There’s no doubt that agile brand health tracking is becoming increasingly popular in the marketing world. After all, who wouldn’t want to be able to track their brand’s performance in real-time and take immediate action to improve it? But it can be challenging to maintain brand loyalty in a world where consumer preferences are constantly changing.
Customers today expect more from the brands they’re buying from, and companies are at the risk of losing customers if their needs aren’t met. So much so that 71% of consumers worldwide have switched brands at least once over the past year. It’s crucial now more than ever to have a brand health tracker to keep on top of your brand’s health.
Tracking and monitoring brand health metrics and enhancing your strategy through that will set your company up for success. In this article, explore what brand health tracking is all about, why it’s important, and how your brand can benefit.
What Is Brand Health Tracking?
Brand health tracking is a market research methodology that is used to evaluate the effectiveness and perception of a brand. It can help you understand how your brand is performing in the market, how you stack up against your competitors, and how your audience thinks of you.
Brand awareness, brand equity, and brand reputation are just some of the elements that contribute to a company’s overall brand health. Ultimately, it’s a critical business tool that impacts the decisions in sales, marketing, and strategy.
How Brand Health Tracking Is Usually Done
Most companies deal with legacy brand health trackers that are costly and inefficient, and the world moves too fast for the trackers to pick up data that would help companies stay on top. Legacy brand health tracking processes are typically run annually and produce hundreds of pages of data. Take a look at how brand health tracking has been done so far:
- Companies are using brand tracking on an annual or quarterly basis
As mentioned above, brand trackers are used to measure brand awareness and perception to inform the allocation of marketing mix, product priorities, and critical strategic decisions. The best practice for most companies today is to measure brand health annually as a part of annual reviews.
- Investment on time and money
Brand trackers are a significant time and cost investment. It involves multiple internal stakeholders and external stakeholders if using a partner or vendor. The process of finding the right sample, surveying, and gathering results is time-consuming. It’s also one of the most expensive trackers a company could have and remains one of the most critical for business transformation.
- Exhaustive reporting and deliverables
One of the reasons brand trackers are one of the most important research endeavors is the thoroughness and holistic overview it provides companies. Reporting can be between 50 to 100 slides depending on how robust it is, detailing metrics for conversion funnel, market trends, key audience satisfaction, and product drivers.
But there is a better way to monitor and assess brand health with Fuel Cycle’s Agile Brand Health Tracker.
Making A Case For A Better And More Agile Brand Health Tracker
For insights on brand health, Brand Health Tracker by Fuel Cycle turns brand tracking from an annual exercise into an automatic monthly system. Here’s how Fuel Cycle’s Agile Brand Health Tracker differs from legacy brand trackers:
1. Differentiated approach
To make brand tracking continuous, Fuel Cycle created an innovation called Essentials and Deep Dive modeling. The Essentials model increases the frequency of brand tracking to monthly, while the Deep Dive model maintains the robustness expected of annual trackers.
2. Faster action
The secret to faster decision-making is faster tracking. In moving from annual to monthly monitoring, Fuel Cycle enables companies to know what matters at that moment. Advanced analytics call out significant differences and provide direct recommendations to action.
3. Cost efficient
Brand tracking is often an annual event because of cost and resource restraints. It takes time and money to deliver over a hundred-page slide deck. In practice, that information loses meaning over time and overloads executives with data. The Essentials and Deep Dive model makes this process cost-effective.
4. Capture any audience
Unlike other companies that only recruit samples once a year, Fuel Cycle captures audiences monthly. With access to millions of respondents, clients are enabled to respond more effectively.
5. Advanced analytics
Fuel Cycle’s Agile Brand Health Tracker is more intelligent with advanced analytics and with a key drivers analysis to identify attributes that should be enhanced to gain market share.
Wrap Up
The continually shifting economic and technological landscape has significantly influenced consumer behaviors and purchasing patterns. To keep a pulse on your brand’s performance and remain agile, Fuel Cycle’s highly customizable Agile Brand Health Tracker will help you take your company to the next level.
A single brand tool with a comprehensive view of your brand analytics makes it possible for stakeholders to turn insights into better business decisions. Speak to an expert today.
