A brand tracker is something which allows you to get a snapshot of the positioning of your current brand. In terms of both the market your brand is associated with and key competitors, too. This snapshot can be brilliant at giving you insights that other forms of more basic information can’t provide, such as sales figures. Many companies find this sort of information vital. Something that is an invaluable source of information. The trickier question for some companies is how regular this information needs to be refreshed. In this article, we will look at what some of the options are. Then from this, we can look at what factors might make you choose one timeframe over another.
In terms of time scale there are three basic options:
An annual brand tracker can be useful if you find yourself fairly clueless when it comes to where your brand is ranking on any sort of scale. While of course, it has to be considered that your information will be limited. As there is no previous or future brand tracking within a year to see what effect on your brand business decisions have been made, until perhaps too late.
The difference between quarterly and monthly can be negligible for a lot of businesses. Often it would be the type of market you’re in that determines which of these you choose. In terms of factors to consider. Your biggest worries should be the time and/or financial constraints of carrying out this task. In terms of time, this can be a lengthy process to carry out in house. Depending on the size of your business and workforce it might not be sustainable to do this as regularly as monthly, or even quarterly. Your other, more preferred option by many, is to use the services of a brand intelligence agency. They are specialized into finding this sort of information for clients. It is often the case that their specialties will allow for quicker and possibly cheaper results than if you tried to perform it in house.
Finally, the main other factor to consider is the type of market your brand is based within. There are some markets that are very stable but might as a result not offer too much growth. These sorts of markets might only need brand trackers once a year, or perhaps even less. While if you’re in an ever-changing market, especially something within the digital realm, markets can fluctuate a lot quicker. If this is the case, real-time information that is as detailed and thorough as possible can allow fluctuations play to your advantage, rather than cost you dearly.