What is Brand Tracking?
Brand tracking refers to the process of continuously measuring factors that contribute to an organization’s overall reputation. This often includes brand 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?
This systematic approach to understanding consumers allows organizations to effectively diagnose issues and implement changes. It helps business leaders see what is working, and to adjust as needed.
Advanced analytics is a data collection technique that performs this type of tracking. It allows companies to monitor internal and external factors to understand brand performance and inform ongoing business decisions. Businesses that use advanced analytics are uniquely positioned to solve problems more quickly, plan more comprehensively for the future, and be more data-driven.
The benefits of brand tracking are numerous. This tactic allows organizations to keep tabs on the ever-changing attitudes, behaviors, and interests of consumers. Companies can proactively tackle all areas of the business from product development to marketing efforts. Additionally, it shows how they stack up against competitors.
The Types of Brand Data
There are several ways you can use advanced analytics to dig deeper into the brand data you collect. Use each method to gain a full picture of your unique brand metrics.
Differentiation Mapping
Differentiation mapping identifies how businesses differ based on several predefined categories. This provides insight into which specific areas of a company’s services or products add value to their customers over their competitors.
CORRESPONDENCE ANALYSIS
Correspondence analysis helps marketers find insightful relationships present in their analytics. This data set helps companies understand their relationships with their audience and competitors to capitalize on market gaps and to understand their brand rankings.
HEAD-TO-HEAD MATCHUPS
Head-to-head matchup analysis is the practice of looking at two similar metrics and analyzing them through the same lens. This brand metric provides an in-depth look at how companies are performing and illuminates opportunities for improvement.
Analyze Valuable Brand Metrics with QuestBrand
Advanced analytics is an important part of brand tracking, but many companies don’t have the capability to fully analyze their key brand metrics. This can result in not having a full picture of their brand performance. If you need brand tracking software for your advanced analytics efforts, trust in QuestBrand.
QuestBrand 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 uncover the advanced brand metrics they need to propel their marketing efforts forward.
Find out today how QuestBrand can help your business get ahead.
