If your company is looking like it’s continuously growing quarter after quarter, then congratulations! Of course, the work is far from over. In fact, it is likely there are going to be new areas and challenges arising as a result of this growth. In this article, we’ll look at one specific area that shouldn’t be overlooked, your brand.
It is easy to overlook the importance of your brand. Especially during the early stages of a company, there are many more important issues you’re facing, normally it’s a case of doing what is necessary just to survive as a business, and all your resources are used in this. Yet, as you start to sustainably grow, this need for basic survival takes more of a backseat role. At this point, it is important to turn your attention to your brand. In short, your brand is the way in which you wish to present yourself to the public. An overall positive public perception of your brand can become a very strong asset to your company as it grows.
Having a successful brand, and knowing your brand is successful is two very different things. A company that is continuously growing needs to make investments to make sure they are aware of the public’s perception of their brand. One way to do this is through brand tracking. The idea of brand tracking is to give you a snapshot of how your brand is performing at a macro level, this can either be at a national or international level, depending on the scope of your market. This is done by comparing how your brand is performing compared to other brands within your market, based on certain metrics.
These metrics help give insights into different key areas. For example, brand momentum is calculated by asking members of the public whether they think a brand is on its way up or down. This instinct-based question gives great insight into the trajectory of your brand. As a growing company still in its relatively early stages, a brand’s momentum should always be on the up. Therefore, measuring brand momentum can be good to let you know in the most basic terms if your brand is the asset it needs to be. While other metrics, such as brand warmth, can help show you the emotional attachments consumers have toward your brand. This is more nuanced, and won’t give you such a clear cut answer as momentum, but the details in this metric can provide more specific insight of changes that need to be made.