The power of brand health analysis: How it can help you stay relevant in the market
What physical and mental health is to the body, brand health is to the business. A healthy brand helps in delivering consistent, memorable, and differentiated experiences to customers. Customers may like or dislike characteristics that brands have. Brands must contend with some people being aware of them, while some people have no clue who they are and what they do. A strong brand is important to be successful. Brand health analysis gives rich insights that can help you in growing your brand and track your success against competitors. It is essential for the success of your company.
What is brand health?
Brand health basically is a collection of metrics that show you how well your brand is doing. It is based on customer experience and emotions that are associated with products or services. Customers perceive brands differently and have little emotional connection to them if they are less satisfactory.
The key metrics
Metrics that measure the effectiveness of your brand determine your brand health. The metrics you choose for the analysis depend on the goals of your organization.
Brand awareness
Brand awareness is the extent to which consumers are aware of your brand. It helps you to understand how you fare against your competitors and to evaluate the efficacy of your marketing efforts.
Brand reputation
Brand reputation shows you how people perceive your brand. It is the emotional connection between a brand and its customers.
Brand positioning
Brand positioning tells you how your brand is positioned in the market as compared to your competitors. It is the space that your brand occupies in the consumers’ minds. It is what people think when they hear your brand name.
Brand loyalty
Brand loyalty is seen by the repeated purchase of a product or a service. Loyal customers are most likely to recommend your brand to others.
Related reading: (Case Study) Brand health tracking to inform marketing strategy
Why is it important for you to stay relevant in the market?
Brand health helps in showing what are the strengths and weaknesses of your brand. Measuring brand health provides important insights for your marketing efforts.
- Brand health analysis is an effective way for understanding your position in the market and for understanding your customers and employees. It gives you specific insights such as the reasons why the consumers are choosing you over your competitors
- Experts generally prefer to work with strong brands, which is why having a strong brand is vital, especially in recruiting top talent.
- It helps in answering the question of whether you need to improve your reputation through actions such as upgrading customer service or stopping controversial marketing campaigns.
- It helps in determining what is right for your brand strategy and what isn’t.
In Conclusion
Brand health analysis is an important way to understand the current image of the company, understand how your brand is positioned relative to other brands in the market, to make informed decisions on how to position yourself going ahead.
A good reputation is essential for a successful business or a brand in the market. It has the potential to develop loyalty among customers which is more important than the revenue which your company starts making initially. Failure to develop a good and healthy brand can hamper a company’s ability to sell and increase its customer base. It also hinders the ability to attract and hire talented employees.
If you’re interested in knowing more about our ability to offer comprehensive consumer research and analysis that predicts the health of your brand and its effects on your business as a whole, get in touch.
Based on insights by Suchita Biswas, Senior Manager, Research and Information, Consumer Team.
