As a franchisor looking to expand locations and trying to understand local food trends, brand tracking of c-store consumer brands should be at the top of your list. Understanding key metrics such as brand awareness, loyalty, purchasing intent, and purchase frequency can help inform the decisions you make when selecting new store locations, widening your market reach, and finding new customers.
In today’s competitive market, data-led decisions can help you become more efficient, reach bigger audiences, get into new markets quicker, and make smarter decisions. With the proper data, understanding the impact of a particular c-store consumer brand can be easier than ever. A deeper dive into the data can provide insights on how to grow and how to become aware of trends or challenges that may influence narrower consumer segments. The right c-store consumer brand tracking tool can go a long way to helping you get the most out of your analysis.
The following is a look at the top ten things you should consider when tracking c-store consumer brands:
1. Brand Awareness – Track how often a consumer brand is in the thoughts and conversations of your target market. This can be done through online and offline surveys, focus groups, and other research activities.
2. Brand Loyalty – Track how often consumers are buying the same brand to measure loyalty. This data can provide insights on the repeat rate and purchasing cycle of the target market.
3. Purchase Intent – Track how likely consumers are to purchase a brand. Measuring how likely your target market is to buy your product is key to gaining an understanding of the customer journey.
4. Share Of Wallet – Track the amount of money being devoted to a particular category of products. This metric can provide important insights on where your target market is spending their money.
5. Frequency of Purchase – Track the frequency of purchases made for a particular brand. This data can provide insights on the purchase cycle and when to focus marketing efforts or launch promotions.
6. Prioritization and Segmentation – Track which brands are most important in order to focus efforts. This data can be broken down into segments such as age, gender, geographic region, and income.
7. Repurchase Rates – Track how often customers come back for more of a particular product or brand. This data can provide insights on repeat purchasing in order to determine customer lifetime value.
8. Brand Equity – Track how much a consumer would pay if given a choice between brands. This data can help you determine how much customers are willing to pay for your products.
9. Media Mapping – Track how often a brand is mentioned in the media. This data can provide valuable insights on how well your brand is being perceived and what audiences are engaging with it.
10. Cross Selling and Upselling – Track which other products a customer is buying along with a particular brand. This data can provide insights on which products to promote in order for consumers to buy more.
By gaining an understanding of your target market’s brand awareness, loyalty, purchase intent, and frequency of purchase, you can gain valuable insights that can inform decision-making and help you to expand into new markets quicker. The key is to track data and use the insights to shape future strategies.
By using the right c-store consumer brand tracking tool, you can get the most out of your analysis, making decisions more efficiently and cost-effectively. The data you obtain through this tool can help you understand target customers and the impact of c-store consumer brands on them, giving you a better insight into their needs, interests, and behavior.
A comprehensive c-store consumer tracking tool is something that continues to be in high demand due to the ever-changing landscape of the food service industry. With Brizo, you have access to a plethora of data that is updated regularly, enabling you to monitor trends and spot issues before they become problems.
