What is Brand Tracking?
Brand tracking refers to the process of continuously measuring factors that contribute to the overall health of a brand. This often includes consumer awareness, loyalty, and usage among other things. Each of these actionable behaviors and feelings is the result of a brand’s perception, associations, and attributes.
Why Track Your Brand Performance Metrics?
So why does brand tracking matter? This systematic approach to understanding consumers allows organizations to effectively diagnose issues and implement changes when needed. In essence, it helps business leaders to see what is working and what is not working, then adjust accordingly.
Advanced analytics is the data collection technique that can be harnessed to perform this type of tracking. It allows brands to monitor internal and external factors in order to gain valuable insights they can use to understand brand performance and inform ongoing business decisions. Businesses that use advanced analytics are uniquely positioned to solve problems faster, plan more comprehensively for the future, and be more data-driven overall.
The benefits of brand tracking are numerous and plentiful. This tactic allows brands to keep tabs on the ever-changing attitudes, behaviors, and interests of consumers. In turn, they can be proactive when it comes to all areas of the business from product development to marketing efforts. Additionally, it allows them to know where they stand amongst competitors in the minds of their target audience.
Diligent brand tracking ensures you’re never flying blind!
With Compass by The Harris Poll’s brand tracker, you can take your advanced analytics efforts to the next level. Learn how by scheduling a free demo today.
The Types of Brand Data
There are several ways you can dig deeper into the brand data you collect using advanced analytics. It’s important to use each method so you can get a full picture of your unique brand metrics.
Differentiation mapping helps identify how different brands differ from each other based on a number of predefined categories. This is an important metric to track because it can give companies insight into which specific areas their brand adds value to their customers over their competitors.
Correspondence analysis helps marketers find any insightful relationships present in their analytics. This data set helps companies better understand their relationships with their audience and competitors to capitalize on any market gaps and to better understand their brand rankings.
Head-to-head matchup analysis is simply the practice of looking at two similar metrics and analyzing them through the same lens. This brand metric is beneficial because it allows you to have a more in-depth look at how your company is performing and illuminates ways to improve for the future.
Analyze Valuable Brand Metrics With Compass
Advanced analytics is an important part of brand tracking, but many companies don’t have the capabilities to fully analyze their key brand metrics. This can lead to them not having a full picture of their company’s brand performance. If you’re in need of a tool to help you with your advanced analytics efforts, trust in Compass by the Harris Poll.
Compass can help businesses collect, track, and analyze brand performance metrics in an easy-to-understand and actionable way. Our brand tracker tool is uniquely equipped to help companies find the advanced brand metrics they need to push their marketing efforts forward.
Find out today how Compass can help your business get ahead by requesting a free demo from our team!
Available for a fraction of the cost of custom research
Subscriptions to Compass offer you continuous, real-time tracking on five brands. With your membership, we will collect over 10,000 interviews per brand, giving you a robust ability to conduct pre-/post-testing and dive deep into various customer groups.
Create an account to see a demonstration, or shoot us an email ([email protected]) to learn more.