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What Is Brand Tracking?
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Keeping track of your brand's performance goes so much further than just dollars and cents these days. Your bottom line is an important indicator of your company's success, but often there is so much more to your brand's whole story. Maybe your profits have grown or shrunk, but do you know why? Maybe they have remained steady, but could they be doing better? The only way to get the answers to these more in-depth questions is through brand tracking.
What is Brand Tracking?
Brand tracking uses a system of digital tools to track your brand's performance and reputation, typically through sales information, social media, and other measurable responses to brand communications. Brand tracking looks beyond the “what” and goes into the “why,” meaning it's not just about looking at your sales or profits, but it also involves looking at other information so that, when pieced together with your sales information, the information paints a clearer picture of your company's value and place in the market. Brand tracking looks at how people feel about your company, how much buzz you're garnering compared to your competitors, and where new interest in your brand is coming from.
What are Key Performance Indicators?
A key performance indicator is exactly what it sounds like—something that you look at and measure to determine if your brand is performing to your satisfaction. Brand tracking uses key performance indicators to paint the picture of how your brand is performing. Key performance indicators can vary from brand to brand, but may include things like brand awareness, brand perception, sales conversion, and emotional response. Brand awareness, for example, looks at how familiar people are with your brand and how your current marketing efforts are being absorbed and understood. Conversion looks at your ability to take potential customers from awareness to making a purchase. If these indicators are negative, you will be able to explore why and make changes. Are you advertising in the wrong places? Are you using the wrong type of language? Are you failing to demonstrate a competitive advantage in a saturated market? Examining these performance indicators through brand tracking gives you a clearer snapshot of your brand than quarterly sales results could on their own, and it gives you the insight to make positive changes.
How Can Brand Tracking Information Benefit Your Company?
Brand tracking gives you the power to make informed decisions about how to further your brand. Though it's easy to see what's going on with your company, what's more important is why these things are happening. Brand tracking can enable you to identify a new potential customer base, tailor your advertising more carefully for your existing customers, or turn brand interest into sales. With all of the brand tracking tools available right now, a better understanding of your brand's position in the market can be right at your fingertips.
Brand tracking tools are a worthwhile investment for any company. After all, there is no such thing as too much information.
Kelton, a market research firm in Los Angeles, New York, Chicago, and London provides actionable strategic plans with a range of qualitative and quantitative research methodologies like brand tracking ( www.keltonglobal.com/Brand-Tracking ), customer journey mapping, market segmentation, copy testing, omnibus surveys and many more. Visit www.keltonglobal.com for more info.
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