When we discuss brand tracking, we’re looking at how a brand is comparing to other brands in certain categories. At first glance, this may seem like something that can only help big brands that have national or international reach. However, brand tracking can help all sizes of businesses, in this article we will be taking a look at a few examples of how it can help all-sized businesses.
If you’re a large multinational business brand tracking is important in knowing where you are ranking with other companies that have a high proportion of the market share. With these being your key competitors, any minor differences compared to the last snapshot needs to be considered. As small differences at this end of the market can make a huge difference in the long term, especially when one company is vying for market dominance. Brand tracking provide invaluable insights in to your own business and that of your competitors. Showing if weaknesses lie in marketing (brand recall) or the company itself (brand recommendation).
A smaller business attempting market penetration might be looking out for very specific aspects within brand tracking. The main one being brand recall, as if you are trying to penetrate a market, having consumers remember your name is key. So, if consumers are able to link a specific brand when given a category, it can be deduced that the brand has successfully penetrated that market.
Smaller businesses, just like multinational ones, will still have key competitors. These competitors may vary from large scale chains to the café around the corner, brand tracking allows you to measure up how you compare against them. For example, if more consumers are recalling your competitors down the road, you may need to invest more into your brands identity.
Being a smaller business doesn’t necessarily mean you have a small market share, it could just mean you are in a niche market. Niche markets can be great, up to a certain point of expansion. When a brand wants to move into a new market, brand tracking can see how well their product/service is now associated with this new market. While also seeing if they are maintaining some form of market dominance over their existing market.
No matter what the size of your business is, in this age of information, making informed decisions as quickly as possible is key. Brand tracking allows for decisions to be made, way before sales figures come trickling in. This means businesses of all sizes, if they have brand tracking can make correct decisions when it comes to market changes, or changes to the product itself.