Importance of Keeping up your Brand Tracking
Brand tracking is a way in which the health of a brand can be measured. There are many different factors that can add to a successful brand tracker. However, there is one factor completely within your control that can make brand tracking a lot more worthwhile; making sure it is being undertaken regularly.
It must be remembered that brand tracking can only ever show you a snapshot of how a brand is performing. Now this snapshot may already be a more useful form of information than something such as sales figures. This is because brand tracking gives you real-time information on how your brand is performing right at that current moment. While something such as sales figures, is a lot more analogue, firstly in the sense it only tells you whether a product/service has been bought and nothing else. Secondly, it’s information based in the past, with a consumer’s decision to buy, being the last decision made in a longer line of decision-making.
What strengthens this snapshot, is by having many snapshots to compare it to. In other words, regular brand tracking improves the quality of information received within each individual snapshot, as it allows a timeline to start to emerge. Within this timeline you can see real-time reactions to specific decisions made within a business. It can also map out progression, showing areas that are sustainably growing. While also showing areas to be concerned about, and being able to see if business decisions are addressing those concerns.
In this modern world, information is key. Brand tracking offers a way in which information can be easily obtained, analysed and used to help towards better decision-making within a business. These regular snippets of information will stop the possibility of complacency as it can often reveal new areas of growth. As well as being able to show when growth or development due to key decisions being made are starting to subside.
Brand tracking can be a time and resource consuming process. It can often be done a lot more successfully by specialised market researchers. If you are a business that is expanding, then resource allocation is vital in successful growth. Market research is often dwindling as a business expands beyond simply surviving month to month. Therefore, outsourcing this process might be a way in which to make up for this gap in market research. Then keeping brand tracking as a regular occurrence will allow your business to have a plethora of information to make informed decisions.