Great Brand Represents Great Value
The role of a brand in developing a loyal and profitable customer base and providing a strong differentiation from competitors, has never been more important. A brand is a perception in its consumers’ minds. A strong brand can command for a premium price. This power of a brand is measured using a technique of marketing research.
While checking for a brand’s health, certain vital aspects are captured, such as how aware people are of the brand, how they perceive the brand, what they expect from it as compared to other competitors and whether or not they intend on purchasing from them.
Tracking a brand’s equity is an important task for any brand manager or whomever responsible in the marketing aspect. Not only does it help in staying a step ahead of the competition, but it also quantifies the effectiveness of a brand’s marketing and advertising campaigns.
Objectives of Brand Health Survey
Generally, this technique is used to measure a 360 degree view of a brand. It includes the following aspects:
- Awareness and Usage
- Performance of the Brand on its Value Proposition
- Customer Loyalty
- Strategy to Allocate Resources for Maximizing the Brand Potential
- Ability to Charge Premium Services
The ability to charge consumers for premium services is defined by the qualification to charge the offerings from the company’s product, either tangible or intangible, higher than the standard market price.
Areas To Be Covered in a Brand Health Survey
The following features are covered for a comprehensive brand tracking study:
Consumer awareness is the connection between a brand’s marketing and their sales. This awareness refers to how familiar customers are with the brand. In a brand health survey, both the recalling and recognition of customers are captured. Recalling, however, is a better indicator of the brand’s health as a name that first comes to the customers’ minds proves to be more desirable to the customer as compared to a name that is prompted and then recognized. Customers are also more likely to recommend the brand.
Understanding a brand’s usage helps a company realise where it stands in the market. Apart from getting an idea about the consumers’ purchase behaviour and preferences, the study also indicates the brand’s market share. While measuring for brand usage, frequency of usage, the recency of purchases and total spending on the brand are then quantified.
This part of the study simply checks whether or not the brand is aligned with the customers’ expectations and how well their needs are fulfilled. Every brand strives to maintain a positive impression about themselves in the minds of customers. Measuring brand attributes checks for time and what the pitfalls are that customers associate with the brand.
Measuring the likelihood of purchase intent is an important part of a brand health survey. Respondents should be probed on their reason for purchase, channel and time so that a near accurate prediction of the actual purchase decision can be made.
When to Conduct a Brand health Survey
Depending on the industry and the organisation, this study can be conducted at an interval of 3 to 6 months or on an annual basis. Generally it is most frequently required in the FMCG sector, due to the fast paced atmosphere of that industry. For the services industry, a much lesser frequency is sufficient.
It is beneficial to conduct a brand health survey in the following changing circumstances:
- Business / Organisational change
- Strategic Alignment (Vision, Mission & Values)
- Promotional Synchronization with Marketing Plan
- Market Dynamics
- Change in Customer Base or Clients
- Rebranding in Terms of Names and Logos
Vase is an on-demand market research solution that allows companies to gain accurate consumer insights within days at a fraction of cost by creating and deploying surveys to respondents within our 700,000 people database.
Through Vase research study can clients get quick and accurate consumer insights via 2 ways that could assist in marketing, branding & operational decisions.
Online Survey - Quantitative
We collect all data through online surveys, participated by voluntary survey respondents who have registered on our website. By understanding our client’s study objective, we collaborate with them by helping to design the survey questionnaire.
We currently have respondents in Malaysia and Singapore. However, we are open to operate in other countries as well.
We perform two types of validation to ensure the accuracy of the data. First is identity validation of the survey respondents. We validate all of our respondent information, from social media accounts all the way to banking information. This controls our input source so that we can be very sure that for each response, there is a real live human that’s submitting that response. Each response is unique.
Secondly, we validate how genuine the answer is - based on several methods including measuring completion time of the survey, context logic, trap questions and open-ended questions relevancy. We’re constantly tweaking our fraud-detection algorithms to look for inconsistencies in user behavior and answers.
Other than providing you with raw data report, we provide Vase presentable reports where we conduct statistical analysis. We conduct cross tabulation analysis between different variables of data to give you further insights to help guide you to make the most informed decisions for your business.
Vase Online Focus Group Discussion (Online FGD) - Qualitative
A focus group discussion (FGD) is a good way to gather together a group of targeted audience to discuss a specific topic of interest. The group of participants is guided by a moderator who introduces topics for discussion and helps the group to participate in a lively and natural discussion amongst themselves.
The strength of FGD relies on allowing the participants to agree or disagree with each other so that it provides an insight on how a group thinks about an issue, the range of opinions and ideas, and the inconsistencies and variation that exists in a particular community in terms of beliefs and their experiences and practices.
FGDs can also be used to explore the meanings of survey findings that cannot be explained statistically, the range of opinions/views on a topic of interest and to collect a wide variety of local terms. In a bridging research and policy, FGD can be useful in providing insights on different opinions amongst different parties involved in the change process, thus enabling the process to be managed more smoothly.