The status, awareness, and recognition of your brand always have a significant impact on your day to day process. Whether you are planning for a trip to the Maldives, purchasing your favorite burger, buying tickets to watch a movie, or just picking up daily grocery items from the local store, brand plays a vital role in everything you do with a product or service. From word of mouth to TV ads, many things together build a brand. The need of the hour is that the businesses should start focusing on measuring the status of their brand. This is also known as brand health tracking.
In the past, brand health was confined to qualitative endeavors, but things have changed now. From using different modes of research to making focus groups, different measures are being adopted by businesses to measure brand health. All these measures are still important for tracking brand health but now businesses are adopting a more quantitative endeavor for measuring brand health.
Following are the KPIs that will help you know how well your brand is performing in the market currently.
The intent of the search
Most of the businesses are not aware of the fact their organic search data contains vital information about brand health. You don’t need to spend a fortune in analyzing the organic search to know the status of your brand. Just use free tools like Google Search Console and get a list of top terms people are using to reach your website. This analysis will help you in knowing some important things like how people are searching for help related to your service or product? What is the level of consumer awareness for your product or service? Whether people are able to find your website or not?
In the current era, the importance of influencers has increased by many folds. From well established businesses to small firms, everyone is using influencers to improve their brand health. Many companies are working with multiple influencers in order to know which one will be more useful for their business. But for brand health analysis, you will need to get regular feedback from influencers. By partnering with influencers, you will not only improve your brand awareness but you will also work towards making your brand trustworthy.
Focus group and Surveys
The quantitative endeavor of brand health is very relevant and that’s why you can’t ignore it. You can use both focus groups and different types of detailed surveys in order to know the exact answers of questions related to awareness and sentiments. In addition to this, you can also use aggregated customer feedback through email and social platforms for knowing how to improve the experience of your product or service.
Share of Voice and Market Share
By using these two KPIs, you will come to know your ownership of the market in comparison to other players of the industry. You can know your ownership of the market through sales trend data and distribution depletion reporting. You can also bring in your eCommerce established system in order to know your ownership and measure the level of awareness in comparison to your competitors.
In the current era, brand health analysis is not limited to rear-view mirror qualitative data. The modern day businesses have now pushed brand health analysis to real-time living metrics that you can easily track with your growth. All the KPIs mentioned in this blog post are very useful and you should include them all in your brand health analysis.