Improve Brand Experience With Voxco
Use our in-depth online Brand Awareness guide to Improve Your Brand Awareness
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Brand equity refers to the value addition to a brand name as a result of widespread awareness and a strong market presence. This allows such brands to reap benefits like :
-ability to charge premium prices
-developing a loyal customer base
-lower marketing and promotional costs
-Higher revenue generation
-Higher stock prices
Brand awareness shows the people’s knowledge about a brand within a larger industry.
Market research tools such as brand recall surveys and recognition surveys serve as a great tool for gauging the degree to which people know about the brand. Apart from this, personal interviews , focus groups , online traffic , social media sentiment are some of the useful tools that can help elaborate on this subject.
High brand awareness implies a high brand equity as it is indicative of the brand’s popularity and unique proposition.
Brand relevance is a projection of the brand’s ability to design and offer products and services tailor made to suit customer preferences and needs. High brand relevance allows brands to charge premium prices without the risk of losing out on customers.
Transactional feedback and CSAT are a preferred choice for understanding relevance. They provide first hand information about customer’s level of satisfaction with the current levels of service.
Targeted customer segments are the centre piece of such studies to measure the brand’s level of resonance and impact on customer mindset
Competitive analysis reveals the performance metrics of your competitors. Analysis can be conducted to assess:
A thorough inspection of competing brands reveal strong and weak areas that can be leveraged to uplift their current performance levels. It even uncovers key attractions of competitors that has allowed them to lure in a major chunk of customers. Competitors including big industry names as well as upcoming small players must be kept within the frame of study to gather a comprehensive overview.
Output metrics offer a mechanism to measure the effectiveness of different investments and marketing efforts , in terms of their ability to translate such investments into substantial business results.
Limited funds of the brand need to be optimally invested in the right channels to maximize output.
For eg: The efficacy of a promotional channel is assessed on the basis of its ability to translate into higher sales and revenue margins of the brand.
Such a practice assists filtering and labelling of avenues as favourable or unfavourable for business growth and expansion.
This is a qualitative metric that reveals the value that a brand holds for its customers. It seeks to understand customer loyalty to the brand as a result of their entire journey.
Customers are allowed to rate their experience , describe their attitude, preference levels ,positives and negatives about the brand. This is esp. Important because these customers are familiar with the brand’s offerings and service levels , and so are capable of providing a more refined look at the brand’s business model.
This provides conclusive results about brand traits that keep the customers hooked and relative importance assigned to the brand .