You’ve probably heard the term “brand tracking” before, but what does it actually mean? Brand tracking is the process of monitoring specific key metrics tied to a brand’s position and performance over time. By tracking a brand’s progress, businesses can better understand how they are perceived by consumers and make informed business decisions accordingly. In this article, we will discuss what brand trackers are, why you need them, and how to get started with your own brand tracker.
What is a Brand Tracking study?
Brand tracking is a continuous measurement of brand health that empowers companies to make better decisions. Trackers enable strategic planning by measuring brand performance in relation to competitors, spotting industry trends, and capturing competitive intelligence. By tracking key metrics over time, companies can gather insights, monitor marketing/sales progress, and track overall brand health.
Traditional brand tracking is slow, expensive, and overcomplicated. Many times marketers or insights professionals brands, also known as end-clients, don’t have direct access to their data. Now, many leading companies require a more frequent and dynamic brand tracking solution.
By using a real-time solution like PureSpectrum, you’re able to keep a continuous pulse on your brand, competitors, and industry trends. Data can be viewed anytime in dashboards and exported for use in reports and presentations. These real-time insights enable brands to maintain a competitive edge and make the most informed decisions possible.
Why Does My Brand Need a Brand Tracker?
In today’s fast-paced world, it’s critical for brands to be agile and run brand trackers to identify and predict market changes and trends. It is more crucial than ever to frequently gather intelligence to be able to make the most informed business decisions.
“Surveying with regular cadence is key to monitoring your brand’s health, studying consumers, and getting feedback quickly. Regularly collecting important insights helps a brand pivot before sales decrease.” – Brynn Gasparino, Senior Insights Account Manager
An advantage of brand trackers is that they offer an ongoing feedback loop to measure key metrics such as brand awareness, favorability, perception, and consideration. With a brand tracker, companies can get a sense of where they’re positioned in the market and leverage real-time insights to inform strategies for marketing, product, support, and more. An effective brand tracker is a key component for companies to track the health of their brands and get a more holistic view of where they sit in the market.
What is Needed to Start a Brand Tracker?
Ready to start your own tracker? PureSpectrum can help. Here are a few preliminary questions you should be asking at the start of your research:
- Who is your target market?
- What key metrics are important to measure for your company?
- What format do you need your data in to be most digestible by your organization?
Understanding who internally will be using this data will help inform all the questions and the outputs necessary to maximize the effectiveness of your tracker. If you don’t know how to share data or articulate metrics with the rest of the organization, your research won’t carry as much weight or have as much value.
“Don’t be intimidated by the idea of starting a brand tracker. Companies like PureSpectrum can offer a lot of consultative advice and have best practices already figured out to help you.” -Nick Teckman, VP, Research and Insights
Once you have all of your KPIs aligned, you are ready to start a brand tracking study. For that to happen there needs to be three basic components:
- Data collection platform or survey tool
- Survey respondents, ideally from your ideal customer profile (ICP)
- A well-written questionnaire that captures key metrics for your brand
Why Should I Use PureSpectrum for My Brand Tracker?
PureSpectrum combines a quality first sample marketplace with an easy-to-use insights platform, all supported by a professional services team of seasoned market researchers. This innovative synergy allows anyone the ability to program studies, quickly source respondents within a global marketplace, and analyze data all on a single dashboard.
Recently awarded Market Research Supplier of the Year, the PureSpectrum Marketplace is equipped with PureScore™, the industry’s leading respondent-level scoring system. The PureSpectrum Marketplace currently fields in 60+ countries with targeting capabilities for consumer, B2B, and healthcare research.
“Bad data impacts more than just business decisions, it also leads to time lost and money wasted. With PureScore™, brands can trust that data they are getting matches actual consumer sentiments.” -Mike Wilner, VP of Insight Sales
We at PureSpectrum know that your time is valuable and we want to make sure you get the most out of your research. That’s why our world-class support team offers a flexible support model. Our professional services group not only offers help designing questions but can also provide advanced analysis after fieldwork has been completed.
Having a brand tracker is essential for understanding how your customers interact with your brand. Not only does it give insights into customer behavior, but it also allows brands to track marketing efforts and quantify their effectiveness. PureSpectrum offers reliable and easy-to-use solutions.
Ready to learn more from a real-world example? Fill out the form below to get access to our Smart Speaker brand tracker and other helpful tips.