Have you ever wondered why some marketers make such a big deal out of brand tracking? Well, it’s more than simply a fascination; it’s an important aspect of the marketing process.
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Any marketing strategy must include brand tracking to help you understand what’s working and what isn’t. That enables you to ensure your strategy is solid and that your efforts are being used to their full potential.
In this article, we’ll be looking at different reasons why you should track your brand.
What Is Brand Tracking?
Brand tracking is the process of monitoring and assessing your company’s brand-building efforts over a period of time. It entails evaluating how effectively a company performs in terms of brand awareness and perception.
This approach differs from brand marketing, which refers to efforts to improve awareness, customer loyalty, and preference for a company’s services.
When most people think about brand tracking, they usually think of tracking where their brand is and how it’s performing in the market.
However, brand tracking can accomplish so much more, which is as follows:
- It can inform you about what your customers think about your service.
- It might reveal what they expect from you and how they wish to engage with you.
- It can even tell you how they feel about their overall experience with your company
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All these are crucial points when making business decisions.
What to avoid
Note that there are a few common pitfalls to avoid when using brand tracking.
You need to make sure you’re monitoring the right set of data. If you don’t have a well-defined set of key tracking metrics like awareness, usage, consideration, purchase intent, customer satisfaction, etc., then you won’t be able to tell if your marketing efforts are successful or not.
Additionally, you must guarantee that your data is accurate. You can’t fix what you don’t measure accurately. So if your data isn’t accurate, then any modifications you make to deliver a greater return on marketing investment will be based on misleading information.
Here are some pointers to assist you as regards your brand tracking survey:
- Ask for customer insights or feedback on social media. For example, if you have a strong presence on platforms like Instagram, you can invite your customers to express their impressions of the brand—what they liked about it (or didn’t), what they would alter, etc.
The example below shows a typical customer feedback loop. It isn’t just a one-way street where customers are giving feedback, and you’re ignoring them. Instead, it’s an ongoing conversation where both parties have something valuable to offer each other.
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- Survey your employees about their experiences with your brand. It will provide a behind-the-scenes look at how employees feel about the brand and working for it, which may be different than how customers feel about buying from it.
Here’s an example of what an employee satisfaction survey should include.
These pointers will ensure that your brand stays in good health and gains a larger market share.
3 Reasons To Carry Out Brand Tracking
Brand tracking benefits are for everyone, not just big companies. Here are three main reasons to use brand tracking solutions for sustainable brand growth.
1. Measure Campaign Performance And ROIs
Let’s say you’ve worked hard to start an LLC in Louisiana and get all the relevant licenses. Now you want to raise awareness about your brand among the locals. You also want to popularize your product offerings.
So you come up with an excellent promotional campaign and deploy it. It seems amazing to you, but how can you objectively tell whether it’s effective? Do people see your ad? What are their thoughts? Is it directing them to your store or site? Are they interested in your product? What do they think about your products compared to the competitors’?
The answers to these questions will shape the future of your brand. And with brand tracking, you can measure the following:
- What percentage of people who saw your ads could correctly identify your brand’s product or service? This is known as “brand recognition.”
- How many people visited your website after seeing the ad? This is known as the “click-through rate.”
- How much revenue did those clicks generate?
- What are the customers’ sentiments about your brand and its products?
Brand tracking tools like Determ allow you to monitor the success of your brand-building campaigns. They can tell how much more successful one campaign is compared to another.
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For example, suppose you have two different campaigns running at once, and one generates twice as many clicks as the other. In that case, it’s likely that the first campaign was better at getting people interested in what you have to offer than the second one was.
Being aware of this information can assist you in optimizing your future campaigns. Additionally, it will enable you to use your marketing budget more efficiently.
2. Helps To Track KPIs
Another brand tracking benefit is that it helps you track the key performance indicators (KPIs) that matter most to your business.
If you’re not sure what KPIs are, they’re the metrics that show how well your business is doing. If you don’t know how well your business is doing, how can you change its performance?
For example, if one of your KPIs is revenue, then brand tracking will help you see if there are any trends in revenue over a period of time. If there is a downward trend, then this could imply that something has to be fixed for your business to once again experience growth.
3. Impacts on Future Decisions
One of the most important brand tracking benefits is that it can help you make informed decisions on improving marketing efforts, content, and other aspects of your brand.
Here are some examples of how your brand tracking efforts can impact future decisions:
- You can use brand tracking results to see which social media platforms are most effective for your business and where you should invest more time.
If your ads are performing well on Instagram but not Facebook, you can use this information when deciding where to spend more advertising funds in the future.
- Future content plans may be influenced by this information if one sort of material performs better than another (for example, video performs better than text).
Even if you’re not sure what you want to do next, brand tracking can help you figure it out.
Brand tracking goes hand in hand with a sales funnel. Brand tracking can help you identify your ideal customers, and that data will help you collect qualified leads and convert more prospects into customers using a sales funnel software tool.
However, it’s critical to remember that the brand tracking process is about more than simply sales. It’s also about determining which components of your brand resonate with people—and which don’t.
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A brand is defined by more than a logo and tagline. Your business will stand out from rivals thanks to a strong brand, which will facilitate sales. If you’re not using brand tracking, then you’re missing out on a whole world of opportunities.
- Brand tracking is crucial to any marketing strategy because it allows businesses to understand how well their efforts work over time and adjust accordingly for optimal impact.
- Tracking tools like Google Analytics lets you know where your customers are coming from, so you can focus on those areas that are driving sales.
- You can track your brand using brand monitoring tools like Determ.
Among the many brand tracking benefits is you’ll be able to quickly ascertain what kind of message connects with your target audience, enabling you to develop more productive marketing campaigns that speak to them deeply. As a result, customers will have a positive experience with your company and will be more likely to recommend it to others.
Jon is the founder of two successful e-commerce and SaaS businesses. He’s passionate about sharing what he has learned from working with business owners through Venture Smarter.