against key competitors, and potentially in other niche categories depending on how you carry out your brand tracking. Of course, this information on its own is useful, but as brand tracking continues, you can see how your brand’s performance is changing over time. This allows your company to get instant feedback on key business decisions. This is done by carrying out brand tracking at different stages throughout a year and comparing it back to previous results. This is beneficial, as this feedback can come back a lot quicker than sales figures. Allowing reactions to decisions, or even key changes in the market, to be acted upon fast and with reliable information backing it up.
A key aspect of many brand trackers is brand recall. This is when a member of the public is given a certain category and asked to name brands that are within it. This reveals how visible and well known a brand is. If your brand is not appearing very often, it might show that more time and money needs to be put into your brands identity. If you are a small brand, trying to break through onto a much larger platform, then you might have a specific interest in this area of brand tracking, as it is usually dominated by household names.
Brand recommendation is when a member of the public is asked if they would recommend a specific brand to a friend or family member. Sometimes this is asked in terms of ‘would you recommend X over Y?’ Rather than ‘would you recommend X?’ This type of questioning can be useful in knowing how key competitors are performing amongst one another.
Overall, combining these three key aspects to brand tracking can be useful in identifying a Brands strength in their market and how successfully they can adapt to consumer feedback.