How can brand perception monitoring affect a drastic change in your company’s business outlook?
MODERN WAY: Measuring brand health is turning the traditional sales funnel upside down, which is from a brand perspective, not looking at the sales, but saying:
How many customers are aware of our band?
How many consider us?
How many prefer us?
Is your customer loyalty based on Price or Preference? Customers might prefer your company, but still, buy something else because of the price.
How many have an emotional bond with your company? Will they really struggle to buy something else?
To answer all the above questions, Brand perception needs to be considered from an entirely inverted funnel that puts the Customers at the top and Management driving the Brand at the bottom.
Monitoring the inverted funnel directly results in translating changes into actual customer behavior in terms of consideration, in terms of purchase, and loyalty.
One critical aspect of brand perception is to look beyond the sales number and focus on becoming the preferred choice.
Now for some brands, this can be a real problem because by appealing to some groups of customers, they are actually not appealing to other ones.
Red Bull has created a perception towards young, excitement seeking individuals, predominantly related to adrenaline or sports. It does not target the perception of others e.g. it will surely not a drink that parents will buy in grocery shopping for their kids like Pepsi and Coca-Cola. Similarly, Disney, the concept of magic also follows the same perception.
Critically think about the customers with whom you want to own these associations, which ones do you want to sell to, which ones do you not want to sell to. And then think about that pyramid or inverted sales funnel because that’s what’s driving your business at the end of the day.
Who actually delivers on that promise, it’s your people. Either directly through their behavior, or indirectly through the products and services.
So now you need to ask yourself the questions well what if my people don’t know what my brand stands for. What if they don’t believe in it, what if it doesn’t motivate them. Well, then you’re going to fall short in the delivery of your business strategy.
Opt our Brand Strategy Services which helps you monitor your Brand understanding and delivery.
Hence monitoring and correcting Brand perception can help you achieve your business goals in the long run and provide loyal customers and strong brand advocates as internal branding is equally important.
TIQ provides you a perfect strategy to solve all your queries. For questions or to share your project details with us, drop us an email at [email protected]