Running a successful business means understanding a world of metrics: different measurements of how your business is performing and whether it’s exceeding your expectations or lagging behind where you meant it to be. You need to know how each different aspect of your business is performing if you want to understand it overall: if you’re not tracking one of the important parts of your business, you could be surprised when it leads to bigger problems later.
Today we’re taking a look at brand tracking, so you can be sure you’re building this metric into your understanding of how your business works.
What is Brand Tracking?
Brand tracker surveys establish the strength of your business’ brand in customers’ minds relative to rivals in your niche. Respondents are asked to rate your business for the key qualities that build toward success – spontaneous recall, purchase intention, whether they would recommend your brand to friends, even if they aspire to work for you.
This helps to establish a ‘health check’ for your brand – a quick read on how well customers regard your brand, and whether it’s doing its job at drawing the market’s attention to your business in the way you want.
It’s even more valuable as a tool you can use over time: if you keep your brand tracking research going you can see in real time how your decisions affect customer perception of your business, and course correct if you see your brand is in danger!
Why is It Important?
Your brand is a valuable asset for your business: it’s the identity assigned to your company by customers, built up out of every decision you make that customers are affected by, from the price of your products, the design of your posters and the greeting customers receive when they pick up the phone or walk into a shop. Tracking the health of your brand gives you a quick read on how well your decisions are working overall, and alerts you to the need for urgent action!
Where You Can Get Brand Tracking Help?
It’s unfortunate, but brand tracking research is beyond the scope of most businesses – even large operations will require specialist help with this.
A specialist market research firm is an essential partner when you’re looking for brand tracking insight. They have the reach to survey not just your existing customers, but also take get data from the market at large – customers who’ve not chosen to spend their money with you, or even browse your website yet.
Dedicated market research specialists will also return with not just the raw data their surveys have generated, but analysis and insights. This tells you not just what people have said, but what that means and how it should inform your decision-making going forward.