Measuring brand performance “What is not measured is not managed”
Brand evaluation is vital to the success of the brand. It enables brand owners to see where the brand’s strengths and weaknesses lie and what forces are driving these, which in turn points to the nature and level of investment needed to fulfil the brand’s potential. Measuring brand performance is an integral part of brand management.
“The financial value of a brand is not interesting on its own; it’s what we can do to grow it that makes it interesting. The process of benchmarking a brand’s value involves understanding where that brand value comes from and supporting those areas to grow the strength of the brand.” [Shailendra Kumar, FutureBrand, 2001]
If brand equity…show more content… This category can also include other internal measures, such as ‘innovation support’ and other cultural attributes.
• Intermediate measures: these try to uncover the stakeholders’ awareness and perception of the brand as well as their attitude towards it, relative to competitors. Uncovering issues, such as consumer satisfaction or perceived quality, through qualitative research can help the brand owner understand consumer motivations (or lack thereof) to purchase.
• Behaviour: how stakeholders actually behave. Sales is a key metric here, alongside market share, customer retention, loyalty and frequency of purchase. Evaluating the brand’s equity is essential to defining efficient and effective:
• Consumer strategies: which markets provide most potential?
• Marketing strategies: which aspect of the marketing mix needs more focus?
• Budget allocation: how much to invest and inwhat?
• Performance tracking: how are we performing over time and in relation to competitors?