Six Simple Steps for Successful Brand Tracking
All too often the ins and outs are taken for granted, but if you are just starting out in the world of MRX or if you have a brand in its infancy, it can be hard to know why we do what we do! We can all recognise that the ability to monitor and manage a brand's performance is crucial for sustained success, and therefore, brand tracking - when done effectively - provides invaluable insights that can shape strategic decisions and foster growth. In this blog post, we'll explore five top tips for achieving brand tracking excellence, helping you stay ahead of the curve and ensure your brand remains strong in the eyes of your audience.
1. Clearly Define Objectives:
Before diving into brand tracking initiatives, it's essential to establish clear and measurable objectives. What aspects of your brand do you want to monitor? Whether it's brand awareness, perception, loyalty, or other key metrics, defining your goals will guide the selection of relevant metrics and methodologies. Clearly defined objectives ensure that your brand tracking efforts are purposeful and aligned with your overarching business goals.
2. Choose the Right Metrics:
Not all metrics are created equal, and selecting the right ones for your brand is crucial. Tailor your metrics to align with your defined objectives. Metrics could include brand awareness, sentiment analysis, customer satisfaction, or even social media engagement. The key is to choose metrics that provide actionable insights and a comprehensive understanding of your brand's performance in the market.
3. Consistent Monitoring Schedule:
As the name suggests, brand tracking is not a one-time endeavour; it's an ongoing process. Establish a consistent monitoring schedule to track your brand's performance over time. Regular intervals, whether monthly, quarterly, or annually, allow you to identify trends, measure the impact of marketing initiatives, and respond proactively to changes in the market landscape. Consistency in monitoring is key to capturing the full spectrum of your brand's trajectory.
4. Embrace Multi-Channel Monitoring:
In today's digital age, brands exist in multiple spaces – from social media platforms to traditional media and beyond. To achieve brand tracking excellence, it's crucial to embrace a multi-channel approach. Monitor your brand's presence and sentiment across various channels to gain a holistic view of its performance. This comprehensive perspective enables you to identify areas of strength and weakness across different touchpoints.
5. Benchmark Against Competitors:
To truly gauge your brand's performance, it's essential to benchmark against competitors. Analysing how your brand compares to others in your industry provides valuable context and insights. Identify competitors with similar target audiences and market positioning, and track their performance alongside yours. Benchmarking allows you to identify areas where your brand excels and areas that may require strategic adjustments.
6. Take context into account
We would say this, it’s our name! But you’d be surprised how many times we’ve seen a brand tracker that doesn’t contextualise the data with wider factors to explain why shifts might or might not be happening. This isn’t just PESTLE factors, but also look inwards at things like comms content across the year that will of course be impacting results.
So are you ready to start your brand tracking journey? Get in touch with We Live Context to talk about how contextualised brand tracking can elevate insight.
Start the conversation - info@welivecontext.com