What is brand health?
Faced with the constant dynamism of the market, your brand must adapt to stay competitive. It’s essential to know the market, your consumer’s perceptions of your brand, and their relationship with it. One way of achieving this goal is to obtain a global vision by measuring your Brands Health. A type of study that allows brands like yours to identify strengths and weaknesses and areas for improvement to strengthen the relationship with consumers. Read on to learn more in detail about brand health metrics!
A Brand health study is a set of metrics that allows for measuring how much the brand contributes to achieving your objectives. Through this analysis, it’s possible to measure the performance of your brand concerning your competitors based on consumer perceptions and experiences. A measurable performance is based on the identification of key variables such as brand awareness, brand reputation, and share of voice (SOV). Thus, the health of the brand.
In this way, the brand health score provides you with a diagnosis of your brand, thus identifying the areas (awareness, reputation, image, etc.) where you can implement improvements to stand out from the competition and strengthen the relationship with your target audience.
Brand health provides a global and at the same time detailed vision of the state of your brand, both at a specific moment (BHC Brand Health Check), as well as its evolution (BHT Brand Health Tracking). It’s a very useful tool as a starting point in the analysis of developed markets, in existing brands, in rebranding processes and/or to study the interest of new markets and/or new brands (identifying key points to work on for the success of the new brand in the market).
Why is it important to measure brand health?
Considering that building a strong brand is the most important determinant of your success, measuring brand health allows you to identify how your brand is doing in the market. A brand analysis that measures your health in relation to the competition based on the opinion and experience of consumers. A key opinion since a brand is not only defined by the values and positioning it communicates but also by what the target audience perceives and feels about it.
The main benefits of measuring your brands health are:
- Identify your brand’s strengths and weaknesses, as well as possible improvements.
- Determine the position of your brand against the competition.
- Knowing the perception of the target audience (customer experience) about your brand.
- Offer a comparative vision, allowing you to identify opportunities.
- Estimate the performance of your brand, as well as those aspects that prevent you from having a better performance.
In short, knowing the health of your brand will allow you to direct and focus your marketing strategies.
Key metrics for measuring brand health
As we have seen, to measure brand health it’s not enough to determine its positioning and reputation, but it’s also necessary to identify the relationship and valuation of the consumer, to identify the key attributes that allow the brand to be present in the consumer’s mind, thus standing out from the competition.
To do this, it’s necessary to consider the different aspects that influence the sales funnel. The critical metrics for measuring brand health are:
- Brand awareness: the presence of the brand in the consumer’s mind.
- Relationship with the brand: purchase and conversion.
- Brand satisfaction: whether the brand meets the target audience’s expectations and whether they would recommend it.
- Brand positioning and image: the attributes associated with the brand, highlighting its strengths and weaknesses.
- Brand leadership: the brand’s degree of differentiation and power concerning the competition.
- Brand perception: the valuation and feelings that the brand arouses, as well as the association of consumers to visual elements (logo, typography,…) or messages.
Metrics that provide actionable information as to which variables should be worked on to achieve the desired objectives.
Brand health questions
To conduct a brand health study, it’s necessary to have exploratory information to determine both the competition and the attributes and variables to be analyzed. In the case of new markets or brands, it would be advisable to conduct a qualitative study beforehand to have consumer insights of the category.
Brand Health is a quantitative study where the key questions to measure brand health are:
- What [category] brand do you know? (spontaneous)
- Which of the following brands do you know? (suggested)
- Brands purchased in the last 12 months/ last 3 months/ most frequently?
- Reasons for purchasing the most frequently purchased brand?
- To what extent would you recommend brand X? (scale 0 to 10 that allows to classify consumers into detractors, neutrals and promoters, in addition to the calculation of the Net Promoter Score NPS satisfaction index.
- What does brand X convey to you (spontaneous)?
- To what extent do you associate each of the following characteristics with brand X (rational and emotional attributes)?
Depending on the secondary objectives of the brand, you could plan questions related to your brand’s perception in terms of visual elements or messages.
Knowing your brand’s health will allow you to consolidate it in the long term, thus ensuring its success in the market. You can carry out your brand health study quickly and agilely through the Zinklar platform. Request a demo!