We write for Research Live about making brand trackers work harder

Are tracker studies still fit for purpose in a more uncertain world? Our Group Services Director, Horst Feldhaeuser, considers the key issues in his latest article for Market Research Society's Research Live, entitled "Is your brand tracker working its hardest for you?"

He starts about by covering today's landscape, and the speed at which consumer behavior is changing, driven by economic and political turmoil, global events, and individual circumstances. Horst maintains that tracking studies still retain great value for brands looking for longitudinal insights,  and form the backbone of continuous improvement and strategic advantage. "However, our fast-paced, crisis-prone world demands that tracker studies evolve. They must adapt to a new data ecosystem that captures the full context in which consumers operate."

In the piece, Horst outlines five key questions that researchers need to ask themselves. The answers can help determine when, how and how much an existing tracker needs to evolve in order to keep up. 

What limitations does your current tracker have?

Ensure your current tracker methodology is not outdated and is capable of capturing the full spectrum of consumer behaviors and sentiments, meeting critical KPIs for understanding changes and ensuring ongoing business success.

How are technological advancements and socio-economic changes impacting your market?

Evaluate how recent sweeping changes affect your market in particular, a consider how urgent the need may be for approaches beyond traditional surveys, updating benchmarks, and removing irrelevant data.

Are you considering the wide range of contextual factors influencing consumer decisions?

Consider the broader context of global events and individual circumstances influencing consumer behavior, especially in your category. These factors significantly impact brand perception and purchasing decisions.

What internal and external data sources can enhance your tracker?

Integrate multiple data sources to break down organizational silos, centralize data into a unified tracker, and incorporate diverse data streams for a comprehensive view of consumer behavior and preferences.

Do you have the right mix of technology and human expertise?

Automate routine market research tasks to allow your team to focus on analysis and interpretation, using AI for scenario simulation and forecasting, while balancing technological solutions with human expertise for timely decision-making.

He concludes the article with: "These are just a handful of the questions you should be asking yourself in order to enter a mindset of innovation and adaptability when it comes to your brand tracker. To stay competitive, you must ensure that your trackers remain relevant and effective in a dynamic environment. Continuous evaluation and adaptation will help you better understand your consumers, predict market changes and ultimately drive your brand’s success."

Read the complete article here: https://www.research-live.com/article/news/is-your-brand-tracker-working-its-hardest-for-you/id/5127843