In today’s environment, consumer behavior changes rapidly and businesses across the globe need to adapt to keep up with the change. Brand messaging, concepts and strategies that have worked for years have suddenly been upended. What consumers want changes with the daily influx of viral information and social media trends. Gen Z shoppers seem to want very different offerings than even slightly older Millennials.
So how do brands stay agile and alert? More frequent brand and industry tracking.
We’ve previously discussed what brand trackers are and why they are needed. But in today’s volatile market, brand tracking is more important than ever. A well-executed tracker is the most effective way to collect and monitor real-time insights, allowing companies to make quick and informed business decisions. In this article, we’ll discuss how brand tracking has become more accessible to businesses of all sizes and why brand tracking should be performed more frequently to keep pace with changes in consumer perception and behavior.
Frequent Insights: Don’t Let Your Brand Get Left Behind
With more and more commerce occurring online, consumers are getting savvier and more fickle. Social media has become a primary source of information and news for many people in our global economy. But some findings suggest that brands seem to be the last to understand the power of influencers and trends. What is hot one day, is old news the next.
Legacy brand tracking was a long and arduous process, and often actionable results were not available until several weeks post-fielding. Oftentimes the results were stale by the time they were fully analyzed. Today, innovation in the market research tech industry allows even novice researchers to set up and run robust tracking studies in less than a week. Online sample marketplaces offer access to multiple panel sources, providing both speed and scale. According to independent research, sample recruited from multiple sources also leads to high quality and consistent data, wave over wave.
It is imperative to collect consumer feedback often. Not only does it give insight into customer behavior, but it also allows a brand to monitor/identify current and emerging trends as well as significant changes in the market. Brand trackers enable companies to evaluate current strategies and measure the effectiveness of their marketing efforts.
What to Keep In Mind When Designing a Brand Tracker
The first step to brand tracking is to determine your target market and outline all relevant brand metrics. The goal is to understand your brand’s position in the market along with your competitors and measure key performance metrics throughout the year.
Key components of a successful brand tracker include:
- Capturing and monitoring key brand health metrics such as awareness, consideration, associations, satisfaction, and loyalty for your brand along with your closest competitors
- Tracking current and future consumer trends/sentiments in real-time
- Measuring the effectiveness of brand strategies and marketing initiatives pre and post-campaign
Other key factors to consider when running a successful brand tracker are to make sure to partner with an experienced research team, keep the questionnaire short and concise (we typically recommend 30 questions or less), and collect responses from the highest quality sample sources. Poor questionnaire design, inexperienced partners, and bad data quality can materially impact the usefulness of a brand tracker.
Brand Tracking Can Be Agile and Accessible
Even if you are a novice researcher or marketer, there are intuitive brand tracking solutions available to help you get started. Like many technological advancements, these insights solutions make research more straightforward and more cost-effective. Conducting a frequent and well-thought-out brand tracker is imperative to maintaining a competitive edge in today’s fast pace environment.
PureSpectrum is your partner for innovative research. Our platform offers both a quality first Sample Marketplace and an easy-to-use Insights Platform. We also have a professional services team of seasoned market research professionals on call 24/7 to assist with your project. 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.
If you would like to learn more about how PureSpectrum can help launch your next brand tracker, reach out to us below.