Published Jan 27, 2021
Debbie Senior, VP, Product Automation
As seen in the Greenbook GRIT Insights Practice report
It’s a new year, the perfect time to resolve to build your brand’s health, the best way to ensure your brand’s survival into the next year and well beyond. Brands that don’t remain relevant, innovate or add value to consumers’ lives could literally disappear, to be speedily replaced by brands that have secured their place in the marketplace.
If you want to remain top-of-mind in the marketplace, you need to be constantly monitoring your brand’s vital signs and taking immediate steps to repair any weaknesses that could impact future brand performance.
The First Step is Recognition
Vigilant brand marketers and C-level executives in every industry have begun to recognize the key role brand health plays in their company health. According to a recent Gartner poll, 33 percent of CMOs cite building brand strategy as their most vital competency, a dramatic move upward from the near bottom of the list in prior years.
These marketers have realized that a healthy brand is central to a company’s performance, driving higher levels of buyer consideration, recommendation, and trust. Most importantly, a healthy and vibrant brand impacts overall corporate health by boosting company value and reputation.
But, some companies are actually abandoning brand tracking programs that they fear are not delivering sufficient ROI. Here’s why some marketers are taking this drastic step, when an ultra-competitive marketplace demands constant brand monitoring.
Many Tracking Programs Stuck in the Past
Too many tracking programs have failed to keep pace with an ever-evolving marketplace. This is because traditional brand models are based on measuring current and past success rather than determining whether or not the brand has the vitality and momentum to move forward and ensure continued success. These programs measure awareness, familiarity, consideration, and usage, creating a one-way, linear framework which worked perfectly in an age where messages were pushed through mass media and communication was one way. Those days are gone.
A New Brand Tracking Model to Plan for the Future
It almost goes without saying that today’s market has been completely transformed. Consumers have constantly increasing influence on the market, asserting more control on brands than ever before. This trend is certain to escalate, giving consumers even more powerful tools to exert pressure on brands. Technology disruption continues to blur the boundaries between brands and consumers, as these new approaches fill the market.
A completely new model for capturing brand insights is necessary to respond effectively to this new dynamic. It must:
Only a model with these capabilities will enable brands to grow with consumers. Delivered as an online platform with automated solutions, this model enables faster, cost-effective brand insights using structured equation modelling to apply the pillar scores and overall score in real-time. This is an entirely new way of monitoring brand health and making complex content simpler and more actionable.
This is the ideal tool to deal with the consumer-dominated marketplace, ensuring brand health now and well into the future. Transitioning into this model is the perfect way to ring in the new year on a high note for your brand and business health.