SMP Marketing Software is proud to announce the launch of their latest piece of marketing software, “myBrandHealth”.
myBrandHealth is a powerful subscription-based online brand health tracking system designed to take to make tracking your key brand vitals comprehensive, easy and affordable. It includes all the vital statistics you need to make informed strategic and tactical decisions about the brands that you manage.
You can visit a demonstration of Version 1 of the app here
The Awareness To Adoption Model
tracking consumers’ journey to brand adoption several milestone events occur along the way. Firstly people become aware of your product either through the various means of promotion such as advertising or they see it on the shelves whilst shopping. If the product matches their needs and seems superior to the opposition in some way they may try it. After trying the product the consumer will have formed n opinion about the product that will largely determine its success or not.
Measuring these steps along this pathway – awareness, trial, adoption, can provide marketers with clues as to why and how their brands are performing.
The Vexed Question of Adoption
For some products understanding and measuring, adoption is simple. A person buys your product and then buys it over and over. Essentially it becomes their main brand. They adopt it and use it until another brand usurps it. Examples of these types of brands can be perfume where a person will adopt a specific brand and continue to use it for years. They may also use others but they always have their favorite brand on hand.
Another example used to be the car market in Australia. You were either a Ford man or a Holden man and when the time came for a new brand the decision was what model rather than whet brand.
But adoption is not always that easy. Consider the FMCG impulse brands of salty snacks or chocolate confectionery. One day you might feel like a potato chip, the next day a corn chip, and then again maybe a rice-based product like Cheezels. Ofen it is this variety that defines a person’s adopted set of brands. This adoption set will vary over time as brands move in and out of it but in snackfood marketing, the relevant question is whether or not your brand is in their adoption set.
Brand Science uses a graded adoption question representing the states that a brand can be in and creates an “Adoption Index Score”. This is a powerful measure that provides a relative measure of your brands against the markets.
As well as the core measures several calculated figures are used to inform the marketer how well the product is performing at each stage of the customer journey.
the first of these is awareness of trial or Trial Conversion scores. It tells you how effective your product offering is at persuading trial. If the offer is persuasive then this measure will be high, if not then the measure will be low. It is created by dividing those who have tried a product by those who are aware. How effective that awareness is and the product is at persuading a consumer to try the product is created.
The second is the effectiveness of the product to convert that trial into adoption. Can the product satisfy the consumer’s needs enough to build a brand via re-purchase? The weakness in this measure indicates either a product that does not deliver the promise but also it can be the fault of poor distribution – a lack of opportunity to re-purchase.
Altogether these measures provide a comprehensive assessment of the brand health of all brands in the market. The relative strengths and weaknesses can be ascertained, long-term strategies formed and short-term tactics assessed. When segmented across the demographics of the study the power of myBrandHealth becomes evident.
Visit the demonstration app here fr a better idea of the product and what it will provide.