It’s becoming essential for large and small businesses to use brand health monitoring to know their consumers. This data allows brands to interact more deeply with consumers to create an experience that stands out from the pack.
Brand health measures how well a company or brand delivers the basic characteristics of a product or service they promise to its consumers. A healthy brand gives the client consistent, unforgettable, and distinguished product or service experiences. Less satisfying brand health, on the other hand, produces customer experiences that are inconsistent and delivered with little customer connection.
When monitoring the health of a brand, other critical things are captured, such as how conscious brand people are, how they view the brand, what they expect from it and what they intend to purchase. Monitoring brand health has an important role in market research. Not only does it help to remain a step ahead of the competition, but it also quantifies publicity and promotional strategies effectiveness.
It can be difficult to measure brand health by your own. Firstly, a number of factors influence brand health. Such considerations include the ever-changing channels that consumers can use to discover a brand (and its competitors), interact, and give feedback on it. Successful brand health monitoring has a few things about it. First, monitor the specific brand health metrics, then monitor brand health over time, and finally contextualize brand health strengths and weaknesses to tailor brand strategy.
Objectives of Brand Health Survey
It is important to understand and focus on the long-term goals of your brand health while creating any strategy. Some common objectives include expanding new products or services, increasing new or established sales and improving the public image or press profile of an organization.
In addition, continuity relies on developing an effective brand health monitoring system. Every day sophisticated platforms acquire new data, how people view your brand can change any moment. This change may be in response to a number of uncontrollable factors online. This is why keeping a schedule helps you to remain on track on time with goals in a constantly changing world.
Reviewing the outcomes of your brand health monitoring is always beneficial, looking at what questions or strategies may alter in subsequent analytical sessions. Brand health research provides actionable insights by calculating a brand’s 360 degree view, and continuous brand monitoring can help to enhance brand value in the market.
The multifarious aspects of it:
1. Brand Awareness
Awareness among consumers is very important factor in sales and marketing. Awareness illustrates how comfortable the client is with your company. There are various dimensions in consumers’ mind about a particular brand. Both recall and recognition are captured in a brand health survey. Recall is a better measure of the health of the brand because a name which first comes to the mind of the consumers is more desirable than a name which is prompted and then remembered.
2. Brand Consideration
Even if somebody knows your brand, there’s no guarantee they’d actually buy your product or service. Understanding the consumption of a brand helps a company to realize its market position. Besides having an idea about the purchasing habits and tastes of the customers, the analysis also shows the market share of the brand.
You need to take a look at brand perception to get an idea of how much of your target market will actually think of using your product or service. If there’s a strong consideration while measuring brand usage, frequency of usage, recency of purchase and total spending on the brand are quantified, then it’s a sign of good brand health. That’s because you’ll have a large group of people who you could nurture to become actual sales.
3. Brand Associations
It’s important not to care about what people think of you, but that’s not the case with your brand. Look at it in this way; if your intended audience doesn’t have a very good perception of your brand then they won’t choose it over your competitors.
Most brand associations are therefore perceptions about the qualities and advantages linked to the product or service. Yet brand associations also include conceptual non-product or service-related benefits. These associations are important sources of brand equity and should be part of brand tracking studies. Brand associations are more easily recognized, and are sufficiently appealing to become a significant factor in a consumer’s decision to buy a product or service.
4. Brand Loyalty
Customer retention is far important than attracting new customers. A large chunk of the profit made by most brands comes from loyal clients. Also, loyal consumers are most likely to recommend products or services to all their friends and family, so you need to be in their good book.
There are a few different ways to track loyalty, but the main ones are these elements: engagement, associations, trust, satisfaction and recurring sales. Your website analytics can show you how much of the web traffic is composed by returning visitors. Returning visitors prove you have high brand loyalty.
5. Search Intent
It’s not just for the SEO geeks to figure out how web users discover your domain. Brand managers have to take a glance at all the keyword phrases people look for when they land on company’s site. It is closely linked to brand recognition, because it will give you a sense of how web users are actually searching online to find you. If customers are searching for your brand related keywords, then it’s a sign that your brand has a very strong brand image. If there are any signs that people are trying to search for your site but aren’t discovering it, then you need to reconsider the keywords you are targeting with your current branding strategy.
Human opinions change constantly. This means that the feelings of consumers regarding your brand may change over time. This is something that is very easily observable. If you are able to find out that what factors are driving your customers towards different brand then you could work on them effectively. Monitoring and controlling volatility can also help to improve the value of your brand and you can inadvertently boost their customer relationships.
It’s all well and good if you are able to track all of the above brand metrics, but one thing is missing: knowing exactly how many people are actually buying from you. If only few people are buying your products or services, you definitely be doing something wrong — but what? You need to monitor the sales metric to gain a lot of data that shows who buys and how often, and how much they spend to figure out what you need to do to move them all the way down the Sales funnel.
Successful brand health monitoring uses all the available data to create a better product or deliver a better service. A healthy brand opens up a cascade of opportunities for itself to create it’s distinct image in a pool full of brands, these days. Although this list isn’t comprehensive, during every brand health research , companies will definitely consider these dimensions. The most critical component of a brand safety report is that it measures the most significant aspects of the company correctly. With the help of expert professionals a brand can hit the nodes to create their unique identity and build an immense potential to shine brighter than the diamond itself.