Brand health tracking research is becoming increasingly important to thrive in today’s competitive markets. This article outlines a few points to bear in mind while conducting brand health tracking assessments that resonate with the goals and objectives of your business.
In today’s highly competitive business environment, a powerful brand presence is imperative for success. Maintaining brand performance helps you stay a step ahead of your competitors by delivering the value and performance as expected by the global consumer base. However, it begins with understanding your brand in terms of performance, positioning, awareness, and reputation among customers, in the current scenario and over time.
How brand health tracking research helps businesses
Brand health tracking research helps gauge brand performance in terms of awareness, brand positioning, and brand value development. Adopting a well-thought-out approach to brand health tracking can help find areas within the brand funnel that need bolstering and analyze the brand position and its alignment with core business objectives.
At Infiniti Research, we adopt a unique approach to brand health tracking comprising industry assessments and advanced research to provide holistic, unique insights into brand value drivers. We also offer in-depth insights into the consumer landscape, competition, brand value, and consumer opinions to complement traditional metrics and determine your company’s most promising growth direction.
The main aim of brand health tracking research includes:
- Identifying challenges in improving brand performance
- Driving conversions by increasing consideration to purchase
- Understanding the unique brand value
- Quantifying the effectiveness of marketing campaigns
- Enhancing brand reach and the capability to win new customers
Conducting periodic brand health assessments can help gauge the value of brands by measuring their performance at every stage, including one of the most important phases in the brand funnel, i.e., brand awareness. This factor is of utmost importance because people cannot consider your brand if they are not aware of your offerings and the brand in general.
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Keys to implementing a successful brand health tracking program
Understand your audience base
The effective management of brand performance relies on understanding and acknowledging your prospects’ needs, views, and potential areas that help grow market share. But to improve success and capture a fair share of the market, it’s essential to consider the views of other prospects apart from existing customers.
Set clear performance metrics
Strategic brand attributes form a crucial part of brand health tracking. The inclusion of higher-level metrics to gauge relevance, brand attributes, and awareness can boost performance and likelihood to remain relevant in all markets.
Keep tabs on competitive market forces
It’s crucial to track brand performance and effectiveness from a business perspective. And what better way to do that than analyze and compare your brand’s performance with that of your peers. In a business context, it’s essential to find if your brand values are more enticing than the competition by including a few factors in brand health assessments that can help you find answers to questions like-
- Are local competitors strong in specific areas?
- Who are second-tier competitors?
- What factors impact brand value?
Impact of external events
External events cannot be controlled or anticipated by any business. At the same time, its impact on brand performance should not be underrated since it significantly affects brand perceptions either positively or negatively depending on the type of event. Hence, the insightful interpretation of brand health tracking results relies on a detailed understanding of the broader market segments and an ability to look beyond research findings to draw conclusive insights.
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Case in point: How brand health tracking helped a company track and benchmark brand performance
Our client, a leading home automation solutions provider, wanted to improve brand performance by understanding brand awareness, competitors’ market position and set benchmarks to track brand development over time. Hence, the approach to brand health tracking research needed to be comprehensive to build a robust base for brand development and help the client identify critical metrics while providing coverage across global markets.
We implemented a three-phased approach to help the client, comprising telephonic discussions, back-to-back interviews with industry stakeholders, and an in-depth analysis of competitive markets. The research findings helped us address challenges related to brand awareness and gauge brand performance using high-level metrics such as net promoter score and customer satisfaction. A set of unstructured questions were also included at key decision points to provide additional feedback and insight into the client’s interest areas.
Apart from helping the client set benchmark scores for brand performance, the brand health tracking research offered a clear view of brand value by shedding light on key focus areas. Furthermore, analysis conducted at the region- and country-level helped ensure the client gained organization-wide access to information to drive actions and identify areas for improvement. As a result, our client distinguished their brand value and defined a series of brand attributes that they should ideally vouch for to gain an edge in the market.
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