How do you know if your brand is healthy? Through brand tracking studies you’re able take into account the following measures: brand awareness, brand relevance, benefit believability, brand loyalty and brand associations.
From a marketing standpoint, successful brands are top-of-mind in their industry and therefore stand apart from the competition. A strong brand transcends categories through customer loyalty and builds a fan base eager to explore innovations from the brand they love. From a financial standpoint, an indicator of strong branding is the ability to price at a premium compared to competitors and still gain an increase in sales or demand lower costs from suppliers to more effectively price based on your business model.
Above all, your brand is a living entity; it needs constant nourishment and care to thrive, or else brand health will suffer. When a company hits peak brand health, it can be invincible and timeless. Even if a product reaches the end of its lifecycle, a strong brand can apply to a new offering and transcend that lifecycle. To build brand health, you need to continually monitor your brand and make sure it is connecting its value to your audience.
Not sure where to start? Our insights on brand health tracking will tell you everything you need to know.
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Consumers are demanding brands that are authentic, compelling and unique. Developing a brand ecosystem is your key to success.