Are You Tracking Your Brand Health?
by Arina Smith Business Development 26 March 2020
When you’re running a business it’s important to know what you have in your asset column. And what is the status of your brand health? That’s not just cash reserves, credit and investments. As someone making decisions for a business, you need to factor in less tangible resources. These processes may be like the skill-pool of your workforce and perhaps most crucially of all, your brand.
Why Brand Health is important?
Your brand is the image of your company customers generate for themselves from all of the interactions. They have with your business, from in-store experiences to how and when they see your marketing. So, it becomes very important ho have a good quality brand health. It’s more enduring than any individual advertising campaign. And you cannot underestimate the importance of a strong, consistent brand as a factor in your customers’ decisions. The brand health determines the factor about where and how they will spend their money.
Is Monitoring is important?
It’s important to monitor the health of your brand and make sure that it’s performing for you as it needs to: if it’s not acting to attract your target market to your products you’re either targeting the wrong market or making the wrong choices. Brand tracking surveys, administered and interpreted by a market research agency can give you some insight into how your decisions affect your brand perception among customers.
Need a thorough market research
It’s an investment of time and money, but it is worth cooperating with a good market research firm to get your data here. They have a reach beyond your business, so they can get data not just from your existing customers. But from consumers who haven’t chosen your business yet. Knowing what your customers think of you is important, but not as important as understanding why people haven’t chosen your business: if you want to grow you need to know how to appeal to more people.
Brand trackers ask respondents to score your brand on the criteria that define success in your industry – and crucially, they ask them to score your competitor brands in the same way. Some also ask for details of why customers have ranked the brands in this way: what makes them feel your brand is ‘trustworthy’ or ‘relatable’, or what makes them think it’s not.
Running brand tracking research lets you see the impact your choices have on your brand as it happens. You can assess, using objective, quantified data whether a project like a new product launch or a marketing push made your brand stronger or weaker, this facilitates you to make better, more informed decisions in the future.
Read also: 7 Ways To Crate Trusted Brand Name