Brand Tracking builds and maintains a healthy brand. According to Hanover Research, tracking 90% of brands that track the health of their brand commands higher prices and reduces customer acquisition costs. When marketers track brand health, they are able to measure the impact of launches and leverage their competitive advantage to improve customer satisfaction and market share.
BRAND TRACKING BEST PRACTICES
Understand Your Business Goals:
➤ Strengthen market impact.
➤ Promote new products/services.
➤ Increase sales and enhance brand image.
Assign KPIs and Set SMART Goals:
➤ Specific, Measurable, Attainable, Relevant, Time-Bound.
Identify Your Target Audience:
➤ General population sample for overall brand awareness.
➤ Specific customer segments based on demographics or product usage. Determine Key Questions to Ask:
➤ Define survey questions carefully to avoid skewed results.
➤ Measure aided and unaided awareness for brand recognition and recall. Assess Your Competitor Pool:
➤ Track KPIs in comparison to key competitors.
➤ Gain insights into competitor preferences and adjust your brand accordingly.
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