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Why Should You Invest in Brand Tracking?

Let’s see all the ways brand tracking can help your business.

Brand Tracking is the measurement of your brand’s success based on engagement, purchase history, revenue, and brand loyalty. It will track if consumers are buying and using your products or services. Are they repurchasing? How do they feel about it? It shines a light on how effective your initiatives or campaigns are going, the impact on sales, brand performance, and what we should keep doing and not doing to increase overall brand profitability and success. It helps us better align with what our target consumer is looking for. These are some ways brand tracking can help you:

Evaluate Brand Performance

Circle Research reports that 77% of marketing leaders agree branding is critical to growth. The stronger your brand is publicly the higher your profit margin will be. This is why tracking your brand performance is important. Track sales on a monthly, quarterly, and yearly basis. Evaluate engagement on social media channels. See if any specific campaign or rollout had a stronger reaction from target consumers. Look into why one was more profitable than another. This can help you redesign or repeat in later campaigns to secure a more engaging and profitable response from your target audience.

Compare Against Competitors

It’s always important to keep your competitors in mind. Report on their yearly profits compared to your own. See what their engagement and connection to target consumers on social media, customer service, and email are. This can help you pick and choose what can and is not useful to you as you strategize your own branding.

Find New Opportunities

Data can be confusing. Data can be tedious. But data sparks ideas. It fuels insights on your brand’s direction. It can steer you into new opportunities. Take the time to look over your brand’s data. Then write out your brand’s SWOT analysis and see what new opportunities you uncover in the process. Discover new ways to be profitable and create a stronger brand.

These are all key ways that brand tracking translates to a more well-rounded brand identity. According to Google, 40% of marketers utilize consumer research to drive their choices.  The constant data collection from your target consumers will help foster your brand’s health. It will aid in adoption, re-branding, re-strategizing, and reinventing if needed. Remember, it’s important to let data be your driver of success!

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