As a company owner, your days are probably hectic. You might have staff meetings, investor meetings, inventory checks, and dozens of other chores. No day is exactly the same since each one comes with new challenges.
While you do all that you can to help your company succeed, you also need to keep track of its overall health. But how can you do that? It’s probably going to take more than a quarterly board meeting.
This is where brand health trackers come in. If you’ve never heard of these tools before, this article is where you can learn all about them.
What Exactly is a Brand Health Tracker?
If you’ve ever heard terms like “automated brand health” before, that probably means you’re trying to come up with ways to monitor how your company is performing. Many metrics allow you to do that.
Obviously, sales are the most prominent one. Whatever service you provide or items you sell, if you’re selling them at a pace that works for you, you’re going to feel good about how the company is doing.
Beyond that, you also need to look at things like social media brand mentions. You should keep track of how well your products are doing in the market vs. your competitors. You might want to know how many awards you’re getting or how much traffic your website generates.
A brand health tracker is a tool that lets you do all of these things much easier. Basically, they are software suites that let you use advanced analytics to determine how well your brand and company are doing based on all the metrics we just described, but also plenty of other ones.
Assessing Brand Vitality
You usually rent these services on a monthly basis using the software as a service business model, or SaaS. You pay a fee so you can access an entire list of analytics-based services. The one you want should be easy to use and understand since it won’t do you much good if it has poor UX.
You can use these suites to assess brand visibility. This refers to how well you are getting your message across to customers and would-be customers. If you have effective marketing, your brand visibility score within your niche should be excellent.
Other Considerations
When you start to use your brand health tracker, you might also look at future relevance. Future relevance calculates how much staying power your brand has based on various market considerations. If you have products that people are going to need in the future as well as the present, that should contribute to a strong future relevance score.
Trust matters too. If everyone trusts your brand based on your excellent products, on-brand marketing, and perceived honesty, that’s a winning formula. If you ever see a company that’s getting some bad publicity for some reason, that will hurt their trust factor, and it will likely cause their sales to dip.
What Else Can Your Brand Health Tracker Do for You?
While it’s useful for you to utilize analytics to track your brand to see how your company is doing in various ways, the best brand health tracker can do even more than that. It can also make concrete recommendations as to the best course of action in particular areas.
It will carefully study your niche and let you know what marketing methods, new products, and community outreach efforts will serve you best. You can take the tool’s advice or discard it, but keep in mind that everything it tells you is analytics-based. These tools are seldom wrong.
If you use a brand health tracker, you’re not leaving anything to chance. You’re using science to boost your company’s performance. Many businesses are using these tools because of the competitive advantage that they provide.
By using one, you make it more likely that top talent will want to sign with you vs. a competing company. You’ll improve client relations by cleaning up your image if anything you’ve done has impacted you negatively in the past. You can often attract new investors because you can show them that you have a winning strategy that’s likely to pay off in the immediate future.
If you feel like your sales are stagnant, or you don’t know which direction to take your company next, you should allocate money toward purchasing one of these tools. You should see an immediate turnaround that can revitalize your entire workforce.
