There can be a time within a company’s lifecycle when a crossroads is reached. This will be when a company is not sure whether their current brand is helping or hindering them. The brand of a business is of utmost importance, it helps communicate to the customer what it is you’re offering, in many ways it’s your company’s identity for the rest of the world. To build this identity takes a lot of time, therefore to consider rebranding (depending on how drastic the rebranding is) can mean losing all that work that has gone in over the years developing this brand and dialogue with the public. Yet, at the same time, if there’s something about your brand that is deterring customers, then there is a clear need to rebrand. It can be finding out precisely what the problem is, or if there even is one in the first place that can be tricky.
Brand tracking can help massively with this. In short, it helps keep track of how ‘healthy’ your brand is. It looks at both the usage of a brand as well as the subjective opinion of it. From those who use the brand as well as potential customers. Brand tracking is quite a complex task, and as a result it is usually companies specialising in market research, rather than your own company who have the resources and expertise to carry it out. The idea of an external party dealing with this, might make you wary if you don’t outsource too often. However, a brand is a very subjective thing, and it can be hard for a company to be objective when tracking their own brand. The responses you get from customers could also differ, depending on whether they know they’re giving them to the brand itself or an external agency. Therefore, the very nature of brand tracking tends itself toward being something that should be done externally rather than internally.
Brand tracking might not be for all. But if you find yourself at an awkward point in your business, where you’re not sure if a brand is helping or hindering you then it is a path that should be explored. Depending on the level of brand tracking you wish to embark upon, it can build up a much clearer picture of what is loved and not so loved about your brand. Therefore, it doesn’t just show you whether a rebrand is necessary or not, but also the direction and extent of a rebrand too.
I set this blog up a couple of years ago now as a way to share my experience that I’ve gained through my school education and my real life education. It sounds geeky, but the economy is something that I’m really passionate about and it’s something that I am actually pretty talented in, so it’s great for me to share these experiences with those that may be struggling a little bit with finance and figuring out how to navigate the economy.