Brand Health Tracking
Companies produce goods and services for customers and manage their brands. Some companies even have a couple of brands that worth a fortune. But, even if a brand is valuable and has storied history, it does not mean that it is protected from competition and changes in the market.
Companies need to regularly track how their brands are performing in the marketplace. This is especially true for companies that operate in markets where barrier to entry is low or when brand power is essential to maintain market leadership, such as in FMCG and pharmaceutical industry.
In one case, a national fast food chain with a strong brand, who has been consistently leading the market for years, commissioned a brand health tracking only to discover that it is under intense pressure in some local markets. Local chains and brands were challenging its position in these markets.
Brand health tracking becomes an early warning system, giving companies decent time to prepare a plan.