Measuring the value of your brand
Brand equity or brand value, the value of your brand, is a vague concept.
These are questions asked by many businesses and rightly so. Because why would you invest money in the value of your brand and not put all of your resources into sales?
The answer is because you don't know where to place your product to achieve better sales results. You think you know your market and target group perfectly, but a customer might experience things differently. There is a risk of a blind spot in your vision. Our experience and that of clients before you shows us that branding research delivers surprising results which would not otherwise have been discovered.
How do you measure brand value and especially: WHY?
Why should you invest in your brand? Because that investment will more than pay for itself. But that takes time. Brands are robust and don't change quickly. You can throw a great deal of campaign budget at it, but change takes time.
But you can still see results sooner than you might think. Thanks to brand research:
- Focus on the right customers
- Discover where you need to be to reach the customer
- Learn how to place your brand and convince the customer to choose only your product
Establish your starting position
Before you start to build your brand, Blauw will help you to establish your starting position. Brands grow through mental (in the mind) and physical (in the environment) presence at the moment of consumption. In other words: ensure that your brand is present at the moment that counts. At Blauw we work according to the scrum method, which has a very short cycle and is very focused. A measuring instrument which can set your brand on the right road immediately.
In doing so, a 0-measurement is a relatively simple and affordable first step. You discover exactly which elements contribute to the recognition of your brand (colour, logo, font, jingle) and we analyse for you the relevant moments when people think about your brand. The aim of this is to capitalise on the potential situations in which consumers may purchase your products.
Salience is the key word in this.
Salience is part of the vision of How Brands Grow by Byron Sharp. Translated literally it is the likelihood of the brand popping into the mind in a decisive (purchase) situation.
The more (purchase) situations when your brand comes into the thoughts of the consumer, the greater the likelihood that people will think about you at the moment that counts, and the greater your brand growth will be. During a zero measurement, we determine at what purchase/need moments a link to your brand already exists in the mind of the consumer.
With one measurement you gain insight into the familiarity of your brand and discover where there are still opportunities.
An energy brand should come to mind when someone wants to take out a contract but also when people think about comfortable living. And you think about a dairy brand for a healthy breakfast, but also as a tasty dessert”
Continuing to grow? Continue to measure!
The salience score only really acquires true value when we monitor it over time. You protect brand strategy using a brand monitor. You continue to measure at a certain frequency, for example on a monthly or quarterly basis, all according to your budget and requirements. This means you can take very focused steps to build your brand.
The expectation is that more consumers will link more occasions to your brand if they are exposed to consistent communication about your brand. In that case, the salience score will increase.
With additional investigative (qualitative) research you will find out the new potential occasions to which your brand is relevant. These can then be incorporated in a 1-measurement. On this basis, you can fine-tune your marketing and communication plans.
This makes branding more tangible, measurable and action-orientated.
In addition to this, Blauw has listed a number of significant steps for brand research. Every client, each type of organisation and sector requires a bespoke approach. We would be happy to tell you more about it.
Brand Expert Christel van de Burgt can explain to you how this approach to brand research works.