The result is what has historically been a static piece of research now becomes interactive and marketing planning capabilities such as:
A definitive methodology to measure marketing ROI still eludes the marketing community, if only because there is no universally agreed upon measurement discipline similar to the AICPA’s accepted accounting calculations for ROI. And with increasing use of marketing dashboards, CMOs appear to be satisfied with what they can report to upper management in real time.
Tracking research has long been an in-vogue tool since before predictive modeling has allowed researchers to deliver far more knowledge of what the different elements of a marketing program are contributing to actual market performance. A strong argument can be made that in market tracking programs are still highly viable sources for marketing performance information.
Consider the traditional tracking research which showed periodic changes in unaided and aided brand awareness, advertising content recall, increases or decreases in a brand’s position in a buyer’s consideration set and how brand attitude changes provided insights into the impact of communications and customer experience.
The simple market tracking tool has become a highly robust analytic tool for monitoring market performance in a competitive landscape. More and more companies are beginning to use traditional market tracking which monitor brand awareness, advertising awareness and content recall, Brand imagery attributes and buying behavior to help facilitate future decision making. The powered or the tracking programs is greatly enhanced when data from internal marketing elements and customer feedback that is easily obtained from internal data sources and/or purchased inexpensively external data sources is appended to the tracking data.
The model is generally configured as follows: