Conducting market research on a regular basis is important for maintaining a competitive edge, and keeping in track the customer needs, and creating relevant marketing strategies. An efficient way to achieve this is with Brand Tracking Studies.
There are many types of brand tracking studies that can be undertaken by a research company as per the requirement.
When deciding what type of market research you require, you need consider your audience and goals. These factors offer an excellent indicator for what strategic approach to take.
One of the most popular types of brand tracking is customer satisfaction surveys. Businesses of any sizes can value from knowing how how their customers evolve and what factors are causing the change. Regular customer feedback can help businesses to measure in real-time what changes, what improvements the users prefer and what they not prefer. Customer tracking helps in identifying their buying patterns, their preferences, and brand awareness
While taking a regular feedback of the regular customers is important, it is also important to know who are your non-customers, why are they not preferring your brand, what is their preferences. Such a feedback helps you to incorporate the non-customers’ preferences in your product or services. So, while conducting tracking research with customers is important, it is equally important to know the opinions of non-customers or those in your target demographic. By tracking the buying habits and preferences of non-customers, you are likely to get ahead of new trends before competitors.
Brand tracking studies also include company’s marketing and advertising efforts. The marketing tactics should move at a high speed. What is preferred today will likely be outdated 6-months later. Therefore, marketing tracking surveys are becoming more necessary than ever as they are not a single-time study. Marketing teams get customer insights that they can be used to evaluate the effectiveness of their campaigns. Brand tracking studies of marketing shows how a marketing campaign influences perception, intent to purchase, sources of awareness, and more.
Brand tracking studies are required for a competitor analysis. This way, it helps businesses to keep track on how their competitors make adjustments to service offerings, upgrades of products, pricing, marketing efforts, and many more such critical factors. Another important benefit is to create your own unique selling proposition (USP), after analysing your competitors’ USPs. Brand tracking studies can create a competitive advantage for your business. Keep a track on your competitors’ pricing, marketing, and sales strategies and create better ones.
© 2022 MarketGenics India Pvt Ltd. All rights reserved.