Why Measure and Track Brand Health?
You can only improve what you measure – Tom Peters
Brand health measurement and tracking gives you the ability to manage your brands and identify the levers to improve market performance. Without a quantitative measurement, marketers have a limited understanding of how external market forces impact the brand. You won’t know how consumers respond to your marketing efforts and you won’t know what your competitors are up to. Understanding brand health is crucial to planning and implementing a robust brand strategy.
What is Brand Health?
Brands are simply concepts to which people attach meaning. The strength of the association that people attach to the brand lives in peoples’ memories, which in turn drives purchase.
Measuring the health of a brand is the first step in understanding how your brand is performing. Quantitative research is the best tool for measuring and tracking brand health and provides you with a set of brand metrics to track brand awareness, perception and brand loyalty.
Brand awareness is simply how well people know your brand and what they associate with your brand. It is measured as prompted and unprompted to understand the strength of the association.
Brand Equity and Brand Value
The equity in your brand identifies the worth of your brand. This is the direct outcome of how much people are prepared to pay, how many they purchase, the size they purchase and how often they purchase. It is measured through financial reporting in terms of sales and share price.
The value of a brand measures brand strength and how people feel about your brand. It gauges the unique position your brand holds in the minds of consumers. In market research, we assess brand value by measuring consumer attitudes to your brand, alongside its personality and its positioning.
Brand Health Measures
The fundamental brand metrics are brand awareness; familiarity; consideration; purchase intent and brand loyalty. Additional measaures for advertising awareness, promotional impacts can also be included.
Brand Scorecards provide a report card that shows how your brand is tracking against competitors on particular attributes of interest. These reports can include brand perception maps, brand funnels, purchase intent charts and a range of useful metrics.
Brand Health Takeaways
Brand health studies are designed to help you manage and improve the performance of your brand through ongoing brand tracking. This important measure is an excellent investment because it can give marketers confidence in their marketing investment and also helps informed, consumer led decision making.
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