The strength of your brand normally comes from how well your company as a whole is performing. However, it’s not a good idea to assume that because your company is growing and performing well, that your brand is doing likewise. In fact, as your brand becomes a stronger asset to your company, it’s important that you check in with it as often as possible. In this article, we’ll be looking at how your company can implement a brand tracker to help with this process.
In short, a brand tracker helps you see how your brand is performing on a macro level. This means comparing it to other brands within your market. Depending on your company’s scope, in terms of its target market, you may want to wish to compare brands on a national level, or an international level. It’s important to check in with your brand regularly as it can be seen as the public perception of your company. So, if this was ever to change for the worse you want to know about this as soon as possible, so you can make the necessary changes as quickly as possible.
Something such as sales revenue might seem like a more sensible way to measure this. However, a purchase is the last action of a complicated psychological process. So, as these bad results start trickling in, it might be too far along in the process for the right changes to be made, in terms of damage control. While a brand tracker gives you an immediate snapshot of how your brand is performing, allowing your company to make real-time changes to overcome these problems.
Setting up a brand tracker can be quite a lot of work. This is due to how surveys need to be made and carried out, while the selection process of those being surveyed also needs to be stringent. If you’re worried about this drain on resources, it can be worth considering outsourcing the process. As a growing company, you need to realise when you need to let processes be outsourced more generally, if not, you may stunt your growth at the most vital stages. Specialist companies can do brand tracking for a fraction of the cost of what it would cost you. On top of this, due to their specialisation, you can comfortably predict that the information provided will be of a higher quality than that which you could produce within your company.