Brand health - how can it be measured?
In the past, a company's brand health was an intangible, elusive concept. The ability to quantify, measure and track the power and perception of a brand has been less than adequate, as we have had to rely on surveys, market researchers and other slow methods of information extraction.
Now, advances in artificial intelligence (AI) and machine learning are redefining the ability to track consumer views of brands and are creating an environment where a brand can be more objectively measured. We now have the ability to view a brand's influence in real time, adjusting it based on the perceptions of consumers.
While the inputs are there, the volume is overwhelming, and the content is unstructured and far flung. How can brands effectively track their health and benchmark against competitors over time? How can brands rationalize and act on all the consumer feedback being produced in volumes growing exponentially each year?
The information available via digital methods is vast. Consumers share information about their lives. They communicate their product or service experiences. Recommendations for products are not only made to friends but communicated to the entire target market through reviews.
The information included in these shared communications is invaluable to a marketing team. It would not be possible to manually sift through it all to create actionable data. nor would it be possible to come to any conclusions and create a strategy in time to affect consumer purchasing decisions.
Through machine learning platforms, it is possible to quickly gather, analyze and categorize the information we need. You can aggregate consumer conversations about your products or services. This data can then be used to determine courses of action to assist in developing and improving your brand's health, benchmarked against your top known and emerging competitors.
A deep understanding of your target segments is essential to an effective marketing campaign. AI-powered platforms can produce insights about your target audiences that were not previously available in a timely manner. Using AI, you are now able to view the psychographics of your audience in near real-time.
The beliefs, opinions and values of an audience should be used to drive your marketing strategy, and they can also be used to measure your brand's health. Through an analysis of consumer conversations, your target segments’ reactions to your brand can be quantified.
These measurements can assist you in establishing a brand health baseline for your company and competitors, which can then be monitored for changes over time. Realistic strategies for increasing your brand health relative to competitors can then be realized and implemented.
With AI gathering, analyzing and categorizing the information needed to monitor your brand's image, it is quicker than ever before to determine how well your brand is doing. This real-time monitoring of consumer commentary and feedback provides the basis for measuring your brand's health. As your brand health rises and falls with the fluctuations of the market, you can adjust your marketing and tactics on the fly to meet the needs of your consumers and respond to moves made by your competitors.
Through focused machine learning and natural language processing, O360 builds a clean view of your industry's landscape. This clear picture gives your business or organization the data it needs to measure brand health or even the more granular O360 Consumer Emotion Score, allowing you to hear your customers’ voices as they create conversations about your brand.