Behind the lasting success of the company are a true passion and strong brand equity. While passion is the foundation for every thriving business, brand equity is something that requires a great deal of effort and patience. It takes long time to observe positive changes, particularly when it comes to brand recognisability and perception among consumers. What's more, it requires continuous investment, which will pay off, even if only in the long term. Measuring consumer-based brand equity on a regular basis provides a way to create a sound retention strategy. One undeniable benefit of it: Competitive advantage that makes you better on the market than anyone else!! Here are 6 basic steps to begin with:
Win Management Commitment
The first question you need to ask when starting your first preparations for a brand research and measurement project is whether you can rely on the senior management commitment, which is required for any project to be successful. Without it, the projects stall before they even begin.
Align Brand Strategy Internally
Did you know that your front-line employees are your brand face? Consumer satisfaction, trust and loyalty greatly depend on their service and the core message transmitted into the minds of consumers and stockholders. That's why, be sure your brand strategy is fully aligned internally.
Conduct Your Market Research
Whether you are setting up your business or considering a rebrand, you will need market research data inevitable to answer key questions on consumer preferences, market segmentation, purchasing intentions, referral rates, and other aspects influencing your business success.
Create a Data Management Plan
Having access to important market research data is not enough for setting up a brand strategy, in order to reinforce your positioning in the market. Also, the appropriate data management, enabling you to collect and manipulate marketing metrics, plays a major role in this important process.
Leverage Integrated Data Systems
Besides well-functioning data management e.g. by means of marketing dashboards, integrated data systems, in which you can keep and update your brand equity data, will help you bring your business to the next level. In this respect, worth noting are i.a. the ERP and CRM systems.
Use Balanced Scorecard Approach
The final step towards improving your brand equity is a strategic plan created on the basis of all the information, knowledge & data acquired while taking the previous actions. A balanced scorecard approach to measure your business performance can deliver desired results.