What is brand health?
Brand health is the level of consumer loyalty to your brand. Will they remember your brand when they open a Google search? What will they remember: just the name or even the history and the name of the founder? Do they make repeat purchases? Will they recommend your brand to their loved ones over a family dinner?
Brand health will help you achieve your goals. A strong brand will attract new customers at low cost, increase awareness and even improve the quality of customer service. A strong and healthy brand will even have a separate group of fans – the so-called “brand advocates”.
Sounds too good to be true, doesn’t it? In fact, it’s all real and affordable with regular research and brand health tracking.
HEALTH INDICATORS:
If we measure the health of the PrivatBank and Mono brands, it turns out that Mono’s audience is many times smaller. At the same time, the loyalty of Mono customers is 4 times higher than that of PrivatBank customers. It turns out that the average health of these brands is almost the same, but in fact: Mono is their most dangerous competitor. How can you diagnose a similar situation with your own business?
There are a huge number of indicators for tracking brand health. You don’t have to use them all, but rather focus on a few that are relevant to your business and will bring maximum benefit.
Do potential and existing customers know your brand? Do they name it with or without a clue? Compare your score with the same knowledge of your closest competitor and the leader.— Brand attributes
Brand communication conveys not only the name, but also posts, advertising slogans, design and expertise. Do your customers know about it? Ask them!
— Brand perception
A classic technique used by all the world’s psychologists works just as well for brands. Look at the brand through the eyes of your customers. Hear their opinions and perceptions of you. It is in their thoughts that many of the insights that everyone is chasing after are stored.
— Brand loyalty
If customers are satisfied with your product/service and your brand values are similar to their own, they will be loyal. In short, a brand must meet customer needs.
— Digital reputation
Today, even brand communication on social media may not be enough. It is there that your customers leave feedback, and you can track the reach, engagement, reposts, and conversions to your website.
All these indicators only tell us about the current situation. With the collected data, you need to contact a market research agency – experts will help you draw the right conclusions and make a decision map.
Benefits of brand health tracking
Brand health tracking is a strategic tool for measuring the health of your brand. Marketers and brand managers use it to measure the effectiveness of achieving their goals.
It is important that you measure not only the state of your own brand, but also the state of leading brands and competitors. After all, it is only in comparison that the truth and your profits are found.
Collect information to help diagnose the brand and improve brand health. Simple and regular tracking will help you increase sales, reduce advertising costs and strengthen weaknesses. Don’t forget that your customers expect feedback (even negative feedback) and a quick response. All of this also affects your brand’s reputation, loyalty, and health.
Conduct a brand health survey
Scan all the components of positioning, from brand attributes to target segmentation, and take a closer look at the brand’s visual style. Everything should be in line with new audience behaviour patterns and preferences.
These are the marketing research methods that will definitely help you:
— Focus groups and surveys
The most common way to research brand health is to conduct qualitative surveys with your target audience. This way you can get an idea of your brand awareness. You will also get detailed qualitative data.
— Regular interviews with customers
Similar to focus groups and surveys, regular interviews with your customers can provide good insights into brand health. For example, you can see what has changed in their perception of your brand and why they have chosen you over your competitors.
— Feedback
Gather data through basic feedback forms by talking to your frontline employees. All of this will be an integral part of the new changes for the better.
Today, the market is oversaturated and there are 2-3 leaders in almost every area. This makes it even more difficult to compete. Strong brand health will become your calling card, which will help you to gain interest from customers.
We know for a fact that keeping your finger on the pulse of your business is just as important as your own. Check your brand health several times a year, before and after advertising campaigns. And, of course, health tracking is essential for flexible decisions, strategies, rebranding, and positioning. Contact us for a consultation on brand health research. Together we will make your brand stronger.
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