Collecting data and feedback from your audience to periodically assess specific aspects of your brand’s perception and performance is vital to growth. While you might think you have a crystal clear view of how your brand is perceived, taking the additional step into researching customer perceptions and even bringing in a third-party viewpoint can make up for potential biases and fill in gaps.
Here are four advantages to brand tracking:
- Deeper Brand Awareness – Gauging where your brand stands among your target audience through the tracking of metrics like brand recognition, recall, and aided/unaided awareness is crucial for successful marketing efforts. A deeper understanding of how your brand is perceived helps cultivate holistic communication between sales and marketing.
- Monitoring Brand Health – By tracking specific metrics like customer satisfaction, loyalty, and advocacy, you can understand how your brand is performing over time. With a brand study, identifying targeted “unhealthy” areas needing refinement helps inform the next steps for marketing and sales strategies.
- Competitive Analysis – Benchmarking your brand’s performance against competitors in specific attributes will help you understand your competitive position and identify opportunities or threats in the market. How can you improve if you don’t know where you stand?
- Identifying Market Trends – Brand tracking data reveals shifts in audience preferences and market trends. The information is valuable for adapting your brand strategy and staying ahead of competitors. Exposing gaps in market understanding helps create more effective marketing, sales, and communications programs, too.
What research method is right?
The appropriate methodology for your study – quantitative, qualitative, or hybrid – is based on your specific study objectives, audience sizes, types of available lists, and geographic considerations, to name a few.
- Quantitative – Involves collecting and analyzing numbers and raw data by surveying specific audiences to describe characteristics, explore potential correlations, answer questions, and test hypotheses.
- Qualitative – Ideally suited to achieve a deeper understanding of the opinions, motivations, frustrations, and priorities of your target audience and typically done through methods like focus groups and in-depth interviews.
- Hybrid – For when a mixed approach using both qualitative and quantitative methods is needed.
Check out our Sample Brand Health Survey to learn how you can discover more about your brand.