Tracking studies allow managers to track the progress of an ad, brand or market over time. Clients use MMR Strategy’s tracking studies to develop strategies that improve the efficiency and effectiveness of marketing activities by focusing resources on the highest-potential opportunities in the marketplace. Tracking studies can also uncover opportunities to grow brands, and can point the market segments that should be targeted to increase market share.
Our tracking studies address topics such as:
- Brand Image: What is the image of our brand? How does that image compare with the image of competitive brands?
- Brand Performance: How does our brand perform against competitive brands? In key segments of the market, such as specific retailers, channels, or customer segments?
- Customer Demographics and Behaviors: What are key demographics and behaviors of customers in the marketplace? How is the product purchased and used? What are key demographics and behaviors of prospects, or frequent customers? Are changes in buying behavior favoring our products, or suggesting new opportunities?
- Customer Needs and Satisfaction: How are customer needs changing in the marketplace? How satisfied are customers with our brands and with competitive brands? What are the touch points where customers are most satisfied? Most dissatisfied? Where do we need to improve customer satisfaction?
- Advertising Effectiveness: What is the effectiveness of our advertising, promotions, or other types of marketing communications? What media are most effective? Does advertising drive awareness, consideration, purchase, repurchase, or other elements?
Tracking studies should:
- Measure the right variables.
Tracking studies should provide information essential to identify the opportunities for growth, and should also monitor progress against growth goals. To do so, they should measure variables that are most important to future growth.
- Provide a leading indicator.
Tracking studies should provide leading indicators of a brand’s health and growth prospects. Even before market share and revenue numbers reflect growth or decline, tracking studies can measure indicators such as brand image or customer satisfaction that foreshadow upcoming changes in a brand’s market position.
- Track performance reliably over time.
Tracking studies should also provide a foundation to measure how brands, consumers, and markets are changing over time. To do so, they must be anchored in the key fundamentals that provide reliable measures over time. Question order and phrasing should be changed cautiously lest the measures change, but there are times when needs for new types of information drive reasonable changes in tracking studies.
Learn more about how our tracking studies can help evaluate the strengths and weaknesses of your key segments and markets.