As we move further into the new age of marketing 5:0, on-demand & real-time-based brand health tracking has become vital.
Renowned marketing author Philip Kotler goes on to explain:
“Marketing 5.0, by definition, is the application of human-mimicking technologies to create, communicate, deliver, and enhance value across the customer journey. One of the critical themes in Marketing 5.0 is what we call the next tech, which is a group of technologies that aim to emulate the capabilities of human marketers …
… AI has been developed to replicate human cognitive abilities, especially to learn from unstructured customer data and discover insights that might be beneficial for marketers.”
We all know that in order to stay ahead of the competition, it is essential to understand how your customers view your brand and what associations they make with it. Arguably, only by tracking brand health can you hope to maintain a strong foothold in today’s market. In this article, we will discuss the basics of brand health tracking and how it can help your business succeed.
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What is brand health tracking?
Brand health tracking is the ongoing research into the performance of a company’s branding efforts. It measures consumers’ awareness and associations with a brand; and frequently tries to model the relationship between these perceptions and ‘hard’ measure of sales, usage and market performance.
In order to track brand health, businesses need to answer three key questions:
- How well is our brand currently doing?
- How do we compare to our competitors?
- What changes do we need to make in order to improve our brand health?
There are many different methods that can be used to track brand health. However, with the advent of new technologies, brand tracking has become much more sophisticated and now includes everything from social media monitoring to brand sentiment analysis. Combined with first-party data collection and AI-driven customer segmentation, (i.e. direct consumer responses), technology providers such as insiTEQ offer unparalleled market research solutions that enable brand owners to track their performance in real time.
Marketing management frameworks
Over the past decades, many marketing management frameworks have been developed and used by marketing managers, research practitioners, and brand owners all over the globe. Most of us have heard of AIDA, Porter’s five forces, SWOT analysis, etc. However, these models were developed in the last century. That’s right. The time when there was no Internet as we know it now. There was no YouTube, no Instagram, not even TikTok!
So just like one may find it preposterous to bring a cassette to the next friend’s dinner party, it may be argued that the marketing research models developed in the last century render themselves inadequate for addressing market research needs of the new age of marketing and brand tracking … especially, when we buy and consume products and services in the digital world.
On the other hand, newly developed market research frameworks can, if not replace, but certainly aid the “old school” ones. One interesting framework is called the 5A’s and it’s been recently proposed by none other than Philip Kotler.
The 5A’s encompasses all the touchpoints customers might have with the product: brand communications, retail experience, salesforce interaction, product usage, customer service, and conversations with other customers. Companies must orchestrate all these touchpoints to deliver a seamless CX that is meaningful and memorable for the customers.
“CX is one of the primary drivers of business results. One. third of connected customers are willing to pay more for a great CX, according to a Salesforce survey. A PwC study also found that almost three out of four customers say that a great CX will make them stay loyal. And customers would pay a price premium of up to 16% for a better CX.”
Here at insiTEQ we get inspired by new technologies coupled with the advancements in market research academic body of knowledge. This is why we build marketing research technologies that address current consumer trends and market phenomena. Our newly introduced solution “Brand Health Tracking and Management” offers exactly that. Built using the latest web technologies and powered by most modern market research frameworks, our Brand Health Tracker assists businesses in keeping their brand ahead of time!
Why is brand health tracking important?
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