Brand tracking is a common practice across a lot of different businesses, particularly consumer-facing businesses. It’s one of the ways executives measure performance, providing statistics for their management team, board, and investors. Brand tracking usually reports on the current status of your company by analyzing past performance. If you want to know how you did last year, for example, brand tracking is ideal. But it typically doesn’t explain why you performed that way, or how to improve.
Brand Building is Insight Strategy Group’s approach, and many of our clients prefer it. With Brand Building, we measure where our clients have been, and also indicators that suggest future performance and drive growth. It’s a forward-thinking, 360° view, rather than the window to the past that is brand tracking.
More than a report card on traditional marketing and business metrics, Brand Building uncovers the relationship you have with your customers. It also explains that relationship. How does that relationship help contextualize your performance? What levers can you pull to strengthen your brand? Because Brand Building relies on metrics that tend to be predictive of future success, it gives you a direction or a recommendation for what you can do now to grow in the coming months and years.
Say you run a grocery chain. You already have certain business performance indicators you’re looking at, like weekly sales and store traffic. You may also have information about name recognition, market penetration, and shopper behavior—both for your chain and your competitors.
These are all things that a brand tracker tells you. But Brand Building goes further—discerning details about customer experience and customers’ emotional attitude toward your stores. Brand Building’s advanced analytics mesh the tangible with the intangible, providing revelatory data that predicts the future of your brand.
You might find out—based on analysis that synthesizes survey responses, in-store observations, and sales data—that your target market increasingly values short check-out lines over all other factors. Or that they spend more money at stores with the most attractive produce selection, or the largest beer selection. Brand Building combines signals from multiple data sources, giving you the confidence to build more registers, or stock more Hefeweizen.
Because you’ve looked into the details that go beyond brand tracking, you can land on a data-driven strategy that builds success in a competitive context. And Brand Building, the most evolved approach there is, got you there.