Brand Equity Metrics
Measuring Brand Health, Brand Equity and the Brand Wheel
Award-winning strategic insights with BrandVision
Measuring Brand Equity & Brand Health
Brand metrics and Brand Equity measurement measure the value a brand generates in the customer’s mind. It is a fundamental part of our BrandVision philosophy. Brand Equity is the ultimate measure of brand health – because it drives sales & market share, brand growth and profitability.
So, if you are looking for a Brand Health check, then Vision One’s Brand Equity Wheel is one of the most forward-thinking brand equity evaluation tools available. It helps brand owners optimise their brand and success and stay ahead of the competition. Brand equity metrics help marketers focus on the KPIs that are known to have a tangible effect on brand health and even see the future potential for your brand.
Quick 40s video intro to BrandVision:
The brand equity wheel or ‘Brand Wheel’ model summarises the eight most important brand metrics. These measurements are categorised into four themes, each colour coded on the brand wheel:
- Salience = Mindshare + Magnetism,
- Energy = Momentum + Brand Health
- Delight = Emotion + Brand Love
- Status = NPS + Fame
At the heart of Brand Health measurement is the overall Brand Equity Score – which combines all eight brand metrics. These metrics are ideal for measuring and tracking overall Brand Equity.
If you want more information and some brand equity examples, check out our range of white papers and videos.
8 Brand Metrics you Need
Running brand tracking studies over time will allow you to spot trends over time and allow you to take action quicker. But you’ll need to measure more than this if you want truly actionable research, so Welcome to BrandVision.
Awareness & Mindshare
The Battle for the Mind
Many marketers believe Brand Awareness is a single metric – in truth, it’s a lot more complex than that! As experts in brand awareness measurement, we’d like to explain why.
Behavioural Economics has shown the importance of Availability Bias and that winning customers’ choices means being front of mind. Brand Awareness metrics include; Prompted Brand Awareness, Brand Recognition and Brand Recall. Together we call it Mindshare.
Awareness alone is pointless if your brand doesn’t possess Brand Magnetism.
Part of the Brand Funnel, Magnetism refers to the attraction your brand has with the target market.
There are two aspects to brand Magnetism. Firstly the strength of appeal and interest in the brand. Secondly, it is about the segments and groups interested in the brand. Understanding who and who isn’t interested in your brand is the first step in creating a strong marketing and brand strategy.
Brand Magnetism is the holy grail for many brands as it is often associated with some of the best and most iconic brands in history.
What is Brand Fame?
Brand Fame (also known as brand leadership) is one of the key metrics that indicate whether or not your brand has a USP and is seen by consumers as a ‘Leader’, ‘Different’ or ‘Characterless’.
There are two very important aspects to Brand Fame: Uniqueness & Leadership, Brands that have neither of these attributes tend to struggle, with little to set them apart from their competitors.
A great example of this is people’s desire to own the Apple brand. The high levels of Fame (Distinctiveness and Leadership) correlate highly with Brand Love and Consumer Loyalty – which ultimately has helped drive Apple’s dominant position in the market.
The Power of Love
The concept of Love in brand relationships has been receiving immense and escalating attention. It is considered by many experts as the essential ingredient for capitalising in today’s new order.
Brand Love underpins the consumer-brand relationship. It’s not an emotional or fluffy metric but rather the holy trinity of brand metrics, combining three powerful metrics: Relevance, Need and Trust.
Evaluation of brand tracking data has taught us, time and time again, that Relevance is arguably the most important metric of all – and is highly correlated with consumer behaviour.
8 Secrets to a Healthy Brand
The 8 Essential brand image metrics are:
- Brand Identity -Does your Brand identity have Clarity?
- Brand Noise – is your brand Grabbing people’s Attention?
- Newsworthy – Is your brand worth talking about?
- Outstanding – Do you offer exceptional Quality or Value?
- Variety – Is your brand flexible and have multiple uses or benefits?
- Accessible – Is your brand Readily Available and Convenient?
- On Trend – Is your brand Topical & Current?
- Ethical – Are you seen to be doing the right things?
Discover the power of Brand Momentum.
Momentum refers to the growth potential for your brand and its likely future trajectory. Momentum measures the extent to which your brand is seen to be growing or declining.
Momentum is a complex KPI and is driven by your marketing activity and spend, product availability, brand image and your brand proposition and positioning.
Brand Momentum is a better indicator of growth than virtually any other consumer metric. Its role is far more important than the highly regarded Net Promoter Score because it is a better predictor of growth and growth potential than any other brand metric.
NET PROMOTER SCORE
The Recommended Metric
Net Promoter Score was initially developed in 2003 by Bain & Co to help companies earn customer loyalty and inspire employees,
NPS is an important part of consumer research for many companies as it is a measure used to gauge customer loyalty, satisfaction, and enthusiasm for a company
Further research carried out by Nielsen has supported the metric, confirming that word of mouth is the most influential element of consumers’ purchasing decisions.
Creating Strong Relationships
Branding is much more than just a brand name, logo or strap line. Successful branding is far deeper than that.
The best and strongest brands form an emotional relationship with their customers. We call this Emotional Branding and along with Brand Love these forms a pivotal part of our BrandVision approach and our Brand Equity Wheel.
Developed by Robert Plutchik the Wheel of Emotion helps to explain how emotions work.
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