Brand Equity is a construct designed to reflect the real value that a brand name holds for the products or services it provides. Measuring Brand Equity is the ultimate measure of brand health because it drives sales, market share and overall profitability.
Introducing The Brand Equity Wheel
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 wheel is made up of 4 key areas (and 8 key metrics)
- Brand Pyramid (or sometimes known as the Brand Funnel) is a classical brand marketing took ideal for evaluating brands and their strengths and weakness. The Brand Pyramid incorporates key metrics, including; awareness, consideration, usage and loyalty.
- Brand Stature – Standing out from the crowd is essential for any brand. Brand Stature reflects both the strength and leadership of the brand in the market and its uniqueness using vision ones proprietary brand questions.
- Brand Value – In line with current thinking on brand equity, we place a good deal of emphasis on the value (£) people attribute onto a brand. We seek to measure the financial strength of the brand and peoples disposition to pay more for it. However, another important aspect of ‘Value’ is how well the brand meets consumer needs. We also assess how well the brand meets 25 rational and emotional needs.
- Brand Delivery – Happy customers is the route to success for many brands. We assess how well the brand delivers against expectations (Customer Satisfaction) along with a Net Recommendation Score (NPS)
These fundamental four components of brand health can be further broken down into 8 factors which can be measured. These measurements lead to an overall brand health score. This is illustrated in the diagram – which is real data shown for British Airways.
British Airways Brand Equity Wheel
The Brand Equity tool uses some ground breaking approaches to provide unique insights into your brand. For more information or various components of the wheel – click on the images below: