Looking after your brand should always be at the forefront of your mind when running a company. A brand tracker can be a way in which you are able to check in with your brand and see how it is performing against competitors, on a national, or even international level. These types of insights don’t have to be something only the biggest companies in the world have access to. The technology and data are out there, and when expanding a business it shouldn’t be something that is overlooked. In this article we will look at what a brand tracker specifically does. Then we’ll look out why it might be a good option to outsource this sort of procedure.
A brand tracker basically provides a snapshot of how your brand is performing within a certain market. Usually in terms of a score that is compiled through purchase intent, recommendation, and brand recall. These areas help identify specifically why a brand is performing the way it is. High purchase intent but low brand recall highlights a problem within brand awareness. While if it was the other way round, it shows there might be a problem with the product/service itself.
A brand tracker being a snapshot is also useful as you gain more of these snapshots over time. This means you can compile whether your brand’s score is improving or not. This can be cross-checked with key decisions made within the company/brand, thus seeing what effect they have had on your brand.
This sort of information is a lot more instant and detailed than something like sales figures. As brand tracking shows some of the psychological reasoning of why one brand is chosen over another. While sales figures only show the last decision in a complicated psychological process. Sales figures also trickle in over time, and it can be hard to isolate what that translates to at a specific time, while brand tracking reveals a snapshot at a precise moment.
It might not be the first thing on your agenda as a growing business, but brand trackers bring insights other forms of information can’t provide. If you’re worried about the time and resources this process might take then consider outsourcing to a specialist market research company. The quality of questions asked and respondents asked will be higher, due to their specialisation, and can often be cheaper than trying to run the project inhouse.