Welcome to Brand Success 101 where we will be giving you the need to know on how to create and maintain a healthy brand, but first and foremost – how does one achieve a healthy and successful brand?
Like any personal relationship, listening is an essential element to fostering growth and longevity for your customer's relationship with your brand. Brand Tracking Studies are the perfect research vehicle to achieve just that.
What is Brand Tracking?
Brand tracking surveys are a powerful way to measure a company’s growth by analyzing the perception and opinions of customers. This service allows a company to understand brand awareness and brand value by analyzing how people think about the brand, the frequency they use the brand, customer loyalty, net promoter scores, and more.
By keeping a consistent pulse on the perceptions of and loyalty to your brand, you can track the movement of key elements affecting your bottom line, uncover market insights, and use the data captured from brand tracking surveys to make informed, strategic decisions to optimize sales and achieve brand success.
Steps for a Successful Brand Tracking Study
Working alongside a trusted market research and data analytics organization will help ensure that your survey script, audience sample, and captured data are meaningful and provide insights into the health of your brand. Noble Predictive Insights stands by our tried and true methodology for brand tracking studies:
Key Metrics to Consider in Brand Tracking Studies
When determining the most valuable measures to track in your project, consider how each of the following contributes to the health of your particular brand:
Perhaps the cornerstone of any brand is the degree to which the brand is known, seen, and identifiable. A good understanding of who has heard of the brand and from what sources, how familiar they are with the brand, and how easily recognizable the brand is foundational to launching your brand upward.
Getting a pulse and tracking the changes in consumers’ associations and perceptions of your brand highlights the effects of previous marketing strategies and gives you the data to inform and adjust future strategies.
Customer Prior Usage
Identify who is and isn’t a current customer, what they look like (demographically, psychographically, geographically), and how often your brand has been used or purchased. Insights from this metric can be enhanced by including your brand’s top competitors and analyzing who is selecting competitors versus your brand, and why.
Often going hand-in-hand with prior usage, this metric identifies and tracks changes in previous or existing customers. Comparing the relationship between purchase intent to other metrics like brand awareness or impression provides detailed insight into the “why” behind consumers’ decisions.
Customer Brand Preference
This valuable metric identifies how preferred your brand is over your top competitors, what the overarching preferred brand for your industry/product/service is, and why they prefer it.
Customer Brand Loyalty
Track the loyalty of customers by asking how long they have been with the brand and if they switch from brand to brand in a given time frame. Why do they stay, why do they switch?
Net Promoter Score
Score how likely your customers are to recommend this product to others and track the change in that score. Segment results by your brand’s Promoters (respondents giving a 9 or 10 score), Passives (respondents giving a 7 or 8 score), and Detractors (respondents giving a 0 to 6 score).
Brand Tracking Studies are a necessary research vehicle for any organization that wants to take the guesswork out of brand strategy and deploy tactics, campaigns, and new products/services with data-backed confidence. Whether you are looking to identify your brand’s promoters and detractors, approach a new market, or elevate your strategies, Noble Predictive Insights’ Brand Tracking Studies will give you more than just data – we’ll give you answers.
Interested in Brand Tracking Studies? Click here to learn more about our Brand Tracking Studies, or schedule a meeting with NPI to discuss how research can inform and improve your brand strategy.