Tracking Research study analyzes the changing views of a single group of consumers, making it an effective tool for market research. Tracking studies allow business owners to measure brand awareness, monitor customer satisfaction, study consumer sentiment concerning a new product or service, or analyze the effectiveness of a particular marketing campaign.
Most of our brand tracking research is carried out amongst a representative sample of your target audience, rather than interviews exclusively with customers. It is just as important to know how your brand is perceived amongst potential customers as it is amongst existing customers. This can present problems in a very fragmented market where companies have a small market share, in which case we would boost the interviews with users of the brand.
Advantages of Tracking Research
Brand Awareness and Usage: What percentage of customers has heard of our brand name? What is our brand’s market share or share of wallet?
Brand Image: What do customers think of our brand? How does that compare with the image of competitive brands?
Customer Loyalty and Retention: Do our customers feel loyal to our brand? What percent of our customers do we lose each period?
Customer Segments: What are the various customer segments in our category? What is the profitability or lifetime value (CLV) of each segment?
Advertising Effectiveness: What percentage of customers recalls seeing our advertising? How persuasive is our ad campaign? What media and messages are most effective at driving awareness, purchase, and loyalty?