How to Measure Brand Health
There are thousands of different brands of shoes available in the global market. However, most of us are familiar with only a few popular brands like Nike, Puma, and Adidas. Have you ever wondered Why only a few brands are popular? Similarly, there are lots of food and beverage-making companies, but Coca-Cola and PepsiCo have their own places in the hearts of most of the global population. Why do you think that is?
In both the above examples, you can see that the mentioned companies build and maintain their brand instead of just focusing on selling their products. It is crucial to realize that customers will not just spend money on any product. Most of them prefer to buy products that are popular among others and the wider population.
So, you need to constantly check your brand health, as it will help you understand your strengths and weaknesses. This will enable you to plan a strategy to improve the health of your brand and win customers.
What is Brand Health?
Brand health shows you the overall recognition you get from your audience or customers. You can measure your brand health in several different ways. But they all rely on how you measure your customer experience and how they recognize your brand among the other brands on the market.
Keep in mind that customer satisfaction will have a positive impact on brand health. Maintaining your brand requires a different strategy compared to building your brand. Thankfully we have some tips to heal your brand and kick start from where you left off.
How to Measure Brand Health?
As we said before, measuring your brand health relies mostly on measuring your customer satisfaction rate and their bias towards other brands on the market. The common methods to get these data include the following.
1. Customer Interaction
Customer interaction includes all the ways through which you can keep in touch with your customers in a more personal manner. This is possible using social media platforms, blogs, forums, and more.
It is true that this won’t work if your customers are not in the social channel where your brand is. So basically, you have to present your customers with a digital conversation point to interact with your customers.
It would be easy to measure your brand health if you understand where your customers are in the digital space. You must also try to learn how they like to interact with the brands and provide a channel for a secure and meaningful experience with your brand.
2. Survey Forms
You can easily conduct surveys on multiple social media channels. Surveys are an information gathering technique, which will allow you to understand the preference of customers.
Businesses need to remember that selling products that their customers do not need is a waste of time and resources. Selling the right thing in the hour of need can help you maintain your brand reputation. Taking surveys is one of the oldest things in the marketing book that still works today.
What Are Brand Health Metrics?
Some of the brand metrics you need to track and analyze are as follows.
1. Brand Awareness
Brand awareness is one of the first steps to establishing your business in the minds of your audience base. Whatever business you are into, most of the time you would be met with fierce competition. This is why it is crucial to create a strong online presence for your brand.
2. Brand Recognition
How well is your brand recognized when compared to your competition? This is the primary question you need to ask yourself again and again. There’s always going to be another brand in your market, trying to get ahead of the competition.
Let’s be honest, potential customers won’t just pick your brand if there are already recognized brands in the market. So, you need to create a lasting impression on customers.
3. Brand Positioning
There will only be a limited number of successful brands in the market. Most customers would simply select from the top marketed ones. So, you should come up with a solid marketing strategy and stick with it because it can help improve your brand health.
4. Brand Loyalty
Retaining customers is just as important as getting them. The chances of retaining a customer will depend on how you maintain a relationship with your customers. Maintaining customer relations will help you build a loyal customer base.
5. Share of Voice
It’s important to keep track of not just your brand health, but also the brand health of your competitors. There are various tools in the market, which you can use to do that. If your competitors are doing better than you, it is time to rethink your branding strategy.
Check your brand health often to assess your brand position and evaluate methods to improve it. Do remember that maintaining good brand health can help you provide better customer experiences and boost sales with ease.