All Posts By

Rytis Jakubauskas

Brand Tracking: the Solution to the CMO’s Eternal Struggle

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Imagine you’re selling a product: delicious lemonade made from the freshest, homegrown lemons. But instead of setting up your lemonade stand outside on a hot day, you wait inside and are surprised that no one is buying your amazing product. This is what a business without a marketing strategy looks like.

But for most businesses, marketing is far more complex than just setting up a lemonade stand. Chief Marketing Officers have to balance brand promotion, marketing communications, consumer feedback, strategic planning, market research, and even more. And despite the universally accepted importance of the role, if the business falls behind, you can bet the CMO will shoulder most of the blame.

A report from Accenture Strategy found that when a business doesn’t reach its growth goals, 37% of CEOs say the first person they’d fire is the CMO. This is backed up by a different report by Korn Ferry which finds the average tenure for a CMO is 4.1 years, the shortest among all C-suite positions.

Needless to say, CMOs have it rough. They are responsible for driving the growth of their business, but frequently have a hard time justifying their strategic actions and risk their jobs when objectives aren’t met.

How can we make the CMO’s job a little easier?

One effective and proven solution: brand tracking! We’ve heard from CMOs at both large and small companies that brand tracking has been an invaluable tool for them because it helps them prove the ROI of marketing activities, which 40% of marketers say is their single, biggest challenge.

Here’s how CMOs can use brand tracking to quantify impact, prove how their work contributes to the bottom-line and progress internally:

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Brand Tracking for Startups

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Understanding consumers is important for companies of all sizes and stages. This is where brand tracking comes in: it’s a powerful tool that helps brand-focused companies answer some difficult questions, including:

  • What is the ROI of our marketing spend?
  • Has our advertising campaign impacted brand awareness among our audiences?
  • Are we confident that our advertising spend is having a positive impact on purchase intent?

Brand tracking is an irreplaceable tool for companies that are investing in their brand, particularly in competitive markets. It provides you with answers to the questions above and helps you understand whether your activities are helping your brand.

So what’s the problem?

Most of the startups that we have talked to don’t engage in brand tracking for one of the following reasons:

  1. The Price Tag
  2. The Time
  3. The Knowledge

The Solution?

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Brand Tracking Concept & Explanation

Brand Tracking: Explaining a fuzzy concept

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Measuring Brand ROI is difficult

Try to think of your brand as the vehicle your business uses to transport your product to your customers. The stronger and more efficient your brand is, the easier it is to conduct your business and set yourself above the competition. And just like any vehicle, you shouldn’t expect excellent performance without regular checkups and maintenance. Don’t neglect your brand: take care of it, and it will take you the distance.

So how does a company measure the health and performance of it’s brand, and what does brand tracking have to do with anything?
While there is no cut and dry definition for brand tracking, we see it as the process of measuring changes in brand health over a period of time, which helps to quantify the brand-related return-on-investment and improve decision making that keeps your brand healthy.

 

Strategic brand tracking helps companies understand which brand marketing initiatives are fruitful and where future activities should be focused to improve the company’s standing in the market.

 

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