Brand tracking is the study of brand awareness and brand perception. It involves finding the position of a brand in the market and the perception of the customers about a brand. It also indicates where a brand stands as opposed to its competitors.
While getting data about the above factors, it also helps you measure the success of your marketing strategies. Overall, you can say that brand monitoring is all about tracking the position of your brand in the market.
Significance of Brand Tracking in Business Competition
The business world has become highly competitive. Whether you are a new player in the market or a seasoned brand, you always need to put in your best efforts to stay in the race. Every day, new companies enter the market, and brand tracking is what you need to understand where you currently stand in the market.
It lets you know how well your marketing strategies are functioning and what your customer base thinks about your brand. Brand monitoring also enables you to know your position compared to your competitors. Thus, you can plan your moves accordingly to overpower the competitors.
Why Do You Need Brand Tracking?
Market insights are highly valuable for brands to become successful. This is what makes brand tracking an essential part of businesses. Brand monitoring studies generate insights that businesses can use for maintaining brand health. At the same time, it is beneficial for strategic decision-making and staying competitive in the market.
Brand tracking provides quantitative data on key performance indicators (KPIs) such as brand awareness and customer loyalty. Thus, companies can understand which strategy is working and where they should improve.
Moreover, businesses can identify strengths and weaknesses in their promotion and brand image from it. This will allow them to work on improving the strategies.
Benefits of Brand Tracking
Measure Brand Health
By brand tracking, companies can monitor their brand performance and find out about the long-term health of their brand. Depending on the result of the health, they can assess the influence of their strategic decisions on the consumers.
Understand Consumer Sentiments
Sentiment analysis is a crucial component of brand monitoring. With its help, businesses can understand how customers feel about their brand. Positive sentiment means the success of brand promotion, while negative sentiment indicates potential issues with the strategy. Neutral sentiment means there are still areas where the company has to improve.
Identify Strengths and Weaknesses
Brand tracking means analyzing both positive and negative aspects of brand perception. Hence, the data enables businesses to identify strengths and weaknesses. When you are aware of both, you can improve overall brand health more conveniently.
Make Informed Decisions
The biggest benefit of brand monitoring might be to have the data necessary to make informed decisions about brand promotion strategy. Whether a company is planning to enter a new market or launch a new product, brand tracking insights are always useful in guiding strategic decision-making.
Brand tracking does not only mean tracking your own brand. It also includes measuring the performance of your competitors. With competitive benchmarking, brands can locate areas that need improvement.
Adapt to Market Changes
Every niche market evolves over time as the consumers’ preferences change rapidly. Brand monitoring allows businesses to get real-time market trend data and see if they need to make any changes to their strategy. Thus, they can easily adapt to the changing market scenarios.
Optimize Marketing Investment
Brand tracking helps you manage your future marketing campaigns by pointing out the success or failure of the previous ones. Hence, you can increase or reduce your marketing campaign budget accordingly.
Brand tracking often involves having the latest analytics data that showcases the current trends. As it lets you understand towards which direction the market is heading, you can be ready for the future.
What Is a Brand Tracking Tool?
A brand tracking tool is the software or solution that performs the task of brand monitoring on behalf of the companies. As you can understand from the above discussion, brand tracking involves tasks that are quite difficult to perform manually. These tools make the job easier for the marketing team by automating the process.
A brand tracking software can search through the web to locate all the positive and negative mentions of your brand. It can also perform quick sentiment analysis from the text, which would have been a time-consuming process if done manually.
How Does a Brand Tracking Tool Work?
Brand tracking tools use a number of methods to collect and analyze brand health data, using which businesses can make informed decisions about their brand strategy. Employing these approaches, the tools help businesses understand how customers perceive their brand, where it stands against its competitors, and how they can improve brand performance.
The working process of a brand monitoring tool includes:
Data collection from resources like surveys, social media, online ratings and reviews, web analytics, news articles, web mentions, etc.
Sentiment analysis of text using ML and NLP to understand whether the brand impression is positive, negative, or neutral
Track predefined KPIs like brand awareness, brand loyalty, and customer satisfaction from the data
Generate actionable insights for businesses to make data-driven marketing strategies
Visualize data through the dashboard and report to the software user and stakeholders
As you have gathered sufficient knowledge about brand tracking, here are some tools that you can use for this purpose.
Qualtrics brings you a world-class brand monitoring facility with real-time analytics and actionable brand intelligence. From the predictive insights that it generates, companies can make faster decisions about their brand.
Moreover, this single platform is enough to get a holistic picture of the brand and the elements that are bridging its results. Its end-to-end brand tracker system makes sure you can derive smart insights from the collected research data within seconds.
