When is the last time you conducted a market research study?
Last year? Within the last five years? Never?
While conducting an ad-hoc market research study is never a bad thing, the data can become stale after a year has passed.
Herein lies the value of brand tracking.
Put simply, these surveys track the growth of your brand. The findings can help bolster your organization and give you reliable benchmarking data to see how your KPIs have changed over time.
Keep reading to learn more brand tracker survey benefits. Or, for a quick recap watch our video where we define this type of market research.
Benefit #1: Successfully Meet Goals and Objectives
To have a successful organization, it’s important to set goals that challenge you.
Meeting these challenges will continue to sharpen a company’s approach to business.
A couple ideas as to what some common business goals are:
- Customer satisfaction
- Community awareness
- Employee retention
The only way to fully understand how these (and other) goals are being met is through brand tracking metrics, such as surveys.
Brand tracking also offers a great way to measure data monthly, quarterly, or yearly. As stated earlier, implementing these surveys will show you where you can improve, and what you’re doing right.
💡 The Key Takeaway: Make sure the goals you’re setting for your company are ones that set a challenge. After all, that’s how a business can really flourish. Brand tracking helps you zero in on these goals–what’s being met, and what isn’t.
Benefit #2: Benchmark Data
When you compare your own data to other similar figures, that’s a benchmark. Typically, there a 4 types of market research benchmarks.
These benchmarks include:
- Your own data (hint: we’ll be talking about this today)
- Competitor data
- Industry data standards
- Best-practice brand data
Meaningful statistics need to be compared to something to have a full impact. You’ll want to compare it to data, preferably, your own!
Brand tracking studies are a way to follow data as your company or service evolves. Down the road, this will become an invaluable tool to compare your future statistics. Think of it as a yardstick.
Again, this is an ultra-effective tool to see what you can improve, or what’s being well-received by consumers.
Staying the same is the worst thing for a brand, company, service–you name it. Brand tracking companies help you avoid that pitfall.
💡 The Key Takeaway: Brand tracker survey benefits include the ability to benchmark your data. What were your stats a year ago, a month ago? When you ask these questions and can refer to past tracking studies, you can easily look at past data for your answer.
Benefit #3: Identify Problems In Real-Time
If you’re watching your services on a regular basis with tracking questions, you’re able to work with current feedback.
Meaning, if there’s a problem, you’ll know right away.
When customers aren’t happy, they tend to spread the word.
For example, a recent customer experience statistic revealed that 13% of buyers who are not happy will go on to share their thoughts with at least 15 other people.
Think of the ripple effect!
We get it–no one wants a negative review of their product, service, or company.
But, by receiving critiques in a timely manner, the problem can be quickly corrected.
For instance, if you were not conducting regular or semi-regular brand tracking studies, you wouldn’t find out useful critiques until much later. Not only is that not good for business, but it’s not a good move for your overall brand.
Conversely, if your audience is providing positive feedback, you know what can continue being used! Building off of positive feedback is a huge bonus, and is essential if you want your company to thrive.
💡 The Key Takeaway: Learn to love feedback in all its forms–the good, bad, and (sometimes) ugly. One of the many brand tracker survey benefits is that if run regularly, they can show you buyer feedback in real-time. This gives you the opportunity to correct problems and capitalize on what’s being done well.
Benefit #4: Understand how internal changes impact business
Another massive benefit of brand tracking questions is access to a regular data stream. Having access to said stream will give you insight into the impact your business has on consumer behavior.
Potential changes that can be measured through these methods:
- Staff roles
- Service locations
- Product and/or service offerings
Customers are aware and could be able to pick up on shifts these modifications may cause.
After all, recent research shows 94% of customers will maintain loyalty to transparent, open brands. Consider this idea when running through internal data.
💡 The Key Takeaway: Brand tracker survey benefits include the ability to monitor internal company changes and how they are impacting customers or prospects.
Benefit #5: Determine the success of marketing and sales campaigns
If you continuously monitor your impact through brand tracking studies, evaluating business aspects like marketing and advertising is a breeze.
Aside from foundational market analytics like link clicks, reach, and impressions, there’s more that these surveys can uncover.
For instance, you may run a campaign that sees less than 1% lead growth.
However, your target market audience grew by 25%. A failure, or an opportunity? Brand tracking statistics can help you answer that question.
You won’t get this kind of detail with digital marketing techniques such as link clicks and impressions, we can tell you that.
💡 The Key Takeaway: Tracking studies allow you to measure smaller insights that can still prove helpful. Comparing these data points can give you a perspective you may not have seen otherwise.
Benefit #6: Save money on market research
You just may be in for a discount.
With some brand tracking companies, you’ll get a discount when you sign up for more than one survey. For example, at Drive Research, if clients sign on for a 5-survey package, we’ll offer a bulk discount.
Think of it as a typical subscription service or plan. If you choose to buy a package of 3 to 4 surveys, you’ll get a reduced price per survey.
If you’d like to conduct annual employee surveys, it’s in your best interest to get a 3-year contract going with a marketing firm.
💡 The Key Takeaway: You stand to save money when working with a market research company for your brand tracking studies. If you plan on conducting an annual survey, why not sign-on for a 5-year contract to reduce expenses?
Drive Research is ready to deliver expert advice on your next tracking study. We have deep knowledge (and love) for all things market research, and want to give you top-notch results.
Whether you want to benchmark data for your customers, employees, competitors (or all three), our team can help.
If you’d like to conduct brand tracking with Drive Research, contact us through any of the ways below.
- Message us on our website
- Email us at [email protected]
- Call us at 888-725-DATA
- Text us at 315-303-2040
As a Content Marketing Specialist, Lark has a strong background and passion for creative, professional, and journalistic writing. She is also a self-proclaimed music freak and 90s enthusiast.
Learn more about Lark, here.