Brand tracking studies are essential tools for businesses and marketing professionals because they provide crucial data and information for making business decisions in a way that aligns with market reality.
I have also written about this type of market research, why you need to measure your brand awareness to grow your business, and how to do brand tracking to develop more effective campaigns.
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If you work in banking, pharma, retail, or medical services, you should know that brand tracking can help you:
- Evaluate and Monitor Your Brand’s Performance
Brand tracking studies assess your brand’s recognition among consumers, as well as their loyalty and general attitude towards the brand. It is extremely important to understand how your brand is perceived, what needs to be improved or strengthened to develop impactful communication and branding strategies. By deeply understanding how the public perceives your brand, you can adjust your messages and communication to attract and retain consumers, allocating financial resources and marketing efforts more efficiently. Ultimately, brand tracking studies help you save money and achieve higher profits.
- Identify Consumer Needs and Preferences
Through the identification of attributes or characteristics associated with your brand in consumers’ minds, you can understand which traits are most powerful for your brand and how to differentiate from the competition. By monitoring the evolution of brand perception over time, you can observe changes in consumer preferences and behavior and adapt to these trends.
- Position Yourself in the Market and Differentiate from the Competition
Brand awareness studies allow for the comparison of your brand’s performance with that of the competition. Following the results obtained from the study, you can develop strategies to position your brand more effectively in the market and differentiate from the competition.
Based on the brand tracking report you receive from MKOR, you can make adjustments regarding the products/services offered and the purchasing and usage experience of your brand’s consumers.
This way, you will be able to better meet their needs and preferences, increasing your business’s turnover by relying on relevant data.
This type of study represents a valuable investment in developing or strengthening your brand and improving business performance.
Planning the Brand Tracking Study
Before starting a brand awareness research, it is important for the MKOR team to understand closely what the challenges are and what the company aims to achieve with the results.
In this step, we plan the entire data collection and analysis process so that the results obtained help you make informed decisions for your business or the company you work for.
The first step in planning a brand awareness research is to establish the research objectives.
- What do you want to achieve through this study?
- Your clients’ wishes and needs?
- The level of brand awareness in the market?
- Client feedback regarding the products or services offered?
We work closely with you to ensure that your objectives are reflected in the questions addressed to respondents and the research methods used.
It is important to set these objectives before starting the research and, most importantly, to ensure they are relevant to your business strategy.
Then, after setting the objectives for your brand awareness study, the next step is to formulate them in a way that we achieve them through the results provided at the end of our research.
Thus, the next step is to establish the research methods.
There are two types of research: qualitative research and quantitative research.
Qualitative research involves interviewing a small number of people and obtaining detailed feedback, unlike quantitative research, which involves interviewing a large number of people to obtain general feedback.
These can be combined as follows:
- Conducting personal interviews or small focus groups for qualitative analysis, which can help develop more specific and relevant questions for major research objectives.
- Conducting mystery shopping to gather data from different locations.
- Conducting a survey on a representative sample, segmented according to certain criteria such as age, income, education, and gender.
Sample Selection and Data Collection
Once the research has been planned and its design finalized, the next step is to select the sample and collect the data.
Choosing the sample is one of the most important aspects of the research, as the quality of the results largely depends on this choice.
There are two main types of sampling used in brand awareness research:
- Random sampling
- Non-random sampling
Random sampling involves selecting a small group of subjects randomly from our panel, while non-random sampling involves selecting subjects based on characteristics such as age, gender, or other criteria.
For example, if we analyze the perception of services offered by a car rental company, participants in the survey should have both a driver’s license and have rented a car at least once in the past year.
(It was a pleasure working with AVIS on the car rental market study – consumption habits of car rental users)
As mentioned, MKOR’s data collection methods for brand awareness research include personal interviews (telephone or face-to-face), focus groups, and online surveys.
Data collection can be a time-consuming process for consumers, so it is important to use modern technologies, such as online research tools for data collection and analysis, to make the process as efficient and precise as possible.
MKOR collects data in a standardized manner so that comparisons can be made between different samples and studies.
Thus, if you choose to repeat the study at regular intervals (usually annually or after certain marketing campaigns), the results can be compared with previous ones to observe the evolution of brand awareness over time.
Data Analysis and Interpretation of Brand Tracking Study Results
After the data has been collected, we analyze and interpret it with the utmost care to highlight valuable information about brand awareness and its positioning in the market.
There are several methods of data analysis, and the choice of one depends on the research objectives and the type of data collected. Generally, data analysis can be performed using quantitative or qualitative analysis techniques.
Quantitative analysis involves the use of statistical and mathematical methods to analyze numerical data and identify trends and patterns in the data set.
This method is especially used in brand awareness studies to evaluate the level of brand recognition and compare its positioning with its competitors.
Through this type of study, you can find out consumption trends to define customer avatars and complete marketing strategies based on actionable market data.
On the other hand, qualitative analysis involves evaluating non-numeric data, such as client feedback, interviews, or observations.
This method is used to gain a deeper understanding of client perceptions and opinions about the brand and to identify their strengths and weaknesses.
Interpreting the results is just as important as data analysis.
We present the research results in easy-to-read and understandable reports so that you can use them to develop impactful business strategies and marketing actions.
Presentation and Communication of Brand Tracking Study Results
After the data analysis is finalized, the next step is to present and communicate the study results.
We like to create concise analysis reports that present the extracted information in an easy-to-understand format that can generate clear marketing and business actions.
We will present you with a written report and can organize an in-house presentation at your company’s headquarters to give you a detailed understanding of the study and other research we conduct together.
Generally, our presentation includes the following information:
- The context and objectives of the study
- The methodology used in the research
- The respondents’ sample and their demographics
- The main findings of the research, including the brand’s strengths and weaknesses
- Recommendations for improving brand awareness and strengthening customer relationships
If you want ongoing studies to analyze brand evolution and performance and continuously improve your business, you can contact us to receive an offer here.
MKOR reports are creatively designed, including graphics, diagrams, and visual elements to make the information easier to understand and remember.
Additionally, the explanations accompanying the graphics are on point, clear, specific, and detailed enough to turn them into actionable steps for your next marketing and business strategies. Most importantly, our MKOR team is ready to send you a follow-up email covering any other topics you want to discuss.
Finally, you should know that the benefits of brand tracking studies are multiple, and you will significantly improve the business you work in.
- It offers you a better understanding of your brand awareness among your consumers and allows you to identify your strengths and weaknesses.
- It helps you understand your consumers and adapt your marketing strategy according to their preferences and needs.
- It provides a clear picture of your positioning relative to your competitors and allows you to adjust your marketing strategy to differentiate yourself and attract more clients.
- It allows you to adjust your prices and improve your product or service offerings to better meet consumer needs.
- It offers concrete data and objectives for making better business decisions and justifying your marketing investments.
- It helps you define an efficient business strategy based on data from both your consumers and competitors.
If you want a complete and professional brand awareness research for your company, you can conduct an internal study or hire a specialized agency for market research.
Evidently, collaborating with an external specialized firm may be more costly than an internal study, but it can offer detailed and rigorous research. Moreover, this ensures you have access to the best technologies and approaches in the field, applied by experts in our team.
Thus, if we have convinced you that MKOR can help develop your business by measuring and analyzing your brand awareness, send us a message through the contact page.
