Posted on: October 8, 2021
Tracking the health of your brand is essential today for sound business operations and to expand your business. When you’re looking for the best brand health tracking indicators, there are some metrics that you should continually monitor. When you use the right strategy and supervision for your brand’s health, you’ll be able to pinpoint when you might encounter an obstacle that could potentially derail your brand’s progress.
Brand Awareness
Brand awareness is the degree in which your target audience knows your brand. Any successful brand will have a high brand awareness among its targeted audience. All metrics and brand strategies ultimately aim to uplift and improve your brand awareness among your consumers. If they can associate your brand with a specific product or service, it means your brand awareness is good. The higher your brand awareness is, the better it can be for your overall business and brand health.
Engagement Rate
Whether it’s your promotional campaigns or social media marketing, you need to measure your audience’s engagement with any content type you’re putting out. Popular and well-received content will not only lead to more engagement, but will also serve to improve your brand health. The better content you produce, the higher visibility you will get. A healthy brand has good engagement on most of its content, and you can quickly determine whether your brand is liked or not by the engagement metrics available through social media.
Audience Reach
A brand may be active on many platforms, whether it’s on social media or real-life through events and campaigns. While it can be hard to determine the audience reach for billboards, open events, and so on, you can easily determine your audience reach on social media. As your social media efforts grow, your audience reach will also grow along with it. Having a high audience reach indicates that your brand is reaching even those who are not in your targeted demographic but may be interested in your brand.
Brand Loyalty
Brands love to attract new customers, but it’s even better when you can manage to retain your existing customers for a long time. Through brand health tracking, you can observe how loyal your customers are to only using your brand. Loyal customers don’t just buy products/services from you, they recommend you to their circle of influence in a positive way, which increases the health of your brand. You can measure this by checking your customers’ trust, satisfaction, and commitment to your brand.
Brand Preference
While we may love to think that we’re the only brand serving our particular niche of customers, the reality is quite different. Having a look at our competitors isn’t just optional today, it’s necessary to maintain a healthy brand. If your customers prefer your competitors’ products/services to yours, there can be many factors as to why. Figuring it out isn’t just essential to your brand’s growth, but also to its health.
Utilize a Market Research Firm to Ensure Your Brand’s Health
When looking to hire a market research agency to take care of monitoring your brand’s health, you have the option to get a holistic view of where your brand is performing well and where it could do better. Tracking these indicators can take a lot of time and effort, but it leads to a better understanding of your audience and their needs. If you don’t have the expertise or experience to track these metrics, find a reliable and professional market research firm to do it for you. A brand’s long-term value is ultimately dependent on its various behavioral, perceptual, emotional, and financial metrics which are all tracked under brand health.
Bastion db5 is Los Angeles’ and New York’s premier market research and brand tracking firm. Reach out to us today for a consultation!