Your brand has worth, or equity, but what? Using market research, we'll help you understand what your brand is worth...
People buy into brands because their values, on a personal or business level, align with the values of the brand.
It’s important to understand how well the values of your company align with the values of your target market. We do this by evaluating five elements associated with brand value.
- Brand Position: Brand position covers the unique elements of the brand and how the customer benefits from working with the company/products/services. Critical to measuring the brand position is the identification of key differentiators that set the brand apart from the competition. This differentiator must be something the brand “owns” in the mind of the consumer that is unique to the brand.
- Brand Promise: What does the brand promise to deliver to its customers every single time they interact with the company/product/service? What should the customer expect from every interaction with the brand? All strategic decisions should be evaluated against whether the brand is living up to this promise. A brand promise is an anchor belief. It is the center of the brands universe. Everything revolves around, focuses on, and refers back to the brand promise.
- Brand Personality: What does the organization want to be known for? These would be personality/organizational traits that customers (and non-customers) use to describe the organization.
- Brand Connection: Brand connection is essentially a measurement of customer trust and loyalty. How loyal are your customers? Strong brands create raving fans that have internalized the brand as part of who they are. They feel an emotional connection to the brand. Once this connection of trust is established, competing brands must work exceptionally hard to pull customers away. Sync your brands values with the values of your target audience and you will build a connection of trust.
- Brand Authority: Authority is about proof. Repeat customers may not need proof but attracting new ones requires it. Authority is earned. Often slowly. But bit-by-bit it builds by consistently meeting and exceeding customer expectations. Once established as an authority, everything a brand does is instantly credible. People pay attention and sales happen.
We have developed a specific survey methodology to measure the value of a brand against these five key elements associated with brand value. Survey questions focus on comparing the values of your brand against those of your target audience. We then utilize a gap analysis and/or correlation analysis to determine the extent that the values you want your brand to stand for align with those of your target market. Your brands overall strength and equity is also measured as it relates to the five brand value elements.
In the end, our goal is to provide you with a better understanding of how your target audience relates to your brand values. As a result, you will be better positioned to move forward with marketing campaigns that truly resonate with your target market, resulting in increased sales and higher profits.