As a healthy body helps flourish healthy relationships and provides great productivity and endurance to enjoy life, brand health indicates how perfectly a brand sets itself in a place it expects.
On the converse, negative brand health badly affects its whole operations, restricts itself from reaching customer's inner real estate, and pushes itself toward long-term demolition.
Today's branding and marketing era gives adequate importance to digital marketing, thanks to digital marketers for making the branding efforts effortless. But, all of the branding campaigns can go useless if brand health measurements stay unchecked.
Let's have a detailed discussion about brand health, its importance towards a long-term intact brand image, and the important measurements of brand health. In less than 5 minutes, this perfect brand health guide will make you clear about your brand health.
Brand Health - The Indicator Of Long-Term Brand Sustenance
That's right; perfect brand health is the waymaker of long-term sustenance in people's minds and industry. Let's under a simple precision of brand health.
Brand health is least sensitive to your net sales, revenue, or profit; it only resembles people's thoughts about your brand. Perfect branding always pushes the whole organization towards betterment and bursts away most of the obstacles. Branding helps organizations to set goals and achieve the same without many problems.
If you've implanted the right and aligned thought in your audience's mind, you're enjoying perfect brand health. If not, then you require proper guidance over your brand health treatment.
Here's the thing that reflects a brand's perfect health.
A company's share price is a great indicator of brand health. If you've found a brand's market share price is growing in the same range over a long time, then you're watching a perfect brand's health share.
Share market geeks often measure a company's growth with metrics like PE (Price-Earning) ratio, PEG (Price/Earnings to Growth) ratio, CAGR (Compound Annual Growth Rate), and more.
Intrinsic share price stays the same and changes over financial years, based on the growth or shrinking of a company. Companies with constant upgrowing share prices surely indicate the good health of branding.
Because branding influences customers' purchasing power and the practical economic value of a product or service, good branding brings positive affirmations to customers' minds.
The share price is surely a good indicator that reflects the marginal outcome of a brand health guide.
A perfect brand always puts valuable effort into registering an entire state in people's subconscious minds. There are ample examples of brands with a strong presence in people's subconscious - Pepsi, Coca-Cola, and Cadbury with countless brands on the list.
People ask for either Pepsi or Coca-Cola, not for carbonated flavored drinks, Daily Milk, not for chocolate, and so forth.
If a brand's name becomes synonymous with that product, it's a good brand enjoying perfect brand health. These brands probably relish market monopoly, with very little chance for new companies to enter the market and become strong brands. So, any perfect brand health guide must always emphasize increasing this factor for brands.
Maintaining a robust social reputation comes under popular practices of effective branding. A good reputation in the market helps increase bottom line sales, loyalty, and confidence in the customer's mind.
Working on a brand's reputation is not hard in today's virtual world. Social media channels, Facebook, Instagram, and Youtube, have made things easier.
Brands like Nike and Amazon have great teams to quench customer queries and celebrate their achievements with customers. Consequently, people and brands find no hesitation to rebuy and remarket.
These factors help measure the tangible outcomes of something intangible, like a brand's health or customer satisfaction. A brand health guide should focus on these factors for the results of implementing the efforts.
Above talking should explain the importance and indicator of a brand's perfect health. Now, let's know some helpful brand health indicators to understand the brain game easily. These metrics will help any brand to measure and analyze its SWOT (Strength-Weakness-Opportunity-Threat) factors and improve its performance based on the outcome.
The fundamental of any brand health guide is building brand awareness. Provoking awareness is a newcomer brand's foremost goal and responsibility to start building perception in people's minds. The latter is selective attentiveness through various marketing efforts, which miraculously brings leads and customers for brands.
A successful brand always has its customer base, who are fully aware of its brand's product or service and its operations.
Social media mentions, website visits, reviews, referrals, and ad impressions are a few metrics to understand, inspect and improve your brand awareness.
Bounce rate is one of the variable factors which is highly sensitive to a brand's perception. Since the digital revolution has spread over the branding genre, having a strong brand has become similar to having a strong website.
Your website should reflect your brand's perception, with balanced website elements and performance to gather the audience's likelihood.
A high bounce rate directly indicates a website's fault in satisfying audiences, and the opposite is also true. So, this brand health guide suggests you make a unique website and track bounce rate.
Understanding the motives behind people searching for your product or services is important. That's what search intention is all about.
Look for keywords people are searching to reach your website. Keywords will understand a lot about your brand's health, how people perceive your brand, how well people know about your service, what percentage of your target audience knows everything about your brand, etc.
Don't indulge only in your branding effort; keep a keen eye over your competitor's actions. How do your competitors make branding efforts, and how do they strategize their logo, product distribution, and marketing efforts, you should look at these factors.
Tools like Similarweb can help you out there to track your competitors. Overall, this factor is a great brand health guide to consider.
Social Listening and Reaction
Social listening is the process of having an eye over the whole social media picture. Means positive and negative reviews about brand, product, or services, customer feedback through various social media channels, and reflecting, commenting, and acting on them.
Social listening spreads very fast and helps build a brand's perception. Quora, Youtube, Facebook, and various social media channels regularly get full of customer satisfaction, delight, frustrations, and anger.
Looking over them through social media tools provided by Facebook, Google, and Youtube is very helpful to work as a brand health guide, providing valuable insights to build a healthy brand.
Customer's Purchase Behavior
Brand building isn't possible with the right kind of product or service. Moreover, products or services only matter when people know and find out why to use your brand's product.
Though brands operate with a vision of why customers should use them, customers can have different opinions, likes, and dislikes. So, knowing why your customers are buying your products or services is important.
Online purchases are easy to track; offline purchases can be tracked with little effort. These brand health guide metrics will help you to figure out the obstacles in your sales funnel and move them out.
These metrics are heavily based on your product's expected life cycle and product cycle. Remarketing is the effort to bring back your customer to your brand and engage them to take the previous action.
Remarketing efforts can be made with PPC ads, and Google Analytics tracks customer impressions. The main thing is to look at customers' behavior. Are they getting back to you or engaging with your competitors?
These brand health guide metrics can easily help you track your brand health and diagnose the requirements you need to add to your branding effort.