If your brand isn’t healthy, neither is your business.
Starting a business, and creating and establishing a brand, no matter how big or small is a huge achievement on its own. To stay top of mind however, best brands, just like best businesses must evolve and adapt over time. In today’s fast-paced environment no business can afford to rest on its laurels. Essentially what brand is is a perception in consumers’ minds, and when that presence is strong it can command the price and therefore the market.
Reuters reports that 82% of investors consider a brand’s strength and recognition when making investment decisions.
WHAT IS BRAND HEALTH?
Going back and checking if the perception of your brand reflects how your business is currently positioned every so often is crucial for success. It’s imperative when working on a product launch, entering a new market, or considering going strong against a competitor. No matter which stage of growth your business is at, it is safe to say that an established brand presence is one thing that has the power to sky-rocket sales, and that is something worth your attention. There are numerous definitions of brand health, but they all boil down to the following:
Brand health is a measure of how effective your brand identity is in supporting your business.
HOW TO MEASURE BRAND HEALTH?
Conducting a brand health check is essentially about getting the full picture of your brand, and finding ways to use this insight to your advantage. It highlights how consistent your brand image is, how you connect with consumers, and where the brand stands in the market and differentiates from direct competitors. Brand health can be measured in a number of ways, including brand awareness and brand positioning, brand reputation, brand equity, and brand delivery.
Each aspect of brand health is important on its own, and while the effort of maintaining a strong brand presence might seem like a chore, it’s essential to keep an eye on the image your brand portrays as a whole. When being deeply invested in the project, we often tend to focus on all the minor details. As important as they are to provide consumers with the best possible product and customer experience, so is taking a step back to make sure your brand identity is doing its best to support your business.
WHAT IS A BRAND HEALTH CHECK?
Brand health check shows you where the brand stands in the competitive field and provides a full understanding of the drivers of brand strength and equity. Knowing where your strengths lie and what your brand’s weakest points help identify new opportunities for growth. If you’re oblivious to your competitors and ignoring consumer trends, you might as well give up altogether. It might sound harsh but the health of your brand doesn’t impact just consumer awareness but your bottom line, too. The more you invest in maintaining your brand image healthy and strong, the more your brand will start doing the work for you, putting you top of mind for consumers in any market.
Brand health directly affects your ability to sell, to attract investors and partners, to recruit the best employees, and essentially, to grow.
DOES MY BUSINESS NEED A BRAND HEALTH CHECK?
Tracking performance is essential in business. It helps us evaluate our previous efforts and pinpoint areas that need improvement. Conducting a thorough brand health check serves as a foundation to align your future strategy and tactics with your goals and identify the easiest, most effective way of getting there.
Metrics are an integral part of the brand strategy process.
The stronger and more frequent your brand is mentioned organically, the more likely it is that your brand will generate demand and, in some cases, possibly attract the attention of some the of big players within your field for merger or acquisition.
Source: tribedynamics.com
Brand health check identifies consumer trends and provides a comprehensive understanding of your target audience. By knowing your customers’ habits, it’s easier to predict their eventual behaviour and consequently your performance within the market. Your brand is the first thing potential consumers notice when considering a purchase. It’s more than a logo, or a name. A brand health check looks at all the relevant aspects of your brand crucial for development, alongside reference points for improvement.
Are you a young growing beauty or lifestyle brand in need of support with maximizing your sales revenues? Sometimes it takes an outside view to spot the things your missing. Sign up for a FREE brand health check today and grow your business.
MABE’s brand development consultancy services support new and developing beauty and lifestyle brands with sustainable content creation, brand messaging, values and culture, social influencer marketing, and recruitment outreach in addition to promoting a brand’s efforts in reaching new audiences.
