Verdane: International Growth

Company

Verdande

Size

50-100

Growth

153%

At its core, brand tracking is about continuously measuring what and how your consumers think and feel about your brand. So, when we talk about brand tracking, what we really are talking about is a range of different research and data gathering activities that help you to understand how consumers' feelings towards your brand change over time, which in turn help you to monitor your brand’s health, performance and success over time.

The ultimate goal with brand tracking is to present marketers with comprehensive information that helps them understand how different brand initiatives play out - what impact did they have on our consumers and how did that impact affect our sales? Or to put in more plainly: to understand which brand-building efforts are working, which are not, and why that is the case.

Consequently, brand tracking helps you to grasp what resonates with your customers, and how your brand is performing in the marketplace, both independently and relative to your competitors.

How does brand tracking work?

Fundamentally, brands are built on perceptions, meaning it's every feeling, every attitude, thought, of every stakeholder that constitutes the brand - that decides what a certain brand is and stands for. This means that a brand is pretty much nothing without its customers. And if we want to understand how a brand is performing, we must first understand what its consumers think of it, and how those thoughts are developing over time.

Hence, brand tracking is about tapping into the minds of the consumers. Or with less fancier words, it’s about asking questions. Are your consumers aware of your brand? And if so, how strongly do they associate you with the things you want them to associate you with and, equally important, the things that you don’t?‍

On paper, not that hard. But to get precise insights you need to ask the right questions, to the right people, interpret and refine the data in the right way and draw the right conclusions. It’s usually somewhere in this funnel the wheat gets separated from the chaff.

Why is brand tracking important for my business?‍

To put it in concrete terms, brand tracking can help you to:

Measure and assess your brand’s performance
Evaluate brand strategies
Discover new opportunities
Keep track on your competitors

And to put it in more abstract terms:

Measure and assess your brand’s performance
Evaluate brand strategies
Discover new opportunities
Keep track on your competitors

As we have touched upon, due to the nature of brands - being (mostly) based upon intangible data - marketing, and especially brand initiatives, are hard to measure and follow up on. Often you are left with little more than gut feelings and crossed fingers when trying to understand how your brand building efforts are received and affect your business’ performance. And in times where your brand may be your best, and possibly only, competitive edge in the digital space the need for understanding how it’s performing is greater than ever.

This is where Brand tracking comes in handy, because if you are continuously tracking your brand, you will be able to turn this intangibility into something more tangible. Not only will you be able to evaluate how your brand is actually performing over time by understanding what is working and what is not, but also recognize how your brand investments affect your brand equity and ultimately what your return are on those investments.

Oskar Engström
Developer

Lastly, and this one may be pretty self explanatory, but if you make sure to ask your consumers what they think about your brand and your company on a regular basis, you will always be able to stay on top of new trends and shifting opinions. Thus, Brand Tracking can help you make better and more informed decisions, as it will bring light to issues before they become a problem, giving you the time to adjust your brand building strategies accordingly. And if you know that your strategies are moving your brand in a way that resonates with your consumers, you will be able to ensure the long-term growth of your business.

“Odyssey resonates trustworthiness and competence. When working with Odyssey you feel secure in the fact that there always is guaranteed quality in all of their deliveries.”

Understanding how different businesses are viewed by the market and the everyday people operating in it is extremely important for us. Traditionally, market research has not been able to deliver in the short cycles our work calls for. However, Odyssey has an exceptional ability to be quick on their feet without compromising on quality. Providing us with market research, and more specifically target segmentation, market size- and white space analysis, Odyssey helps us paint the whole picture and validate the customer perspective, which in turn makes us better at what we do.

Lukas Strömberg, Market Research Manager