Every piece of research, by itself, only captures a moment in time. It is not the whole picture—it’s a snapshot from a particular place, time, and group of people. So while it’s true we have to look at the past for information and guidance when making business and marketing decisions, we have to keep in mind that our data isn’t evergreen.
It won’t come as news to anyone that outdated information can lead us astray. But sometimes, we need to look at the past as an opportunity for learning and improvement—whether to gauge brand performance, diagnose customer experience problems, or assess customer satisfaction. But the best way to look back and forward at the same time is through tracking studies.
What’s a Tracking Study?
A tracking study is a quantitative research methodology in which researchers collect data from a consistent sample using a largely consistent survey instrument to track changes in key metrics over time. For example, Campos works with many organizations to field brand tracking studies in which we measure changes to metrics like unaided and aided awareness, consideration, and first-choice preference.
Trackers are quantitative by nature, requiring enough respondents to produce statistically meaningful comparisons. It’s their statistical validity that makes trackers a valuable tool for making business decisions. We ensure that each wave of a tracking study has enough respondents to enable our team to analyze results on the top-line, but also by important cuts, like gender, age, socioeconomic class, and geographic location. Each of these cuts must also include sufficient respondents to make the results worthy of action.
How to Leverage a Tracking Study
The more data that builds up over subsequent waves, the more valuable the information will become for making business decisions. Tracking changes to key performance indicators (KPIs) allows organizations to connect the dots between business decisions they make and the impact they have on things like brand health, customer satisfaction, and more. A well-designed tracking survey enables you to quantify the success of big strategic initiatives that often have nebulous long-range goals and determine when and how it’s necessary to pivot your strategy.
Tracking allows marketers to think through and test their assumptions in an ongoing way. Ultimately, without tracking, you’re leaving a lot up to luck and hunches. Instead of hoping for that best, take advantage of tracking studies to make informed decisions and actively search for ways to increase revenue, cultivate consumer loyalty, and ultimately, promote growth.
Want to talk tracking studies? Reach out!
