How Do You Measure Brand Equity and Impact?
Posted February 25, 2011on:
We all agree that branding is the categorical communication of who we are and what we stand for but the greatest dilemma is how do we measure the reach and effectiveness of our brand?
As we communicate our brand, there are three metrics that need to be monitored:-
- How far are the tentacles of the brand reaching the intended consumer?
- Is the message being received consistent with the message being sent?
- What is the impact after the message has reached its targeted audience?
Brand reach, brand integrity and brand impact are all metrics that can be measured through the action taken by the consumer. Every message communicated to the consumer has an action connotation attached to it. So if the consumer acts in the way and method we intended, then the brand has fulfilled it’s purpose! If the consumer does not act in the intended expected method, then the brand is not being communicated effectively.
Example: George Foreman is a well known brand. First as a boxer, then as a businessman. When he was initially selling his grill, he communicated his brand as a boxer rather than a family man who was a loving father, concerned about his family eating healthy meals. The market did not respond to this message at all. How did they communicate their disinterest in the brand? They failed to purchase the product. Upon reviewing and changing his message, the market rewarded him handsomely by purchasing millions of his product.
A good product may or may not sell! A well communicated brand will sell products because it resonates with the customers core beliefs. It tells the customer that “I am here with you and i feel your pain and you have no business going at this alone” As consumers, all we desire is to be heard for change! We are tired of you assuming that you know our problems! We are tired of you sending all those emails trying to sell to us! We are tired of being scammed and our guard is super elevated! We want to be heard! We want to express our fears, we want to tell you how much we are tired of being taken for granted.
So to measure the brand equity and impact answer the following questions and assign a scale between 1-10 or whatever scale you may find fit.
- Are you addressing the immediate needs of the consumer?
- Are you addressing the subliminal issues of the consumer?
- Do you have a call to action?
- What is the response?
- Is there any additional utility to the consumer upon consuming your product or service? (This will measure brand loyalty)
- How many people has the consumer referred to your product? ( measures brand satisfaction)
Finally after collecting all these responses, compare them with sales and use a control. A control is simply a plain standard with nothing done on it! It is used to differentiate the impact between a result with branding done on it (or whatever action being tested) versus one with nothing having being done on it.
Measure these metrics constantly until the optimized result is attained and even after. Brand communication done well should be around for a long long time the message is fresh, reflects the core values(these never really change) and resonates with the consumers hidden fears and desires.
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