We always have this question in our mind on how we measure the value that our Brand is adding to the business? Many experts suggest that there are many metrics to weigh the value of a brand; it could be the difference in the price of branded label products or that of a non-branded label product.

We sometimes are tempted to measure everything, but for now let’s focus on these few factors –

What does your consumer think?

On the most practical metrics to gauge the real worth of your brand is dependent on what your customers say about it. As per a study conducted by experts, a large percentage of consumers mostly trust opinions and recommendations that come from friends, colleagues, and family members about a brand’s products and services line up.

The Positive customer reviews, customer loyalty and customer recommendation are few hot spots that help you identify where your business actually stands.

It’s in the value of your business name

Yes it is! When the majority of B2C consumers are willing to pay a premium for a reputed brand it’s all because of the name it has made over time. Many B2C customers still claim they’re only paying the premium because of the quality of the product, but we believe it is the cognitive interaction between the brand and a consumer.

Studies reveal that marketers erroneously associate the product quality, its way of styling, and the service reliability to the value of the brand. This explains that the real value comes from the ability of a brand to charge more using its name.

The marketing ROI

Always remember that a strong brand will deliver better marketing ROI compared to an average brand. It’s for a fact that the greater the ROI generated from each marketing expense, the greater the value of the brand becomes.

To know how effective your marketing ROI is and also to judge how effective your brand is, know that first of all, what kind of social media channels are in effect for your industry, and how effective are the results they produce? You can also compare the average industry result to how your brand is doing then determine with results the outcome whether your brand is really effective or not.

Even the customer trust in advertising plays a vital role. This works better for ads on branded website, as per studies this is reported to have gained a 9% increase in trust from over 62% in 2007 to 69% in 2013.

The brand advocacy

The advocates of your brand can be your triumph marketing arsenal.

In order to measure the value of a brand, you must take a look at how many of your customers are brand advocates compared to that of how many are passive customers. End of the day a high-performing brand holds more customers who are brand advocates. It is also equally important to be able to distinguish between your passive customers with your brand advocates by understanding how engaging is your content on social media and how well it is accepted and also through word of mouth medium.

On an end note, brand value and building a brand name are not static and they need more and more vigilance and support that needs to be worked out day in and day out. Contact us to help us build your brand value, know more on www.thegrowthstory.in