Brand tracking is the missing piece of your marketing toolkit
What does a poor, okay, and outstanding result for growing brand awareness look like in 2022? Find out with Tracksuit - the beautiful, affordable and always-on brand health platform, and their ground-breaking new Brand Growth Benchmarks report.
Understanding how your brand is perceived is the holy grail for most marketers. And like the holy grail, achieving large-scale market mindreading can feel like an impossible quest.
Typical routes to understanding audience behaviour often only tell us how good we are at harvesting existing demand, but reveal little about the projection of our brand’s long-term performance. For example, while digital performance can give immediate metrics like website visits or sales numbers, they lack indicators for things like brand perception and awareness.
Not to mention that, as digital marketing prices rise and social channels become saturated with advertising, acquiring new customers can be significantly more expensive if brands act without a clear strategy.
What gets measured, gets managed
That’s where brand tracking comes in. A vital tool in marketers’ toolbox, brand tracking harvests insights that help inspire product innovation, optimise brand planning and sharpen brand messaging in an authentic way.
Brand tracking helps marketing teams understand how their brand is being viewed by the public, and where the brand sits compared to others in their industry. But for growing businesses, being able to invest significant budget into marketing insights wasn’t, and still isn’t, an option.
That’s why we built Tracksuit – a beautiful, affordable and always-on brand health tracking platform – to enable more brand marketers to trace fundamental brand health metrics of awareness, consideration and preference. These insights help marketers cut down the time they spend justifying themselves to sceptical stakeholders.
Take the oat milk category. Demand for this specialty milk has skyrocketed, increasing the competitive landscape dramatically. As a result, any successful oat milk brand must have a deep understanding of what’s required to grow and sustain demand.
Faye MacGregor, general manager of All Good Oat Milk explains that without an always-on approach to brand tracking, it’s a challenge to understand the impact of media and tactical marketing activity on a monthly basis.
“The beauty of Tracksuit is there are so many ways we can cut the data to understand what is going on in the categories we play in,” she said. “Tracksuit has helped us reassess our strategy in terms of simplifying our approach, and focusing on activity that will shift the dial on the key brand health metrics we are tracking.”
In a similar vein, global coffee leaders Allpress Espresso are leaning into Tracksuit’s insights to power their marketing. Rob Lockyear, global brand lead, explains how Allpress has always been a brand-led coffee company, but “until using Tracksuit we had no idea what impact our brand spend was having on awareness, consideration and preference in New Zealand and Australia against our key competitors.”
Brand tracking to support your most important decisions
For many brands, Tracksuit’s metrics have become key KPIs influencing important business decisions, including whether to open stores in a particular region. This data can then be taken back to wholesaler accounts and buyers, in order to show progress and help shape meaningful conversations.
Since launching into the Australian market, it was important for luxury leather accessories brand Yu Mei to find a tool that could track and measure success and progress over time. Tracksuit was a way to make everything more tangible, with the ability to measure brand health in one dashboard.
As Jessie Wong, Yu Mei’s founder, explains that sales and e-commerce are easily measured – brand is a different story. And brand building isn’t cheap, so tracking is essential to know if it’s working.
“We’ve spent a lot of time unpicking our brand and the proposition we’re taking into the market. As such, our biggest budgets are spent on brand building at the moment, especially in Australia,” she said.
Sharing Brand Health Growth Benchmarks
To help marketers understand their brand’s performance over time, including how they stack up against key competitors, the Tracksuit team have created a ground-breaking report, Brand Health Growth Benchmarks. The report is intended to help brands across industries understand what poor, okay, good and outstanding growth looks like across awareness, consideration, and preference over the course of a year.
This information can be used to not only contextualise brand marketing results, set goals and reorient marketing strategies but to help brand marketers make the case for brand building activity.
Get the report and be in to win one year of free brand health tracking with Tracksuit:
Download the Brand Health Growth Benchmarks report today and go in the draw to win one year of free brand health tracking with Tracksuit, valued at $14,000.
CONTENT SPONSORED BY Tracksuit
