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“You can’t manage what you don’t measure.”
This is especially true of a brand and its equity. A robust brand equity measurement system will accomplish the following objectives:
•Measure the brand’s equity across a variety of dimensions at different points in time over time
•Provide diagnostic information on the reasons for the changes in brand equity
•Gauge and evaluate the brand’s progress against goals
•Provide direction on how to improve brand equity
•Provide insight into the brand’s positioning vis-à-vis its major competitors including its strengths, weaknesses, opportunities and threats
•Provide direction on how to reposition the brand for maximum effect
The Blake Project has identified the following five attributes that drive customers to insist upon specific brands: awareness, relevant differentiation, value, accessibility and emotional connection.
These brand insistence drivers work together to move customers from being aware of your brand and preferring your brand to purchasing your brand and being loyal to your brand. Our chart demonstrates how this works…
(click on the image for a larger view)
We recommend that brand equity measurement studies:
•Focus on the key drivers of customer brand insistence
•Measure changes in brand equity over time
•Diagnose reasons for changes in brand equity
•Provide insight into the current brand positioning, including strengths, weaknesses, opportunities and threats
•Provide direction on how to increase customer brand insistence
Brand equity studies should measure the following for your brand and each of its competitors, with responses reported separately for different user segments:
•Awareness
•Convenience/accessibility
•Perceived value (including quality and price sensitivity)
•Rank in consideration set
•Preference
•Usage
•Relevance
•Differentiation
•Vitality
•Emotional connection
•Loyalty
•Multiple personality attributes and
other brand associations.