Transform your brand health : you don’t need a fortune cookie anymore
Sucks when brand marketers got challenge the most
Your leader has been questioning the need for a substantial budget to run a brand campaign, while your colleagues from other departments are complaining about the deteriorating state of the brand causing their inability to sell products. Do you face these challenges on a daily basis?
Yes, indeed. Life as a brand marketer can be sad. Even though you know what you're doing, when you assert your expertise and stand your ground, people may perceive you as arrogant or having a "designer's temper" unless you have some tangible results to ease their concerns. So, how do you explain to others that you're doing the right thing for the brand?
At the end of the day, it's all about the company's performance and how you contribute to the corporate scorecard. That's what determines your year-end evaluation and subsequent bonus. However, when it comes to evaluating the brand's performance, it becomes more subjective and less quantifiable. Ultimately, when your work's success or failure is judged by the scorecard, it needs to be based on something measurable.
You can play doctor with your brand’s health
This is where Brand Health comes into play. Brand health encompasses a set of metrics that indicate how well your brand is performing in terms of customer perception, public image, and competitive advantage. It helps you measure and enhance your brand's performance, reputation, and loyalty.
Here are some common metrics to track your brand health:
Brand awareness: The extent to which your target audience recognizes and recalls your brand name, logo, slogan, and products. You can measure brand awareness using surveys, web analytics, social media mentions, and search volume data.
Brand perception: How your customers and stakeholders feel about your brand, its values, personality, and attributes. You can measure brand perception through sentiment analysis, customer feedback, reviews, ratings, and testimonials.
Brand reputation: The level of trust, respect, and admiration your brand enjoys from customers, partners, and the public. You can measure brand reputation using online reputation management tools, media coverage, influencer endorsements, and awards.
Brand loyalty: The degree to which your customers are satisfied, engaged, and committed to your brand, as evidenced by repeat purchases and recommendations. You can measure brand loyalty using retention rate, churn rate, customer lifetime value, net promoter score, and referral rate.
Brand healthiness is all about performing regular check-ups
When starting, you may not have a benchmark to set your targets. You could use the initial results from your first periodic report as a baseline and then draw a linear line to determine the level of achievement for subsequent periods.
There are various tools available to track and improve your brand health, such as:
Brandwatch Consumer Intelligence: A platform that combines social media listening, digital consumer intelligence, and market research to provide insights into your brand's performance, sentiment, and trends.
Brand24: A tool that monitors online mentions of your brand across social media, blogs, news, forums, and other sources. It helps you measure brand awareness, reputation, reach, and engagement.
Talkwalker Analytics: A solution that analyzes online conversations about your brand and your competitors, providing metrics like share of voice, sentiment, themes, influencers, and demographics.
Qualtrics: A platform that helps you design and conduct surveys, polls, and feedback forms to collect data from your customers, employees, and stakeholders. It aids in measuring customer satisfaction, loyalty, and advocacy.
Some companies employ the Net Promoter Score (NPS), a widely used metric in customer experience programs. NPS measures customer loyalty by assessing their likelihood of recommending a particular business and comparing it to the primary competitor in the industry. It encompasses brand reputation and perception, as well as wider attributes like products, digital platforms, loyalty programs, and customer service, aligning with customer relationship management (CRM) components.
These are just a few examples of brand health tracking tools. I hope this information helps you gain a better understanding of brand health and how it can benefit your business in achieving your scorecard targets… and bigger bonus.
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