There are a million different ways to measure the health of your brand, some more accurate than others. We work with clients large and small. Part of my job is to listen to their pain points and understand their goals. Through the last several years, I kept hearing the same thing – for our Fortune 500 clients, there are too many unfocused measurements, too many conflicting factors, and too many barriers to understanding where they stand in the marketplace. For our smaller and mid-size clients, the major issue is access to the data. When you’re a publicly traded company or a household name, there is no limit to the number of success metrics you can leverage. But, what if you’re a successful mid-size company? What metrics are available to you?
After hearing the same core issue from clients large and small, the Discida team created the Discida Brand Health Score. Our score measures several factors that are key to the health of your brand. Let’s break down the elements of the Brand Health Score using the example of Target, Walmart, and Amazon. We surveyed primary shoppers who live in the United States and shop for household items weekly using a tried and tested battery of questions created by our team of data scientists
Performance is all about the strengths and weaknesses of 12 key brand attributes. These 12 attributes are customized to your industry and are grouped into what we call brand pillars – Trusted, Skilled, Likeable, and Valued. With these attributes, we answer the questions:
- Is your brand trusted by the target market?
- Does the target market view your brand as skilled in the industry?
- Is your brand likable?
- Is your brand valued by the target audience?
If you look at these metrics you can see that Amazon scores higher is most attributes with the exception of Superior Products, where Target takes the lead. These attributes give us a window into how the target market perceives each brand.
Recognition is more than just name recognition, instead, this metric focuses on the top-of-mind awareness the target market has for your brand. When we’re testing this metric we ask participants to list the brands they can think of in your industry. In our experience, this is a great way to understand if the market associates you with your offerings. For example, if I said, “Laundry Detergent” you might say “Tide.” In our retailer example, Walmart was mentioned unaided by 52% of the target market, with Target coming in 2nd at 40%.
Knowledge takes recognition one step further and measures how familiar your target audience is with your brand. This metric focuses on the target market’s depth of familiarity. To arrive at this metric, we ask participants to tell us how familiar they are with the brand. High top-of-mind recognition is great, but it only looks at one piece of brand equity. Our knowledge metric shows a true picture of how impactful your marketing efforts have been. In our experience, a knowledgeable market is the single greatest factor of a strong brand. It is also the easiest factor to improve – effective marketing campaigns and messaging are the key to a strong knowledge metric. When asked, our participants reported the strongest knowledge of Amazon at 84%, followed by Wal-Mart at 78%.
Loyalty seems to be that one metric that everyone talks about, but can’t really define what it means for the bottom line. For our metric, we look at more than just blind loyalty to a brand, instead, we also measure the level of consideration that a brand commands for the target audience. Our metric looks at layers of loyalty from base consideration – how likely is the target audience to at least consider your brand before competitors, to the likelihood that you’ll earn their business regardless of other mitigating factors. With our nationwide sample, Amazon earned the most Loyalty and consideration at 53%, followed by Wal-Mart at 39%.
Taking all of the metrics together we find the Amazon brand is the strongest at 54, Wal-Mart earns a 42, and Target is close behind with an overall score of 40. These scores strongly correlate with publicly available market information. But what do you do if your not a major industry leader and there is no industry research available for your brand? We created the Discida Brand Health Score to work for every brand from the smallest team to the largest Fortune 500.
We take all of the information we gather through our primary and quantitative survey and use a machine learning algorithm to generate a single numerical score that is easy to track and benchmark over time. While each component of our score is informative on its own, the final score is what makes our metric valuable. Your stakeholders, clients, and team members can gauge the health of your brand compared to competitors or past Discida Health Scores quickly and accurately.
Are you ready to score the health of your brand?
Also published on Medium.