Let’s first understand, why Brand Tracking is so critical for a Brand?
In today’s scenario where the life of consumers is fast-paced, digitally & globally connected, where decisions are made on the fly and where it’s more about the authority, image & uniqueness that comes along with brand association and leads purchase intent, makes it imperative for Brands to continuously measure its ‘development as a brand’ and understand where it is headed through different variables, like –
- Awareness – which helps understand the recall & recognition for the Brand
- Usage – measured through frequency of usage, spends on the brand & its products/ services
- Attitude and Perception – measured through the brand image and association that gets built by customer experience and exposure through positioning, advertising, PR and other promotional activities.
- Purchase Intent: A very important metric to be tracked that helps determine the health of a brand with the likelihood to purchase a brand or switch over to a competitor. This is also helpful in determining the brand loyalty of consumers.
These metrics help the marketing folks take careful and informed decisions while planning their strategies, promotions, messaging & positioning of a brand and its products & services.
But, there is a huge problem here…Brand trackers always deliver delayed view of data due to its primitive ways of research & data collection techniques, which at times is severely outdated for making right & real-time decisions in today’s ever changing fast paced world.
This is where behavioural science & economics comes into the picture, as Researchers & Marketers alike have started to use behaviour analytics to understand the psychology and how people make decisions today, to gain an edge and make right decisions on the fly.
Since, brand tracking requires a continuous process of collecting quantitative & qualitative data from, Heavy Users, Light users and Non-consumers, which is –
- Real-time (& not dated)
- And that can help take tactical decisions for a brand on the fly
Hence, the data that now comes into play are – Social media data, Mobile data, Online data, Customer preference data, which cannot be ignored by marketers as it matters the most to them and these are the platforms where consumers tend to associate with and speak about the brand, show what they feel. Also, the major share of marketing activities, promotions and engagement happens on them.
You can get a whole lot of insights from these avenues, for e.g. – metering technology on mobile can helps brands understand consumers browsing behaviours & which apps they are using. Another e.g. can be the experience and life moments that consumers share on social with their network & on brand pages.
Data & insights from the online, mobile and social world are pure gold for marketers & researchers that give just-in-time insights for a brand helping them take real-time actions accordingly; which is the key to what can actually make or break a brand!