When you think of brand tracking, you might jump to thoughts of large multinational firms. A brand is often seen as something of value to big market shareholders. However, a brand tracker can benefit any sized company. It can be a way to seek out direct competition, show areas of improvement and areas of strength. In this article, we will look at the different aspects of brand tracking, and reviewing how different sized companies benefit from certain aspects more than others.
One aspect of brand tracking is brand recall. This is when members of the public are given a certain category, for example, something such as ‘electronics brands’ and then asked to name brands they associate with that category. This is actually a type of brand recall called unprompted brand recall. It is easy to see how this sort of information would help larger brands that are more likely to be at the forefront of someone’s memory.
A smaller company may benefit more from brand tracking that uses prompted brand recall. This is where a list of companies in a given category are given. Members of the public are then directed to show which of these brands they know of, and which of these brands they are likely to buy from. This can show smaller companies, if it’s the product itself or brand awareness that is the problem. If the list is substantial enough, in terms of how many brands are listed, then a company can use this information to start to work out who their direct competition is. In terms of working out brands that have a similar score to their own.
Purchase intent, another aspect of brand tracking, is useful for any sized company. As this shows you how likely a consumer is to buy your product. This information on its own is useful, especially if there are detailed reasons why or why not there is purchase intent.
Finally, a smaller company wishing to have higher market penetration can benefit from combining these two different aspects of brand tracking. In other words, it can reveal very quickly where the problem lies. High purchase intent but low brand recall shows that the visibility and awareness of the brand aren’t enough. This is very likely to be a problem for smaller companies trying to compete with bigger ones.