BrandVision and the Brand Equity Wheel
Brand Equity measurement is a construct designed to determine the real value that a brand name holds in the mind of the customer and a key part of our BrandVision philosophy. The Brand Equity Wheel is the ultimate measure of brand health because it drives sales, market share and overall profitability.
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 – designed to help brand owners optimise their brand and success. The Brand Equity Wheel helps brand owners by focusing on Key Performance Indicators (KPIs) that are widely known to have a tangible effect on brand health.
The Brand Equity Wheel summarises all nine of the BrandVision metrics including Needs, Value, Fame, Emotion, NPS, Loyalty, Momentum, Mindshare and Interest,
We categorise the wheel into three key areas; Image, Saliency and Relationship which are described below.
At the heart of the Brand Wheel is the overall Brand Equity measurement score – which combines all nine key metrics to measure and track overall Brand Health.
1. Brand Saliency
Brand Saliency marks the start of a customer’s journey. How aware are they of the brand? How prominent is the consideration? Is the brand growing?
BrandVision's Momentum refers to the quality of a brands market position and the potential to consistently beat competitors – Monzo, a rising star in the banking sector has the strongest recorded score on our Normative database with 84%.
MindShare is essentially it is a measure of how immediately a brand springs to mind and offers an indicator of familiarity and interest! Red Bull has achieved the strongest MindShare score on our normative database to date, with a score of 81%!
Interest refers to the number of respondents aware of the brand, who would also Consider the brand and its products/services! Happn, a Dating App, received an Interest score of 92% - the highest recorded on our brand database – this highlights that a large proportion of those will Consider using – a strong indicator of success (but users should also be Satisfied to ensure repeat usage and to maintain levels of Interest.
2. Brand Image
Brand image refers to how the brand is perceived. Is it a leader or is it unique? Does it meet the customer’s needs? Does it offer good value?
Our Needs score as shown on the Brand Equity Wheel accounts for the top category need and examines how each brand performs against said need to provide a Needs score! Cancer Research UK has received the strongest Needs score to date with 66% - overall Charities as a sector are seen to provide Optimism, with Cancer Research UK scoring particularly strong on!
Within Vision One's Brand Value System (BVS), we look at two specific needs to indicate a companies monetary strength. For instance, EasyJet has the strongest value score recorded with 72%.
Brand Fame is about having a strong brand identity. One of the highest scores on our database was recorded for Porsche with a Fame score of 92. Porsche scores highly and is considered “Original, Unique or Different”
3. Brand Relationship
Brand relationships are an important consideration for any brand health check. Are the customer’s loyal? Are they likely to recommend the brand? What emotions does the brand evoke?
As we have developed a comprehensive database of brands, we are now able to offer insights we have acquired about successful brands! As such, we can identify strengths and weaknesses with brands and their poisoning on our key metrics allowing us to identify key strengths across different sectors and industries.
Our Emotional Branding metric is based upon key theorist Robert Plutchik and his model of emotion – our Emotion score as seen on the Brand Equity Wheel is a combination of the positive emotion scores recorded by each brand – this includes Joy, Surprise, Excitement and most importantly Trust. Butterkist, a popular popcorn confectionery brand has received the strongest emotion score, which is 80% - specifically with strong associations to Joy!
The Net Promoter Score is an index ranging from -100 to 100 that measures the willingness of customers to recommend a company's products or services to others. Bumble has received one of the highest NPS (Net Promoter Score) of 77%, highlighting that this brand has a greater number of Promoters versus Detractors. Following this, as to be expected Bumble also has the strongest Loyalty score recorded with 88%.
If you would like a Brand Health Check or to find out more about Brand Equity Wheel, please call us on 0203 693 3150 or use the button below.