When people hear Better Brand Health Tracking (BBHT) they often think of products - particularly Consumer Packaged Goods. However, BBHT is just as beneficial for tracking brands over time in the service industry. In quantilope's syndicated brand tracking survey for the car insurance industry, we showcase how a service provider can leverage BBHT for actionable category and brand insights that go beyond traditional brand tracking metrics.
About quantilope’s Better Brand Health Tracking solution:
Based on the work of the Ehrenberg-Bass Institute for Marketing Science, quantilope's BBHT solution is built on the well-respected industry concepts of Category Entry Points, Mental Availability, and Mental Advantage analysis. By learning why, when, and where consumers think about shopping in your category (Category Entry Points), which brands come to mind in those instances (Mental Availability), and which brands perform better or worse than expected (Mental Advantage) you're left with actionable takeaways to grow and future-proof your brand.
For our study, we followed the BBHT approach to design for the category, analyze for the buyer, and report for the brand (choosing Progressive as our focal brand). This bi-annual study (with the first wave launching in June '24, and the second to come in December '24) monitors BBHT metrics for Progressive and nine other car insurance providers (StateFarm, GEICO, Allstate, USAA, Farmers, Nationwide, Liberty Mutual, Travelers, and local state Farm Bureaus). The study captures feedback among US consumers 18-69 who currently have car insurance.
Mental Availability metrics:
BBHT studies provide brands with four essential, highly actionable metrics:
- Mental Market Share: how 'present' your brand is in consumers' minds - aka, how readily your brand comes to mind in certain buying scenarios known as Category Entry Points)
- Mental Penetration: the share of consumers who have at least some connection with your brand (i.e. at least one brand association or Category Entry Point)
- Network Size: the average number of associations/Category Entry Points consumers associate with your brand (i.e. how broad your brand's mental 'network' is among consumers)
- Share of Mind: how much space your brand occupies in the minds of consumers who already have MPen for your brand
Based on the data from the first wave of quantilope's BBHT car insurance study, Progressive's Mental Market Share is right on track with its most recently reported sales market share - indicating the insurance provider is doing a great job of making their service both physically and mentally available for consumers looking to get insured.
When Mental Market Share and actual sales market share don't align, it could signal two things: 1.) consumers are seeking out the brand but can't access/find it (Mental Market Share is higher than sales market share) or 2.) the brand is doing ok with sales but they're limiting themselves in terms of brand associations (actual sales are higher than Mental Market Share). Because Progressive's Mental Market Share and sales market share are on par, Progressive has a great foundation to start branching out into new areas for growth.
To learn more about quantilope's brand tracking software, or to learn more about Progressive and the nine other car insurance providers tracked in this BBHT study, check out the full dashboard below!
