Brand Health Tracking
Brand Health Tracking
Do you want to know the performance of your brand? Discover its strengths and weaknesses? Understand your place in the market compared to competitors?
These are the concepts that entrepreneurs and business owners like to know and by reading this article you will get to the above-mentioned points. This is a context which leads you to aligning your strategy more closely with the expectations of your existing and potential future customers.
The main question is what you should track. Below list gives you an insight to know what the primary elements are:
- Brand attributes
- Brand Perceptions
- Purchase intent
- Brand loyalty
When you perform a brand health tracking survey, you’re monitoring your brand by asking: How aware of your brands the consumers are, how they feel about your brand, how customers view your brand, what your brand characteristic is, what the customers’ expectations are and whether they plan to purchase your product/service or not, and how likely a customer is to continue to buy from or interact with your brand.
Only by understanding how your customers see you, your strengths and weaknesses become noticeable.
With brand health tracking, you can stay connected to consumers and stay ahead of your competitors. Without regular measurements, there is no way to benchmark your brand performance and no way to monitor successes or failures. It helps brands to take timely decisions to protect their position in the market. By tracking the health of a brand you can know, understand, and measure your brand’s needs. It can provide you an insight into the reasons for declining sales, market share, and brand engagement. So it helps marketers to do modifying actions.
For further details, there are four “Vs” for brand health metrics to track. These are: Volume, Velocity, Visibility, and Volatility. The importance of four Vs is not only a way to examine your brand health, but also to make you manage your customers over time. What Steve Jobs is telling us about customer is that “the secret of truly customer-oriented companies lies in the ability to predict their clients’ needs and wants.”
One of the advantages of measuring your brand is to understand the commercial value of your brand and to record changes and optimize your strategy to get more of your brand. A considerable point is keeping all the things consistent. Changing sample size and questionnaire and methodology definitely influences the results.
Main results include raw data, data tables, and also PPT file. But many clients are looking for solutions and recommendations as well. In addition, in the result you can examine attitudes, position and perceptions of all your competitors. This is an advantage since it gives you an insight over time into your brand market place. It’s available in the form of a map that is traceable in final report at the end of each wave and at the end of the year.
So, if you don’t know what your customers are saying about you and creating a real desire for your product or service is your priority, it’s time to find out, monitor, and measure your brand. Let’s start. The beautiful thing about tracking is that it’s a cycle that never ends and once you start using tracking, you never want it to stop.