Trackers are useful for market research because they analyze the changing opinions of a single group of consumers. Trackers enable business owners to assess brand awareness, customer satisfaction, and consumer sentiment toward a new product or service. They also help identify the effectiveness of a specific marketing campaign.
Nothing lasts forever, including the insights from your most recent survey. Performing your survey once more and establishing a multi-wave tracking study, also known as trackers or tracking surveys, is one way to keep your survey results fresh and actionable.
Trackers continuously monitor the health of your brand and analyze how your customers buy and use your products. They also tell you what consumers think and feel about your brand. A good tracker will identify which brand initiatives work well and positively impact sales. It also tells you which do not so that they can be targeted and improved.
Trackers are surveys that ask similar questions over a set period of time, allowing you to “track” the shifts from one deployment to the next and identify trends over time.
Whenever you send your survey, be it annually, quarterly, or more frequently, it is referred to as a “wave”. Comparing survey results across waves will reveal trends and shifting attitudes that can either validate your decisions or indicate it’s time to pivot.
Types of Trackers
The process of recording and collecting customer data is known as e-commerce tracking. E-commerce trackers do more than just provide numbers that represent specific metrics about your store. They also run analyses to explain what to do or how to use that data.
Effective e-commerce tracking will provide you with vital sales data as well as consumer online shopping behaviour. Some of the key metrics revealed by e-commerce tracking are Total revenue, Conversion rate, Average order value, Customer lifetime value, Interaction, Time spent on the page, etc.
Amazon, an American eCommerce Giant has recognized the opportunities in the African market with its proposed launch in Nigeria by April 2023. This will have it compete with Jumia and Konga, the two big players in the country’s eCommerce ecosystem.
The eCommerce tracker is one of Survey54’s newest trackers. Its goal is to gain insight into African eCommerce operations. This insight would be useful for SMEs and large corporations looking to establish or expand their eCommerce operations in Africa.
Shoppers tracker merges technology and social engineering to improve the shopping experience by making it easier, more convenient, and more interesting. It aggregates data from various sources to provide retailers with the feedback they need to run their businesses more efficiently.
According to RIS’ 29th Annual Retail Technology Study, tracking shoppers has emerged as one of the top retail investment strategies.
Contact Survey54 for bespoke tracker for your business
Survey54’s shoppers’ tracker allows retailers to understand;
- Where products are being bought, via modern and traditional trade,
- Total basket size per demography,
- Frequency of shopping behaviour,
- Switching of products within your category,
- Gain and loss of customers per demography,
- Which demographic is buying more of your products or your competitors’ products, and
- Predict market trends
Identifying various types of occasions and the circumstances that surround those occasions will provide invaluable insights into the who, what, when, where, and why your product is purchased, as well as the customer’s personality and sociocultural self.
The term “occasions” refers to both times and events when products are used and times and events when products are purchased. Some examples include:
- Routine: These occurrences are related to things that people do or use on a daily or weekly basis at home or at work. Examples of products include office chairs, coffee, snacks, etc.
- Seasonal or weather-related: These occurrences could be seasonal, such as winter or spring, or weather-related, such as rainy days or heat waves. Umbrellas, board games, and cold drinks are some products in this category.
- Special occasions: These occasions include Birthdays, Christmas, and Mother’s Day. Products include Jewelry, Flowers, and cooked hams.
- Time-related: These occasions include time-related incidents like early mornings, late nights, and just being in a hurry. Products include alarm clocks, fast food, and time-saving apps.
Audience measurement tracker
Audience measurement is the estimation of the size of a media audience. The more you know about your target market as a brand, the better equipped you are to create content that will resonate with them. You’ll also be able to assess the effectiveness of your content and advertising by examining data on who sees it and how they react to it. This will allow you to identify gaps in your strategy and make necessary adjustments.
The audience measurement strategy is primarily used by media owners, publishers, and advertisers to assess the success of media content and set advertising rates. It examines the characteristics of current and potential audiences using social science and market research methodologies.
Survey54’s Audience measurement tracker helps users track what their Radio and TV audiences are consuming in real-time. It also helps them to justify Ad ROI and plan effective campaigns.
Importance of Trackers to African Businesses
Consumer preferences are always changing and the same determines the level of brand loyalty. Trackers are longitudinal studies, which means they look at how the same people’s opinions change over time.
A latitudinal, or cross-sectional study, on the other hand, examines opinions at a single point in time. While you can conduct a series of latitudinal studies, any changes in opinion you discover may be due to the fact that you’re studying different groups of people. In other words, because you’re asking the same people the same questions at different times, trackers give you confidence that shifts in consumer sentiment reflect actual changes.
How can businesses grasp the churning ocean of consumer preferences in Africa’s lack of loyalty and volatile landscape? One method is to conduct a multi-wave tracking study on your customers over time. If a single survey provides a snapshot, a multi-wave tracker provides a moving picture of how attitudes and preferences are changing and where they are headed.
Various factors determine the effectiveness of a tracker. It is critical to select a representative sample of the appropriate consumer demographic, as well as to design interview or survey questions that are highly applicable to the central issue(s) you wish to investigate. Analyzing your findings necessitates complex calculations as well as a thorough understanding of consumer-research protocols. For these reasons, African business owners should consider hiring a reputable market research agency to conduct tracking studies.
Trackers can also help businesses in Africa to;
- Assess and evaluate performance
- Make comparisons
- Discover new possibilities
- Test strategies
- Keep an eye on competitors
Contact Survey54 for bespoke tracker for your business
Businesses can assess (and report on) their brand’s performance over time if they continuously track it – is it performing better or worse than before? A real-time tracking process can detect issues before they become a problem and highlight areas of strength.
By collecting qualitative and quantitative data from customers on a regular basis, they can evaluate brand health and adjust their marketing and brand strategies accordingly.
Lots of businesses have found it beneficial to run their trackers multiple times per year. This frequency provides enough time between tracking waves, fits within their research or marketing budget, accounts for normal market events, and produces enough data to act on with proper guidance.
Survey54’s trackers’ dashboard is simplified to provide users with bespoke insights without losing quality. The self-serve dashboard presents real-time insights to users to enable speedy decision-making and guide them to scalability.
Are you ready to start leveraging trackers to conduct surveys in Africa? Contact our team at Survey54 to get started.