Brand Equity Measurement, Brand Health and the Brand Wheel
Brand Equity measurement is a construct measuring the value a brand generates in the customer's mind. It is a fundamental part of our BrandVision philosophy. Most importantly, Brand Equity is the ultimate measure of brand health because it drives sales, market share and profitability.
So, if you are looking for a Brand Health check, then Vision One’s Brand Equity Wheel (below) is one of the most forward-thinking brand equity evaluation tools available. It helps brand owners optimise their brand and success. Brand equity metrics help marketers focus on the KPIs that are known to have a tangible effect on brand health.
The Brand Wheel summarises all nine of the brand equity metrics, including Needs, Signal, Fame, Emotion, NPS, Loyalty, Momentum, Mindshare and Interest.
We categorise the brand equity into three key areas; Image, Saliency and Relationship which are described in the sections below.
At the heart of Brand Health measurement is the overall Brand Equity measurement score – which combines all nine key metrics to measure and track overall Brand Health. If you are looking for more information and some brand equity examples check out our white papers and videos.
Definition of Brand Equity
Brand equity is the added value that derives from consumer perception of the brand name and identity of a particular product or service. Companies can create brand equity for their products and services by making them memorable, distinctive, easily recognisable, and superior in quality or social appeal.
Explore our recent brand health check videos...
Brand Equity Metrics Explained
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%!
3. Brand Interest (Consideration)
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.
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?
4. Customer Needs
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!
Our Values question, looks at eight key qualities which are both comprehensive and diverse, designed to cater for a variety of sectors, there is also the option to adapt this question to bespoke requirements for each client and market.
6. Brand Fame
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”
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! We can now identify strengths and weaknesses and our key metrics allow 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%!
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%. This highlights the idea that Bumble brand has a greater number of Promoters versus Detractors. Following this, as expected Bumble also has the strongest Loyalty score recorded with 88%.