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How to Develop a Brand Equity Measurement and Management System

How to Develop a Brand Equity Measurement and Management System

Amongst the tools that marketers have at their disposal to build strong consumer-based Brand Equity, communication programmes are one of the most significant. What’s more, communication programmes can be vital to the brand’s success and survival. Their main goal is to evoke a positive brand image and increase brand awareness. If they are successful, the entire marketing strategy is successful, and vice versa.

Measuring the success of marketing communication programmes takes time and effort. These measurements need to determine whether the strategy is effective and efficient. Furthermore, the results can point to how to manage the programmes better.

Designing the Measurement System

We can measure the effectiveness of communication programmes directly and indirectly. The indirect method relies on recording and sorting the changes in emotional attachments in users. Meanwhile, the direct method measures and analyses the response of consumers in terms of sales. These two measurement approaches can be used in conjunction to create the Brand Equity Measurement system. The primary goal of this system is to provide information for future marketing efforts, based on the data gathered while measuring source and outcome.

Every marketer will agree that you need to implement the brand equity measurement system. However, not all of them know how to do it. Furthermore, even fewer of them know how to utilise it fully.

Typically, high ROI means a successful marketing campaign. However, this is nothing but a short-term indicator. The brand equity measurement system is more of a long-term solution. However, that doesn’t mean that marketers should ignore the ROI measurement system simply because it only shows short-term results. The brand equity measurement system, as a long-term indicator, can predict future ROI and the overall value of the brand.

Changing the Consumers’ Actions

Marketing communication programmes also have another goal — changing the actions of consumers. To do that, you have to evaluate the end result, predict future cash flow, and create a brand value chain. That will allow you to form a chart of building brand equity.

The first step is to invest in the design and the analysis of the measuring programme. The critical resources here are the relevant questions for consumers — those will provide you with a detailed insight into the quality of the programme and the current customer mindset. After this step is implemented and the programme is executed, you can analyse the customers’ minds in a new environment. That will give you insight into whether your programme had any impact or not.

Furthermore, an important focal point of any programme should be the analysis of the reaction of your competitors. You have to see how your actions influenced the market and what effect your programme had.

The easiest way to measure results is to look for a change in customers’ behaviour. If they act more positively toward your brand, you’ll know that your marketing programme was effective. Positive action from consumers can create shareholder value. Namely, it can boost your profits and increase the stock price.

Conducting Audits

No matter what kind of programme you implement, you should always check if it’s effective. You need to know if it was worth the investment and if it had the desired effect. For example, you can do surveys after every purchase to make sure your brand image and awareness are on the rise.

Your next step should be to check what kind of an impression your brand leaves on the customers. You can track the general feelings your consumers have while purchasing your product. What’s more, you can track which attributes brought those feelings on.

Another thing that you should do in your audits is to check the corporate brands. Corporate brand tracking means taking a peek at how your entire company influences customers’ mindsets. Track everyone in your brand family and see if there’s any correlation between the perception of your brand and the perception of the entire company. That is especially important for global corporations.

All this tracking will leave you with big piles of data. Some information will be more important than other. However, each piece of data will prove useful for any future decisions you have to make. Once you compile and analyse all data, you’ll be able to create a brand equity report. That report will prove invaluable when it comes to overseeing the development of your marketing strategies. Furthermore, it will soon become the ideal brand equity measurement and management system.

The post How to Develop a Brand Equity Measurement and Management System appeared first on GoPromotional Marketing Blog.

This post first appeared on GoPromotional Blog: Marketing Tips, please read the originial post: here

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How to Develop a Brand Equity Measurement and Management System


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