Answer:
Brand audits are a means to provide in-depth information and insights that are essential for setting long-term strategic direction for the brand. In terms of more short-term tactical considerations, less detailed brand-related information should be collected as a result of conducting ongoing tracking studies. Tracking studies involve information collected from consumers on a routine basis over time. Tracking studies typically employ quantitative measures to provide marketers with current information as to how their brands and marketing programs are performing on the basis of a number of key dimensions identified by the brand audit or other means. Tracking studies are a means to understand where, how much and in what ways brand value is being created.
Tracking studies play an important function for managers by providing consistent baseline information to facilitate their day-to-day decision-making. As more marketing activity surrounds the brand, it becomes difficult and expensive to research each individual marketing action. Tracking studies provide valuable diagnostic insights into the collective effects of a host of marketing activities on the customer mindset, market outcomes, and perhaps even shareholder value. The reality is that marketing can create all types of effects in the minds of consumers that may influence how they respond to subsequent marketing activity. Regardless of how few or many changes are made in the marketing program over time, it is important to monitor the health of the brand and its equity so that proper adjustments can be made if necessary.
A number of ingredients characterize a successful tracking program. To capture the effects of the complex, varied marketing activity that make up many marketing programs, it is important to adopt detailed, rich marketing models. If well-specified, these models should directly suggest a comprehensive, robust set of measures to employ in tracking. At the same time, it is important to adopt a modular approach to tracking – not every type of measure needs to be included in every tracking survey every time. For example, detailed measures of specific performance and imagery benefits may be included less frequently than basic measures of brand awareness, attitudes and behaviors that are likely to be impacted by a broad range of marketing activity. Finally, firms must obviously adopt good survey practices and carefully design surveys, collect data, and interpret results.
