In an age when people are particularly vocal regarding their thoughts on the internet, it is essential to keep your brand’s health in sight at all times in order to make a meaningful impact in the industry.
Whether it is electronic, print, or even other media, your branding should be stable and sustainable. In this article, we will discuss what brand health is, 17 important brand health metrics and how to measure it, and why it is an important factor to take into consideration in this digital age.
What is brand health?
Brand health is a set of measures that indicates how effective your advertising is at helping you achieve your objectives. Each statistic has a distinct purpose, yet they all come together to make your business a valuable asset.
There is no one-size-fits-all approach to brand health. Based on the company’s organizational objectives, brand health research might cover a variety of factors. All of them, nevertheless, are dependent on the customer’s experience with your goods and services and the reactions they evoke.
Brand health is defined in a variety of ways. Each has its own set of criteria and methodologies but they all converge to the very same conclusion. With that in mind, many businesses choose to analyze a few critical features when performing brand health research:
- Brand Recall
- Brand Positioning
- Brand Awareness
- Brand Loyalty
Why is brand health important?
You should not depend completely on consumer data to make decisions, and you should not depend exclusively on revenue figures to see what is successful and what is not.
A brand health survey will provide you with a wave of different data and insightful information that will enable you to expand your business, innovate, and compare your performance to your competition. In other terms, the wellness of your brand is important to the achievement of your business.
Measuring brand health can provide you with valuable marketing information. For example, you consider greater brand recognition to be a positive sign. Brand awareness, on the other hand, can be both beneficial and undesirable. Brand health identifies your company’s resources and flaws.
Establishing an all-encompassing picture of an organization or label, allowing it to make wise, lucrative informed decisions is the goal of brand health tracking. You will determine the strengths and weaknesses of your company.
Examine your brand health to see what is effective and what is not and for your branding plan. You may assess your brand’s overall quality. Discovering the state of your company’s health also allows you to evaluate its overall effectiveness.
Brand health tracking identifies what is keeping the brand from realizing its full potential. Apart from that, it also helps in creating a great opportunity to figure out where you stand in the market, see who your opponents are, and respond to your potential and existing consumers.
Additionally, a brand health check is a great method to figure out why consumers select you over your competition.
The 17 brand health metrics you should be measuring
Each statistic has its own significance and reflects a unique facet of brand health. It’s possible that your brand recognition is high, but your buy impulse is low. It’s possible that your consumers adore your business, but its overall reputation isn’t great.
You’ll never understand what’s harming and helping your revenue when it relates to marketing unless you look at each statistic attentively and compute the figures behind abstract ideas like “brand awareness” and “brand repute.”
1. Search Intent
The reason for a search query is known as search intent. To put it another way, why did those people conduct this search?
Do they wish to gain knowledge? Are they planning to buy something? Is it possible that they are seeking a certain website? The task entails determining what the consumer’s “intent” was while conducting each search.
2. Brand Association
A company’s mental association between your company and a notion, picture, sentiment, experience, individual, passion, or engagement is known as a brand association. This link can be instantly beneficial or unfavorable, and it also has a significant impact on purchasing choices.
Consider this: if your intended audience has a negative perception of your brand, there is a slight possibility they will choose it over your opponents. So, tracking this and taking an active effort to develop a positive brand association is crucial to your success.
3. Brand Preference
Brand preference refers to how likely a consumer chooses a certain brand’s goods over a rival company, and it plays an important role in brand equity. It is critical for organizations to monitor and review their preferred brand on a regular basis because it represents their promotion.
Brand preference is important for businesses wanting to gain repeat clients from their target demographic since it raises knowledge and helps them build a good image.
The Net Promoter Score (NPS) is a metric for determining a business’ customer loyalty, contentment, and excitement. It is derived by asking consumers one question: On a scale of 0 to 10, how likely are you to suggest this product or company to a partner or friend?
Average NPS scores assist businesses in improving the quality of service, service and support, deliveries, and other aspects of their operations in order to boost brand loyalty.
5. Prompted Brand Record
The percentage of people who report having seen something (e.g., a company or an advertisement) after being presented with some type of stimulus substance is called Prompted Awareness (also known as Aided Awareness). Therefore, if the purpose is to identify existing brand and product awareness, stimulation is not being used.
6. Purchase Behavior
Consumer Buying Behavior describes the activities performed by customers before purchasing goods or services (both online and offline). This may entail using search engines, responding to social media comments, or taking a multitude of other steps.
Understanding this approach is beneficial to organizations because it allows them to customize and organize their advertising strategies to previous marketing initiatives, which have effectively encouraged people to consume.
