To understand your brand and measure its success, you must consistently conduct research with the most relevant stakeholders. 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 to 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 its health will suffer. A brand at peak health 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.
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