Brand Equity Measurement
Brand Equity is a construct designed to reflect the real value that a brand name holds for the products or services it provides and a key part of our BrandVision philosophy. 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 3 key areas (and 9 key metrics)
Brand Funnel (or sometimes known as the Brand Pyramid) is a classical brand marketing tool ideal for evaluating brands and their strengths and weakness. The Brand Funnel focuses on five key metrics which are; Loyalty, Satisfaction, Usage, Consideration and Awareness as visualised in the following graphic.
Brand Fame – Brand differentiation and standing out from the crowd is essential for any brand. Brand Fame reflects both the strength and leadership of the brand in the market and its unique value using Vision One's 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 to 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 Brand Value is how well the brand meets consumer needs. We also assess how well the brand meets 24 rational and emotional needs.
Brand Emotion – Happy customers is the route to success for many brands and we use Plutchik's 'Wheel of Emotion' to provide a unique insight into the emotional relationship people have with a brand. We also assess how well the brand delivers against expectations (Customer Satisfaction) along with a Net Recommendation Score (NPS).
These fundamental three components of brand health can be further broken down into nine 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 Cancer Research as illustrated in the Brand Equity Wheel above.
If you would like to find out more about our research regarding Brand Equity please call us on 0203 693 3150 or use the Contact Us button below.