Is your brand tracking fit for purpose?
Your brand is your most valuable intangible asset. A strong brand helps you to grow your business and helps to ensure profitability through justifying a higher price. As Mark Ritson says, ‘if you’re not tracking your brand then you’re not managing your brand’. So, it’s perhaps no surprise that the majority of businesses have some form of brand tracking in place. Without tracking, how will you manage, steer and course correct your brand?
So what does a good tracking study look like?
We have put together what we are calling our Top 10 of brand tracking. 10 posts, that in combination aim to provide the most valuable advice we can based on our combined experience.
3. Measure in context
Our choice of brands is affected by context. Both by the macro context, by which we mean trends such as inflation, environmental concern or even falling trust in government and institutions, but also by what we call the micro context. In many categories, our choice of brand will be influenced by what we are doing, who we are with, the time of day, even sometimes by the weather. To fully understand the health of your brand it is vital to understand the extent to which your brand comes to mind or is considered in all the important occasions where brands in your category are used. Perhaps there will be important occasions that your brand is not currently considered. If this is the case, then actively trying to encourage usage within these occasions is likely to drive growth of your brand.
