The ABCs (and DEFGs) of Brand Trackers: Unlocking Insights for Business Success in a Changing World

The next best thing in market research is constantly around the corner - or so it seems. New companies are cropping up daily that specialize in one thing or another, using AI to mine data for this or that. They promise the moon and, occasionally, deliver those glimmering insights we all seek. While we must take advantage of some of these advancements in order to stay competitive, we can’t lose sight of the importance of tried-and-true approaches facilitated through modern tools, such as ongoing brand tracker studies, especially those where evidence of findings are easily accessible.

Brands need to understand consumer behavior, brand perception, and market trends, all of which are crucial elements that can make or break a business. For years, leading companies have turned to trackers to uncover these insights to monitor and analyze changes in specific metrics or variables over time. This data can predict behavior, track crucial shifts and identify patterns, driving strategic decision-making and fostering growth.

Revisiting the value of trackers can be a helpful exercise. I like to think about the basic functions of a tracker study as the “ABCs” of market research:

A: Analyzing your audience

To tailor products and services effectively, you must deeply understand your audience. Trackers do a great job of surveying a target population over time to measure changes in behaviors, attitudes and more. Because the questions and study structure remain consistent over time, any changes in the data are immediately recognizable. Audience insights like this can help drive enhanced customer experiences, refined target market strategies, and ultimately, foster business growth.

B: Brand robustness and health

Brand metrics reveal a company's market standing, using traditional measures surrounding brand awareness, consideration and preference which can highlight brand strength and areas for growth. They are meant to explore how individuals feel, act and think about a specific brand. These trackers help brands monitor their key performance indicators (KPIs) to gauge how well they are positioned and perceived by their target audience.

C: Competitive analysis

In a crowded marketplace, tracking competitors is key to spotting gaps and differentiation opportunities. Conducting this type of analysis enables businesses to track consumer sentiment, preferences and actions, enhancing competitive analysis efforts. Trackers can be used to identify emerging trends in the competitive landscape, and drive better strategic positioning in the marketplace.

While we’re on this subject of brand tracking, there are some other functions that are also useful when seeking to monitor and growth the health and performance of a brand:

D: Decision-making support

Of course, the main purpose of all tracking data is to support informed decision-making. Businesses use it to shape product launches, expand into new markets, and refine marketing campaigns.

E: Effectiveness of campaigns

Many brands use trackers to gauge the effectiveness of advertising and marketing campaigns. By tracking shifts in consumer attitudes and behaviors pre, during, and post-campaign, researchers measure impact and refine strategies accordingly.

F: Finding trends

While this theme runs through all the benefits of trackers, it’s worth calling it out. By proactively identifying new market trends and consumer preferences, through careful monitoring of changes in behavior and market dynamics, brands can stay a step ahead of the next big thing.

G: Grappling with change

Ipsos CEO Ben Page has often touted the world being in a state of Poly-Crisis - multiple events compounding on each other, which has only been exacerbated by global connectedness and social media. What matters to consumers and to businesses will change over time, and because of this, our trackers may need to as well. The challenge for researchers is to take a measured approach in knowing which questions to add, to maintain, and to drop in order to be relevant and to provide a premium experience for respondents..

While the basic benefits of the tracker study model remain, we must expand our alphabet to keep pace with all the change happening around us. Today, businesses are increasingly integrating external data sources, such as social media data and online reviews, to complement their tracking efforts. Moreover, advancements in technology, such as generative AI, are revolutionizing the way businesses analyze and interpret tracking data.

We can’t keep doing things the way they’ve always been done in the face of such sweeping change, but blending traditional approaches - like trackers - with new ways of uncovering holistic data is the future of tracker research. By understanding the ABCs of trackers and leveraging the latest advancements in technology, businesses can gain a comprehensive understanding of consumer behavior, brand performance, and market trends, empowering them to make informed decisions and achieve long-term success.