Anyone who has worked for an organization long enough develops a very good sense of where it shines and where it could use improvement. This instinct often guides marketing efforts and determines where to invest resources. People trust their gut – and let’s face it – devoting the time and expense of traditional brand health measurement prior to deploying a strategy is very often untenable. Confirming beliefs about brand health with primary target audience research is pricey, often takes many weeks (if not months), and the results can be incredibly nuanced and complex. Marketers (and the leaders they report to) are often left with more questions than answers.
For many companies, assumptions about brand health have become “good enough.” But, that’s about to change.
For a long time, primary market research was a domain occupied only by businesses with the deepest marketing resources. We’re seeking to change that at Discida. Strategic marketers at businesses both large and small know that measuring, testing and benchmarking brand attributes with target audience members is critical to understanding if and how your marketing efforts are having an impact. So, we’re helping them afford it – from cost, time and simplicity standpoints. We’re doing it through the Discida Brand Health Score, one simple unbiased metric that communicates the effectiveness of your marketing strategies.
Measuring Brand Performance in the Marketplace
Among the four brand metrics analyzed in a Brand Health Score study is performance. Designed to help marketers gain a clear window into the minds of their target audience, the performance measurement looks at the strength and weaknesses of 9-12 key brand attributes.
Our clients define exactly who they see as the target market, and we implement a battery-tested questionnaire customized for your industry. It gives you insights into four key pillars of your brand’s performance with a high degree of confidence. We analyze things like:
- Is your brand trusted by the target market? Audience members need to believe that you will deliver on your promises.
- Does the target market view your brand as skilled in the industry? Your targets should view you as capable of meeting or exceeding their expectations.
- Is your brand likable? More and more, customers want more than a company that meets their needs. They want to do business with a company they like and feel good about working with.
- Is your brand valued by the target audience? If your offering isn’t the least expensive, will customers still choose you because they believe you add value?
Understanding Your Competitive Position
It can be particularly beneficial to obtain a Brand Health Score before and after significant marketing efforts to measure the actual impact on the minds of your intended targets.
Marketers, both client- and agency-side, find even further value when they use the Brand Health Score to develop a greater understanding of how target audiences view competing brands. That’s right – you can get a score not just for your brand – but any brand. So, you can measure your own strengths and weaknesses, and then determine how it positions you relative to competitors.
Discida is currently working with Bank Iowa, a statewide community bank, doing just that. With the goal to first assess their market position, the chief marketing officer and his agency, Lessing Flynn, will then determine the best strategic opportunities to gain ground against other financial institutions available to Iowans. Gut instinct tells the team they have to do work to attract younger, digital-native banking customers. The Brand Health Score will not only help them confirm this assumption, but it will also identify competitors who are doing both great and not-so-great jobs in this area as well. The Brand Health Score will show them how far they need to go to catch up if necessary – and where to go to begin gaining more market share among Millennials and other segments of the state’s younger population.
Even if you think you know where your brand stands, now might be a great time to put those instincts to a real-world test. Start your Brand Health Score today.
Also published on Medium.