How much water do you think a bucket without holes can hold? Zero. Nothing. That is the case with doing everything with your brand without tracking performance.

There should be strategies to monitor brand performance tracking. Brand performance tracking could be all you need to take charge of the UAE’s market.

According to a report by Nielson, about 60% of consumers prefer to buy from brands they recognize. This invariably means that business that track brand performance has a competitive advantage.

What is Brand Performance Tracking?

Brand performance tracking is the real-time process of measuring a brand’s performance in the market. It involves collecting data on customer perception, loyalty, competitive positioning, and brand awareness.

Why is Brand Tracking Important?

Brand performance tracking is important for growth. It helps companies know how consumers rate their products in the market. This perception helps them to identify areas for improvement and the effectiveness of their marketing campaign.

It also helps brands to strengthen their brand image. Brand tracking uses key metrics to measure the rate of loyalty over time. Leading to better decision-making and increased customer engagement.

Other reasons brand tracking is important include;

Track Brand Awareness

It is important to know the influence your brand wields in the market. How familiar is the market with your product? Brand awareness measures how well customers recognize your brand.

Monitors customer sentiment

There will always be comparisons. Customer sentiment helps you to understand what people are saying about your brand. And how it falls short compared to other brands. Why consumers are likely to pick another brand over it.

Evaluates marketing effectiveness

An effective marketing strategy is not about catchy graphics or a nice advert. It has to do with the leads it generates. Brand tracking is the tool that determines whether your campaigns bang or not. High conversion means effectiveness. Low conversion means the campaign is not effective.

Identifies growth opportunities

Brand tracking also helps to find new markets. Or rather customer segments that can be leveraged for expansion.

Tracks competitor performance

Since there is no monopoly. You need to be conscious of your competitors. What new things are they doing? What influences their pricing strategies? Etc. Brand tracking makes this possible. Using specific metrics to compare your brand with rival brands.

Why Businesses Need Brand Tracking?

Businesses seeking to build long-term success need brand tracking for the following reasons.

High market competition

There are lots of local and international brands in the UAE market. Tracking brand performance prevents falling behind these competitors.

Diverse consumer base

Brands in the UAE need brand tracking performance to tailor their branding and message to a specific target audience.

Digital influence

UAE consumers rely on social media for brand interactions. It helps to track online engagement and promote the brand.

Key Brand strategies

Here are some of the key brand strategies to measure brand performance tracking.

Customer surveys and feedback

Reviews can help businesses understand how consumers perceive their brands. Surveys track brand awareness, customer satisfaction, and consumers’ overall experience with the brand. You can use Net Promoter Score (NPS) surveys to measure customer loyalty and engagement.

Social media listening

The world is now a global village. Social media plays a huge role in the success of businesses in the UAE. Just like you use social media to promote your brand. Customers can also use it to express their thoughts and feelings about your brand.

Hashtags and tracking brand mentions are the key players here. Tools like Brandwatch and Hootsuite can be used to analyze customer sentiment.

Website and search analytics

Organic search rankings, tracking website visits, and using branded keyword searches can reveal user analytics. These tools can show how often people are looking for your business online. Google Analytics and Google Search Console can help to monitor these search trends. They can also be used to measure brand visibility.

Consumer panel and focus groups

This is a method of recording qualitative insights into brand perception. It gathers feedback about consumer behaviour. It is periodic. And can be achieved by hosting focus groups to get detailed opinions from loyal and potential customers.

Competitor benchmarking

It is necessary to regularly compare your brand with others in the same market. This approach will help you identify areas you need to improve. Highlight strategies you need to implement and how to set pricing.

Competitive analysis tools like Similar Web or SEMrush can be used to track industry trends.  

How to Measure Brand Success?

Goals have been set, yes. But that is not all. Measuring brand success is important to understand how well your brand resonates with your target audience. It also helps to identify how the success contributes to your business growth.

Brand success can be measured both quantitatively and qualitatively. Many key performance indicators can help to evaluate brand success. These includes sales and revenue impact, customer loyalty and retention, brand awareness, brand equity and market positioning, and brand perception.

1.     Brand Awareness

How successful a brand is with awareness can be measured in the following ways.

– Website Traffic

– Social media mentions and reach

– Media coverage and PR mentions

For instance, if your brand name is being searched regularly on Google, there will be an indication of increased awareness.

2.     Brand Perception

The metrics used to track brand perception include customer surveys, online ratings, social media sentiment analysis, and net promoter score.

3.     Customer loyalty and retention

Customer retention rate, repeat purchase rate, customer lifetime value (CLV), and subscription renewal are important metrics to be sampled.  For example, a high customer lifetime value indicates that customers find long-term value in your brand. Leading to repeat business and increased revenue.

4.     Sales and revenue impact

Sales and revenue impact can be tracked through the following process;

–       Revenue growth linked to branding

–       Conversion rate from brand campaigns

–       Price premium customers are willing to pay for your brand

These metrics over time help businesses redefine their strategies. It aids them build a stronger and better brand.

Frequently Asked Questions on Brand Performance Tracking

How do I get started with brand tracking?

1.   Identify what aspect of your brand you want to measure

2.     Use efficient tracking tools like Google Analytics, Brandwatch, SurveryMonkey, etc.

3.     Review and analyze strategies regularly

4.   Partner with a brand tracking agency for in-depth analysis.

Do small businesses also need to do brand performance tracking?

Yes. Brand performance tracking can help small businesses gain valuable insights. Help them build a strong brand identity and use affordable brand tracking tools to improve customer experience.

Final thoughts

Brand Performance Tracking is compulsory for businesses aiming to scale. It helps to track brand success, improve customer engagement, and gain a competitive advantage. At Researchers, we have resources that can help your business grow in the UAE.