If you don’t track your brand, you are a manager of nothing
The challenge in Marketing has been the inability to track brand performance over time.
The reason for this is mainly down to:
Accessibility: depending on researchers and surveys
Trust of the results: the data alternatives have been panel, social mentions and NPS. None correlate to the bottom line.
Track with data that correlates with market share.
I meet many a ‘brand manager’ that has no brand tracking, at least none that is less than 12 months old, and I always politely point out this means they aren’t really brand managing anything”. Mark Ritson,
The problem with brand tracking has been to prove that the results from the brand tracking actually correlate to the bottom line. Now with Share of Search analytics you have a data set that has an average correlation of 83% to market share and bottom line.
By conducting brand tracking you get an understanding if the money you are investing in your brand building is paying off. This means that if you don’t track your brand you are actually not managing anything.
Sentiment index on brand tracking data alternatives