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Unlocking Competitive Edge: Five Compelling Reasons to Embrace Brand Health Tracking

Published on Apr 03, 2024 by Meghan Bertig

Executing consistent, in-depth research over time provides brands with valuable insights into their overall performance.

Brand Health Tracking, usually conducted for at least a year or longer, measures crucial aspects of performance such as brand awareness, perception, preference, and purchase intent. Brand Health tracking differs from satisfaction tracking by understanding how well a company performs against the promises made to its customers versus how well the people/technology perform for its customers.  Brand Health Tracking pinpoints fluctuations and changes that may be occurring over time and allows brands to create strategic responses to change. The following breaks down the top five reasons why Brand Health Tracking provides a competitive advantage.

Brand Tracking Blog Post

1. Comprehensive Insights Across Competition

Brand Health Tracking unveils trends not only for your brand but also for competitors, making it an invaluable tool for understanding the market landscape. Conducted as an unbranded study, this approach ensures unbiased responses, allowing respondents to provide honest opinions about each brand.

  • Example: Socratic Technologies manages Brand Health Tracking for a large company in the packaged goods industry. In this study, Brand Health Tracking identifies how their brand perceptions differ between users of their products and users who choose other products in the same category. From this, our partner can identify competition that may prevent current users from repurchasing their brand as well as identify which brands dominate in segments of consumers they have not yet reached.

2. Brand Funnel Metrics

Track both unaided and aided awareness, consideration, preference, and purchase intent to calculate the Brand Power Rating (BPR) for your brand and others. These metrics quantify performance and show where brands have their strengths and weaknesses.

  • Example: Brand Health Tracking might uncover a scenario where a brand has high values for purchase intent but comparatively low unaided awareness. This implies that consumers with prior experience tend to have positive perceptions. However, the brand is not yet well-known in the market, indicating the necessity to increase marketing, communication or distribution/product placement efforts to enhance overall awareness.

3. Seasonal Variations

Uncover how consumer preference changes over time by considering factors such as seasonal variations, promotional efforts, and major natural and man-made disasters. Brand Health Tracking provides comprehensive coverage by analyzing impacts of variables that impact the marketplace.

  • Example: In the packaged goods, Brand Health Tracker, brand fluctuations tend to occur around the winter season since their product is in high demand during that time. By identifying where increases and decreases in brand metrics occur during this time of year, our client can adjust their messaging to appeal to different usage case scenarios.

4. Risk Management

Brand Health Tracking unveils where potential increases and decreases in performance occur. It provides an understanding of how a market can change with fluctuations in types of competition and helps brands manage the impact of competitors entering the market. By understanding when and why your brand increases in performance, a brand can implement similar efforts throughout the lower times of the year. Understanding where decreases in performance occur allows brands to implement risk management with a better understanding of what exactly is going wrong and how to fix it.

  • Example: Our partner in the packaged goods industry uses their Brand Health Tracker to identify the exact time new competitors/products enter the marketplace and can quickly determine their impact on their brand.  Metrics like awareness, consideration, purchase intent, favorability, loyalty, etc. help a brand understand which new entrants present a risk to their brand’s success.

5. Strategic Decision-Making

Brand Health Tracking equips brands with in-depth knowledge of their own standing and that of competitors, paving the way for informed strategic decisions. Quantitative metrics produced from Brand Health studies can be leveraged to gain a competitive edge in your business model.

  • Example: Brands can use tracker results to refine marketing and sales campaigns, launch new products, enter new markets, improve customer experience, and make other informed decisions to drive business growth.

Know your brand, know your competition, and know your marketplace. Brand Health Tracking allows brands to make strategic decisions to their business model and gain a competitive advantage. For more information, visit https://www.sotech.com/brand-health-tracking

Meghan Bertig, Senior Analyst at Socratic Technologies, is deeply committed to unraveling consumer insights and deciphering market trends. With a deep-seated passion for both research and marketing, she thrives on crafting data-driven strategies that empower businesses to make informed decisions. Her expertise lies in not only conducting thorough research but also in effectively facilitating projects, ensuring seamless collaboration and implementation of strategies.

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