Being able to measure how healthy your brand is, is vital to a company’s success and decision-making process. However, there is a whole variety of brand health metrics, each with its own advantages. In this article, we will look at how different types of products are differently suited to a few different types of metrics that help measure your brand.
If your brand is nationally or internationally well known, something like unprompted brand recall can be a good metric to use. The reason for this is due to how consumers are asked only to name a brand within a given area. If your brand is mentioned a high amount, you know that the brand awareness is on track for a company of your stature.
A smaller brand may prefer to use the preference in category technique. Unlike unprompted brand recall, this technique gives a list of brands in a certain category. Depending on what type of information is more important, the question might ask which of these brands a consumer has heard of, or brands a consumer would be willing to purchase from. This will show you very quickly where your brand stands compared to competitors. While if you are a smaller company trying to enter a market dominated by big brands, this technique can reveal how well your market penetration is performing.
No matter what size your business is, if it is a low-cost product you produce, it relies heavily on a high-level of repurchasing. Brand health in these categories can be best measured by purchase intent. This shows how willing a consumer is to purchase/repurchase a brand. If this is high, then you know when it comes to a snap decision of what product to buy in a low-cost category, your brand will be at the forefront of a consumer’s mind. A high brand recall score can also be a good indicator of a healthy brand for a product that relies on impulse purchasing.
Finally, if you want to find out the direct influence a brand has, away from the product itself, brand uplift is the most useful metric. This is when a consumer is shown two identical products, one branded and the other unbranded. This type of information can be useful if you know that your brand is often in direct competition with own-brand products, or other cheaper brands.
