Brand Health and Wellness

After attending a curated seminar on health and wellness by the Council for Fair Business Practices (CFBP) recently, I am inspired to pen down a few words about brand health and wellness. The CFBP summit, curated by Micky Mehta under the leadership of Swapnil Kothari, President, CFBP, dealt with various facets of health and wellness. The illustrious panel, consisting of some of the best names, offered enlightenment to the audience.

Eminent personalities such as Mukesh Batra, Manisha Koirala (the movie celebrity), and Micky Mehta, along with several other distinguished panelists, participated in insightful discussions. Shekhar Bajaj was the guiding force behind the event.

The discussions revolved around an essential insight: just like an individual’s physical and mental health, a brand’s health is crucial for sustained top-line and bottom-line growth.

The inspiration drawn from the seminar reinforced the idea that a holistic approach to brand health is far more effective than a fragmented one. The discussion emphasized that brand health must serve consumers first, followed by benefits to the community, channel partners, and ultimately, the company itself.

Just as an annual health check-up is essential for individuals, a brand also requires periodic health assessments across various parameters to ensure sustained success. A brand health check-up helps identify strengths and weaknesses, allowing brands to rectify issues before they become major challenges.

• A brand, like the human body, must be examined across different dimensions such as awareness, perception, engagement, and profitability.

Monitoring key metrics ensures the brand remains strong and relevant to its diverse audiences.

To begin with, a brand must evaluate its awareness levels:

• Do people know about your brand?
• Are they aware of your purpose and the benefits you offer?
• Is your brand recognition high enough for both product and service categories?

If awareness levels are low, corrective actions must be taken to improve brand visibility.

Many brands offer exceptional products and services but remain unknown due to insufficient marketing. To achieve good brand health, brands must transition from being unknown to known, then recognized, and finally recalled for their benefits and core values.

In Hindi, this concept can be summarized as:

The next critical element is brand trials:

• Even if consumers are aware of a brand, have they tried it?
• Has the target audience engaged with the product or service?
• Are potential consumers merely aware of the brand but lacking the motivation to try it?

If trials are low, the brand must focus on driving trial engagement strategies:

• Product Sampling: Encouraging first-time usage.
• Trial Rooms: Useful for categories like fashion and electronics.
• Service Trials: Offering potential customers a taste of the experience, whether in hospitality, banking, or travel.

Without effective brand trials, it becomes difficult for consumers to build confidence and habitual consumption.

Another key health indicator is brand repeats:

• Even if consumers try the brand, are they repurchasing it?
• Are they recommending it to friends and family?
• Is the brand leaving a positive impression, or is it generating negative word-of-mouth?

A lack of repeat purchases can indicate deeper issues, such as poor product quality, inadequate service, or unmet expectations.

To improve brand repeats’ health:

• Ensure product ingredients and quality are top-notch.
• Focus on service quality, especially for service-oriented brands.
• Balance product and service excellence to create a superior overall experience.

Brand revenue health is another crucial indicator:

• Are sales and revenue consistently growing?
• Is the rate of growth sustainable?
• After an initial burst, are sales declining or stagnating?

Monitoring these indicators helps ensure that the brand’s financial trajectory remains strong. A healthy topline growth is a clear reflection of a brand’s overall strength.

A brand’s market share health is essential in a competitive landscape:

• Is the market share increasing relative to competitors?
• Is it stagnant or declining?
• Are newer competitors eroding the brand’s presence?

A strong case study is IndiGo Airlines, which has consistently expanded its market share, now exceeding 60%. IndiGo’s consistent market dominance showcases robust brand health in both top-line and bottom-line metrics.

Lastly, a brand’s profit health is a fundamental indicator:

• Is profitability growing alongside revenue?
• Are pricing strategies and cost structures optimized?
• Is the bottom line healthy, or is it suffering despite strong sales?

Regular profit health check-ups ensure long-term brand sustainability. A brand with strong revenue but weak profitability risks eventual failure.

To maintain a healthy bottom line, brands must:

• Optimize pricing strategies.
• Manage cost structures efficiently.

Balance growth with profitability.

Just as physical and mental health are vital for individuals, brand health is essential for sustained success.

A holistic approach ensures that brands thrive, grow, and remain profitable over time.

Three cheers to Brand Health!