Brand health is a crucial part of your business. Buyer expectations are highly volatile and can vary from time to time, making regular brand health tracking a must for every organization.
Brand positioning, brand performance, and brand awareness can all be measured by brand health tracking research. In order to increase brand investment, it will demonstrate which parts of the brand funnel require support, whether the brand position and objectives are effectively matched, and identify where the strengths and weaknesses are.
In this article, you will learn all about brand health, the brand health tracking process and how you can measure and improve brand health. So, let’s get started!
What is Brand Health?
A brand's reputation, communication, public image, and customers' perceptions of your products and services are all represented by a set of measures called brand health. To put it simply, it helps to see if consumers are satisfied with your brand and, if so, which features they value most.
Why is it Important to Track Brand Health?
Brand health is more crucial than just how your business is performing financially. It also involves how well your product or service performs in comparison to expectations and how happy customers are with their usage experience.
Your company's strengths and weaknesses are reflected in brand health, which also indicates if you should concentrate your efforts on building your reputation, boosting brand awareness, or developing marketing campaigns that speak to the proper target demographics.
1. Gain an understanding of the problems, inclinations, and expectations of your customers regarding your good or service.
2. Find areas for innovation by learning about the attitudes and beliefs of your target market and those of your rivals.
3. Set priorities for resource investments, such as new product or service development initiatives, marketing campaigns, or data monitoring over time to gather valuable insights.
Brand Health Metrics
The degree of consumer familiarity with a brand and its offerings is measured by brand awareness. This measure, which shows how well a company's marketing activities reach their target demographic, is essential for brand tracking. Elevated consumer interest, trust, and sales can result from a well-known brand.
The capacity of customers to recall a brand when asked or while considering a certain product category is known as brand recall. Businesses can use this indicator to gauge how well their brand is perceived by consumers and how well their marketing messages are kept. Purchase decisions can be influenced by strong brand recall and top-of-mind awareness.
The possibility that a customer may take a particular brand into account when choosing a product is known as brand consideration. Businesses can evaluate their brand's attractiveness to prospective consumers and pinpoint areas in which they can enhance their marketing tactics to raise the likelihood that their products will be considered for purchase by measuring brand consideration.
The extent to which consumers prefer one brand over the other is measured by brand preference. This measure is essential for comprehending how a brand competes in the marketplace and can give light on the variables influencing customer decision-making. Businesses can develop and capture more market share by enhancing consumer preference for their brands.
The general opinion and feelings that customers have about a brand are referred to as brand sentiment. Businesses can learn how their marketing initiatives, products, or services are connecting with their target market by monitoring brand sentiment. Companies can spot potential problems or places for improvement by keeping an eye on changes in brand sentiment.
Score for Brand Promoters (bNPS)
A metric called the brand promoter score (bNPS) gauges how likely it is that customers will tell others about a company. Businesses can measure their customers' total pleasure and loyalty by tracking their bNPS. Strong brand reputation is indicated by a high bNPS, which can boost word-of-mouth advertising and client retention.
How to Improve Brand Heath
1. Track the quantity of mentions pertaining to your brand and the tone on social media
2. Recognise consumer grievances promptly and address their issues
3. Examine consumer input
4. Set up focus groups and questionnaires
5. Launch an effort to raise brand awareness
The Bottom Line
Regularly monitoring your brand's health indicators aids in the early detection of serious illnesses and the recovery of chronic conditions, much like a health screening. These are always more cost-effective and preventative approaches. You can make sure your brand is strong, acceptable, and successful in the future if you get started now.