The UK Breakfast Cereal Market
There was a time when no breakfast was complete without cereal. However, cereal sales are falling as habits change, down by £78 million in the past year.
Not that there’s a lack of opportunity for a comeback. There are 21 billion breakfasts eaten in the UK every year and fewer people skip the meal now than in recent times, but foods such as cereal bars and coffee shop muffins are increasingly popular choices. While cereal brands are innovating to try and claw back some space on the table, the UK market is still dominated by familiar names. Weetabix remains the best-selling brand with sales worth almost £110 million, while four Kellogg’s cereals, led by Crunchy Nut, follow behind. As the competition gets ever fiercer, brand equity can play a crucial role in deciding which cereals win a place in the shopping trolley.
Each time we encounter a brand – by seeing it, hearing about it or experiencing it – we build up a sense of what that brand is about. Some brands make us feel good. Others… don’t. But our perceptions matter because it affects our readiness to buy. We call this Brand Equity.
At Vision One, we know that understanding brand equity is only half the story. The other half is knowing how to improve it. But you can’t do one without the other, and that means measuring brand equity in order to take the next step.
This abbreviated case study looks at one of the most popular and well-known cereal brands, Weetabix, and how its brand equity shapes up using BrandVision – a strategic tool that helps brand owners make informed decisions to maintain and grow their brand with confidence.
The Brand Funnel
The brand funnel is made up of five key metrics that map the customer's journey to becoming brand loyal.
Every brand has a unique brand structure. Comparisons with key competitors will help identify future opportunities. Overall, Weetabix has a strong brand funnel structure, with very high levels for Brand awareness and Customer Loyalty. The resulting brand loyalty metric of 63% is way above the average of 27%.
Mindshare is our unique measure of awareness. It takes into account different aspects of awareness, including prompted awareness, spontaneous awareness and top of mind 'first mention'.
Kelloggs Cornflakes and Special K both have very high spontaneous first mention, suggesting these brands dominate top-of-mind awareness for most people. Sugar Puffs and Krave have low Mindshare - perhaps a reflection they may seek to appeal to children rather than adults.