Brand Equity is quantifiable and measures the value that customers perceive in a brand but quantifying it takes a lot of time and is a major concern for marketers worldwide. A commonly used technique is to measure it financially by understanding the premium a customer is willing to pay for the brand in comparison to other competitive products.
In quantifying brand, marketers need to find out:
- What the consumer is looking at when he sees a brand?
- What factors drive him to "trust" the brand?
- What is their perception and how do they think?
- Has their opinion of that brand changed over a period of time? Why?
The bottom line for measuring Brand Equity is the amount of Trust customers have on the Brand and the extent they would go financially to acquire the product. A brand created and nurtured over the years and having a positive perception in the mind of the consumer does not require to be fed as much financially.
Positive Brand Equity is created by sending the right message to the consumer through effective Advertising, promotions and backing it up with a high quality product or service.
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Some of our suggestions to launch successful Brand Equity Surveys:
- Don't waste time in asking
- Asks the "right questions" to get the "right answers"
- Ensure confidentiality of all responses and respondents
- The results should lead to immediate corrective action for improvement
Step by Step process to ensure effectiveness of Brand Equity Survey Programs:
Planning is crucial for the success of the program. We need to be clear and precise about the objective of the survey and how we would go about achieving the end objective.
The questionnaire is designed visualizing the objective. To understand consumer perceptions of brand and what are the key drivers.
The method of administration needs to be confirmed - Online Surveys, phone or face to face interviews. In either case, the survey needs to be programmed to ensure data confidentiality and completion.
Find out how the Market Equations Online Survey Solutions can give you the insight you require to drive your message effectively. Enquire here
Data Processing, Analytics and Reporting
All completes are validated and edited to before being sent for data processing. The data is entered into the required format, coded and tabulated. The tabulated data is then charted with the insights into a presentation ready for executive briefing.
Online reporting is also used in most cases. However, the focus of online reporting is primarily to keep track of the progress of the program and to have a basic understanding of whether the responses are meeting the objective as planned. This monitoring is also useful to make changes to the survey at anytime to get the survey back on track with the objective.
Feedback and Action
Once the surveys are collected it is important to thank them for their time and cooperation to serve them better. You should because their responses would lead to business improvement and bottom line.
What is most important is to take corrective action quickly by understanding the key drivers to brand perception and to analyze trends through historical data. The objective of all survey programs is to direct and manage change in all organizations. It is determined by the decisions makers' ability to use the results effectively through immediate action and translate the finding into measurable improvements.
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