7. Unprompted Brand Recall
When pushed to think about your sector, unprompted brand recall is a metric of how many folks think about your company. For the most well-known brands, unprompted brand recall is a good measurement. Even if you are a long way off now, it is worthwhile aiming for unprompted brand recall.
8. Brand Recognition
Brand awareness refers to how well your target demographic recognizes and is familiar with the company. ‘Going viral,’ ‘headline grabbing,’ or simply ‘popular’ are terms used to describe businesses with a high level of brand recognition. When it comes to selling and branding your company’s products and services, particularly in the early phases of a firm, having a strong brand is crucial.
9. Time Spent on the Website
Isn’t it always exciting to see an increase in website visitors caused by social recommendations or a fresh SEO upgrade? However, until those new customers stay on your webpage for an extended period of time, it isn’t that fantastic. The industry norm for a roughly estimated engagement length is 2 to 3 minutes.
10. Brand Score
This measure may be unfamiliar to most new marketers or brand owners, but it is a crucial one to measure. Your brand score will be determined by the brand tracking systems you employ and will be a numerical expression of your company’s health.
Nevertheless, not all brand monitoring systems are created equal, and the methods for calculating scores range from one tool to the next. Anyhow, these rankings are helpful in determining the total health of your business.
11. Social Listening
The technique of finding and analyzing what has been said about a business, people, commodity, or branding on the web is known as social listening (sometimes known as social media listening).
Huge quantities of unorganized data are generated by internet discussions. Customers want to publicize the companies they appreciate, so you can be sure that people who really like your items will likely communicate their enthusiasm on social media sites like Twitter, Instagram, and LinkedIn.
To stay on top of your social listening strategy, it is crucial to make use of a tool like Radarr to track the data and gain organized insights that you can use to nurture your brand on the path to success.
12. Brand Consideration
Even if a buyer is familiar with the company, there is no assurance that they will buy something exclusively from you. And that is where brand awareness comes into play.
Customers do not buy from all of the companies they are familiar with. They may buy some while consciously avoiding others.
As a result, evaluation investigates whether people may consider buying a product they are familiar with. A subgroup of those who are familiar with a brand is evaluated as those who would decide to purchase it.
13. Brand Loyalty
Customers’ positive correlations with a company or service are referred to as brand loyalty. Consumers that show brand loyalty are committed to goods or services, as seen by their repurchase intention despite attempts by rivals to entice them away.
You will know from first-hand experience that people’s perceptions change all the time. This does, nevertheless, imply that customers ’ perceptions of your brand may develop over time. But do not fret; this is something that could be directly measured.
The best way to do this is to stay on top of the opinions surrounding your brand on public platforms. In case you start getting wind of a negative tone, proactively work on it and work on bettering the customer’s experience.
15. Return Visitors
Return visitors are vital for any web page since they indicate how effective your marketing techniques are, who your regular consumers are, and how dominant your business is. Consumers who return are also more inclined to make transactions.
First-time customers are not always ready to make a purchase; they are just looking to learn more about your company. If they like what they see, they should come back at a later time to buy a product.
16. Brand Delivery
This involves giving consumers exactly what they want. Reliability is among the most crucial aspects of brand delivery. Make frequent references to your business principles and objectives to ensure that you are conveying them correctly each time. You will form an emotional connection and devotion with your consumers if your brand has a distinct personality and a largely consistent set of qualities.
17. Share of Voice
Share of voice is calculated by comparing your brand’s social media buzz to other competing brands. To calculate the share of voice, all you need to do is set up an alert in Radarr and choose what you wish to track. Once the data is collected and analyzed, it’ll show you how many conversations there were during a specific time and who performed better.
Each statistic has its own significance and reflects a unique facet of brand health. It is possible that your brand recognition is high, but your buy impulse is low. It is also possible that your consumers adore your business, but its overall reputation is not great. You will never understand what’s harming and helping your revenue when it relates to marketing unless you look at each statistic attentively and analyze the figures behind abstract ideas like “brand awareness” and “brand repute”.
A good reputation is an essential component of a successful brand or business. The power of your identity and its potential to develop loyalty in the conversations of your customers is more important than the revenue your brand starts making initially.
Failure to develop a solid, healthy brand can hinder a company’s ability to sell, attract and hire great employees, and grow their customer base. Measuring brand health takes into account a lot of aspects, as mentioned above. To trace each one of them manually is next to impossible. But that doesn’t mean it can’t be done!
Ready to monitor your brand health? Book a demo of Radarr today.