We love a tracker. We have run many of them over the years but had a bit of a lull last year when a few of our clients changed their trackers into a series of ad doc projects to match how their end clients wanted to shape their research spend. We understand when budgets are tight that a tracker might be the first victim, but we want to champion them and ensure that their worth is appreciated. So, we are delighted that 2024 seems to have seen a recurrence of trackers for our clients and we couldn’t be happier running these.
I first fell in love with trackers back in 1993! Working on a year in industry at Whitbread plc I was lucky enough to gain a role in their research team and one of my key roles was managing the ‘beer’ advertising tracker study which churned out piles and piles of data tables on a monthly basis which was to be disseminated across the business. I loved it!
So here are several reasons why research tracking is beneficial for clients to measure and understand market changes:
Decision Making: Tracking research enables clients to make data-driven decisions. By analysing ongoing research data, clients can identify trends and patterns that allow them to make informed choices regarding product development, marketing strategies, pricing adjustments and other business decisions.
Competitive Advantage: Continuous research tracking provides clients with a competitive advantage by helping them stay ahead of competitors. By staying updated on market dynamics and competitor actions, clients can adapt their strategies more effectively and seize opportunities before others do.
Risk Management: Research tracking helps clients mitigate risks by identifying potential challenges and threats in the market early on. By monitoring changes in consumer behaviour clients can proactively adjust their strategies to minimise risks and optimise performance.
Customer Satisfaction: Understanding market changes through research tracking allows clients to better meet customer needs and preferences. By staying attuned to evolving consumer trends and preferences, clients can tailor their products, services, and marketing efforts to enhance customer satisfaction and loyalty.
Performance Evaluation: Research tracking provides clients with a means to evaluate the effectiveness of their strategies and initiatives over time. By comparing current research data with historical benchmarks, clients can assess their performance, identify areas for improvement, and refine their approaches accordingly. They can also track the effect of their competitor’s actions!
Can Flex!: Our clients often run trackers where 80% or more is the same each dip but use the other ‘up to’ 20% to delve deeper into any unexpected issues that need investigating, either since the previous wave or due to the previous wave’s findings. Sometimes our clients include seasonal questions in this ‘flexible section’ that are then tracked against the previous year’s results (a mini tracker within a tracker).
Overall, tracking studies are ideal for clients to navigate the dynamic and ever-changing market landscape effectively. By continuously monitoring market changes and consumer behaviour, clients can make informed decisions, minimise risks, and capitalise on emerging opportunities to drive sustainable business growth.
So, if you need a reliable fieldwork agency to manage your trackers for you, you can be assured that Face Facts are a safe pair of hands to lovingly handle your research trackers and ensure your clients receive valuable insights that help you stay ahead of the game in your industry.
Please get in touch as we’d love to hear about your business and how we can help you – email HELLO@FACEFACTSRESEARCH.COM or call 0113 397 9800.