You can set up your own warning system with the automatic alert feature of this software for instant action. Qualtrics not only reveals the key drivers behind your brand popularity but also predicts customer behavior.
This, being software for advanced analytics and brand intelligence, saves time and money. Users can connect external data sources like search engines and social media to get trends and user sentiments using Machine Learning. Data capturing from all touchpoints, dynamic role-based dashboards, and linking brand metrics to the business KPIs are other features of this solution.
Do you want to know the status of your brand awareness on social media like Instagram, Facebook, and X (Twitter)? Try BrandMentions, the free tool for monitoring brand performance. This solution lets you gather up-to-date insights about your niche.
Its real-time alert feature allows you to instantly react to events that affect your social campaign performance. By letting you monitor the brand performance, it helps you achieve maximum results out of marketing strategy.
Businesses can use BrandMentions to gather consistent information about the trends in their niche, which will ultimately help them create an effective marketing strategy. The software supports web and social listening on all channels to track the positive or negative sentiments of the customers.
With Quantilope, companies can automate the brand research process and, thus, make vital branding decisions faster. For example, market research will show the perception of your customers about your brand and your brand assets.
Data generated by this solution can also be used for building co-branded partnerships. Use it to learn the type of companies your consumers will be interested in so that you can proceed with such companies.
If you are planning to give your brand a modern look by improvising the brand logo, brand imagery, and other elements, use this tool. Its brand marketing analytics will provide you with a specific idea about the required changes.
The software uses high-quality method findings to unlock brand analytics for you. Also, it offers brand insights analytics so that companies can make better-informed branding decisions. You can also perform key driver analysis to identify the elements driving current brand value and how your brand can generate added value.
Momentive is a solution that makes brand tracking easy by overseeing key brand health metrics. With this tool, companies can monitor all sections of the brand conversation funnel, such as awareness, loyalty, and familiarity.
As you get insights into these components, you can understand how your marketing campaigns impact your brand health and brand visibility. It also lets you categorize the segments and have a clear idea about the company’s reputation.
It uses machine learning models to identify statistically significant changes and the demographics and sentiments responsible for these. The drag-and-drop interactive dashboards can gather data from different sources and visualize them for the stakeholders.
Momentive provides flexible data and metrics that you want for your business and displays them on customizable charts. The data it provides is completely reliable, thanks to the AI-driven response quality models that keep the data free from fraud and misuse. Moreover, the platform offers anytime access to dynamic brand insights.
Semrush: Brand Monitoring
Semrush: Brand Monitoring is an app from Semrush that enables businesses to track mentions in news and backlinks across the web. It lets you track your brands, along with the competitors, by setting up detailed queries.
In addition, this app can be useful for tracking people, keywords, authors, and backlinks. Companies can even set up email notifications for daily, weekly, and monthly mentions. It also has a custom alert feature to be informed of any unusual mention spikes.
You can also filter the news with metrics such as sentiment, domain authority, backlinks,
estimated reach, etc., to assess the media coverage or mention of your brand. Moreover, using categories like language, country, article category, and domain category, you can filter the mentions your brand gets.
It also has an advanced dashboard with charts such as mentions over time, mentions by country, categories of mentions, and many more.
Keyhole brand monitoring tool makes granular brand monitoring possible by letting you access all media mentions of your brand on the web. As you know what people think of you with these insights, you can always be ready to protect your reputation.
Using this tool, companies can access all direct and indirect mentions of their brand across social media, news articles, forums, and blogs. Its ML-driven technology is ready to manage your reputation.
This platform will also help you see how brand sentiment can change over time. It is also capable of comparing your brand and your competitors in categories like share of voice, comparative sentiment, etc.
Marketers can depend on Tracksuit for always-on tracking of brand health. It also lets them find out if their strategy is working and whether the company is getting a return on investment from marketing campaigns.
Unlike many popular tools, Tracksuit surveys thousands of real people around the world to find out what they think of your brand and your competitors. Thus, you can see where your brand stands and how you can create the strategy without any guesswork.
The tool comes with a beautiful dashboard with multiple views to display the holistic overview of brand health. From the dashboard, you can easily extract insights and know the impact of brand-building strategies. It is also an affordable solution that SMBs and startups can go for.
Brand tracking is a great way to know how successful your marketing campaigns are. It also lets you figure out your position among the competitors and your perception among your customers.
As there are ample benefits to this approach, companies should perform it using any of the tools I have mentioned here. If you are interested in branding, you can also read about brand link management tools.