Gauge the value of your brand with analysis of consumer perceptions and behaviors
Brand equity emphasizes the added value that the brand name provides to the product or service. It is created as your customers become increasingly and more personally aware of your brand, and as perceptions of the brand are formulated. Brand equity is linked to brand recognition, as a customer must be aware of the brand name initially, but it differs as brand equity doesn't stop at awareness - sentiment, experience, cost, and purchasing behaviors all play a vital role. Generally, when there is positive sentiment towards your brand, customers are likely to recommend to friends and family, talk about it on social media, and develop loyalty to the brand, which influences the company’s reputation and positively impacts the bottom line.
Key metrics that Brand Equity Solutions can measure include:
- Brand Perception
- Recognition – How memorable is the logo? Message? Tag line?
- Awareness - How many people in your target market know about you? Do they know what you provide/offer?
- What emotional connection is associated with your brand?
- Customer Experience
- Positive? Negative? Neutral?
- Would they suggest your brand to others?
- Quality
- How does your brand rate on performance against competitors?
- What is your reputation in terms of products, governance, leadership, financial performance, innovation, trust level, etc.?
- Loyalty to Brand
- How loyal are customers to your brand and would they prefer yours over someone else?